Salesforce Inc. $CRM Shares Acquired by Summitry LLC

Key Points

• Summitry LLC increased its Salesforce stake by 4.1% in the first quarter, acquiring 8,815 additional shares and bringing its holdings to 223,478 shares worth approximately $41.7 million.
• Institutional investors own 80.43% of Salesforce, with major holders including Vanguard, State Street, J. Stern & Co., Capital International Investors and Geode Capital Management.
• Analysts maintain a consensus “Moderate Buy” rating with a $249.51 target price. Salesforce recently beat quarterly earnings estimates, reporting $3.88 in adjusted EPS and $11.13 billion in revenue, while paying a quarterly dividend of $0.44 per share.

Summitry LLC boosted its position in Salesforce Inc. (NYSE:CRM - Free Report) by 4.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 223,478 shares of the CRM provider's stock after purchasing an additional 8,815 shares during the period. Salesforce comprises 1.5% of Summitry LLC's investment portfolio, making the stock its 24th biggest position. Summitry LLC's holdings in Salesforce were worth $41,717,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Salesforce by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 89,843,166 shares of the CRM provider's stock valued at $23,800,353,000 after purchasing an additional 270,913 shares during the last quarter. State Street Corp raised its stake in shares of Salesforce by 1.3% during the 4th quarter. State Street Corp now owns 50,080,230 shares of the CRM provider's stock worth $13,286,909,000 after buying an additional 659,573 shares during the last quarter. J. Stern & Co. LLP boosted its position in shares of Salesforce by 24,056.7% in the 4th quarter. J. Stern & Co. LLP now owns 47,385,511 shares of the CRM provider's stock worth $12,552,896,000 after buying an additional 47,189,352 shares in the last quarter. Capital International Investors grew its stake in Salesforce by 13.3% in the 4th quarter. Capital International Investors now owns 22,721,010 shares of the CRM provider's stock valued at $6,019,199,000 after acquiring an additional 2,669,891 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Salesforce by 3.8% in the 4th quarter. Geode Capital Management LLC now owns 21,782,556 shares of the CRM provider's stock valued at $5,751,073,000 after acquiring an additional 791,345 shares during the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CRM has been the subject of a number of research reports. Weiss Ratings cut shares of Salesforce from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, July 24th. Jefferies Financial Group upgraded shares of Salesforce from a "buy" rating to a "buy" rating in a research report on Wednesday, July 1st. Cantor Fitzgerald restated an "overweight" rating and set a $250.00 price objective on shares of Salesforce in a research report on Thursday, May 28th. Needham & Company LLC reaffirmed a "buy" rating on shares of Salesforce in a research note on Tuesday, June 16th. Finally, Roth Capital reiterated a "buy" rating and set a $325.00 target price on shares of Salesforce in a report on Thursday, May 28th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, sixteen have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $249.51.

Salesforce Stock Performance

Shares of NYSE CRM opened at $184.34 on Friday. The company has a market cap of $150.98 billion, a PE ratio of 21.34, a price-to-earnings-growth ratio of 0.98 and a beta of 1.18. Salesforce Inc. has a 12 month low of $146.32 and a 12 month high of $269.11. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.79 and a quick ratio of 0.79. The company has a 50-day simple moving average of $170.34 and a 200-day simple moving average of $185.01.

Salesforce (NYSE:CRM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 27th. The CRM provider reported $3.88 earnings per share for the quarter, beating analysts' consensus estimates of $3.13 by $0.75. The business had revenue of $11.13 billion during the quarter, compared to analyst estimates of $11.05 billion. Salesforce had a net margin of 18.73% and a return on equity of 18.72%. The company's revenue was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.58 earnings per share. Salesforce has set its FY 2027 guidance at 14.060-14.120 EPS and its Q2 2027 guidance at 3.250-3.270 EPS. On average, equities analysts anticipate that Salesforce Inc. will post 10.27 earnings per share for the current year.

Salesforce Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Thursday, June 11th were issued a $0.44 dividend. The ex-dividend date was Thursday, June 11th. This represents a $1.76 annualized dividend and a yield of 1.0%. Salesforce's payout ratio is 20.37%.

About Salesforce

Salesforce, founded in 1999 and headquartered in San Francisco, is a global provider of cloud-based software focused on customer relationship management (CRM) and enterprise applications. The company popularized the software-as-a-service (SaaS) model for CRM and has built a broad portfolio of products designed to help organizations manage sales, service, marketing, commerce and analytics through a unified, cloud-first platform.

Core offerings include Sales Cloud for sales automation, Service Cloud for customer support, Marketing Cloud for digital marketing and engagement, and Commerce Cloud for e-commerce.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.