OMERS ADMINISTRATION Corp Buys 416,247 Shares of Salesforce Inc. $CRM

Key Points

• OMERS ADMINISTRATION Corp increased its stake in Salesforce Inc. by 457.1%, acquiring an additional 416,247 shares, bringing its total holdings to 507,301 shares worth approximately $136 million.
• Salesforce reported a quarterly EPS of $2.58 that exceeded expectations, alongside a revenue of $9.83 billion, marking a year-over-year increase of 7.6%.
• Salesforce's market capitalization stands at $238.92 billion with institutional investors holding 80.43% of its stock, indicating strong institutional interest in the company.

OMERS ADMINISTRATION Corp increased its position in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 457.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 507,301 shares of the CRM provider's stock after acquiring an additional 416,247 shares during the period. Salesforce comprises about 1.2% of OMERS ADMINISTRATION Corp's portfolio, making the stock its 24th biggest position. OMERS ADMINISTRATION Corp owned about 0.05% of Salesforce worth $136,139,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. AIA Group Ltd lifted its holdings in Salesforce by 8.0% during the 1st quarter. AIA Group Ltd now owns 32,885 shares of the CRM provider's stock worth $8,825,000 after buying an additional 2,436 shares during the period. Notis McConarty Edward lifted its holdings in Salesforce by 71.6% during the 1st quarter. Notis McConarty Edward now owns 3,844 shares of the CRM provider's stock worth $1,032,000 after buying an additional 1,604 shares during the period. Aberdeen Group plc lifted its holdings in Salesforce by 1.5% during the 1st quarter. Aberdeen Group plc now owns 1,036,482 shares of the CRM provider's stock worth $274,802,000 after buying an additional 15,782 shares during the period. Leith Wheeler Investment Counsel Ltd. lifted its holdings in Salesforce by 43.0% during the 1st quarter. Leith Wheeler Investment Counsel Ltd. now owns 104,834 shares of the CRM provider's stock worth $28,133,000 after buying an additional 31,537 shares during the period. Finally, Alecta Tjanstepension Omsesidigt lifted its holdings in Salesforce by 121.9% during the 1st quarter. Alecta Tjanstepension Omsesidigt now owns 355,000 shares of the CRM provider's stock worth $95,222,000 after buying an additional 195,000 shares during the period. Institutional investors own 80.43% of the company's stock.

Salesforce Stock Up 0.7%

CRM stock traded up $1.84 during trading on Friday, reaching $256.37. 7,354,032 shares of the stock were exchanged, compared to its average volume of 8,243,193. The firm's 50 day moving average is $257.34 and its 200 day moving average is $269.67. Salesforce Inc. has a twelve month low of $226.48 and a twelve month high of $369.00. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. The firm has a market cap of $245.09 billion, a P/E ratio of 40.12, a price-to-earnings-growth ratio of 2.31 and a beta of 1.37.

Salesforce (NYSE:CRM - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, topping analysts' consensus estimates of $2.55 by $0.03. Salesforce had a return on equity of 12.94% and a net margin of 16.08%.The business had revenue of $9.83 billion for the quarter, compared to the consensus estimate of $9.74 billion. During the same period in the prior year, the business earned $2.44 EPS. The firm's revenue for the quarter was up 7.6% on a year-over-year basis. As a group, research analysts forecast that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Wednesday, June 18th were paid a dividend of $0.416 per share. This represents a $1.66 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Wednesday, June 18th. Salesforce's dividend payout ratio is 25.98%.

Analysts Set New Price Targets

CRM has been the topic of several recent research reports. Stifel Nicolaus cut their target price on Salesforce from $375.00 to $325.00 and set a "buy" rating on the stock in a report on Wednesday, August 13th. Erste Group Bank downgraded Salesforce from a "buy" rating to a "hold" rating in a report on Thursday, June 5th. Piper Sandler boosted their price objective on Salesforce from $315.00 to $335.00 and gave the company an "overweight" rating in a research note on Wednesday, May 28th. UBS Group dropped their price objective on Salesforce from $300.00 to $260.00 and set a "neutral" rating on the stock in a research note on Monday, August 18th. Finally, Westpark Capital reissued a "buy" rating and issued a $320.00 price objective on shares of Salesforce in a research note on Wednesday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, twenty-five have given a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $340.43.

Insiders Place Their Bets

In related news, CEO Marc Benioff sold 2,250 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $257.02, for a total transaction of $578,295.00. Following the transaction, the chief executive officer directly owned 11,911,571 shares of the company's stock, valued at approximately $3,061,511,978.42. This represents a 0.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders sold 59,327 shares of company stock worth $15,201,738. 3.00% of the stock is currently owned by corporate insiders.

Salesforce Company Profile

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.