Salesforce Inc. $CRM Shares Sold by Agate Pass Investment Management LLC

Key Points

• Agate Pass Investment Management cut its Salesforce stake by 61.9% in the second quarter, leaving it with 2,171 shares valued at approximately $340,000. Institutional investors collectively own 80.43% of Salesforce.
• Analysts maintain a generally positive view, with Salesforce receiving a “Moderate Buy” consensus rating and an average price target of $249.51; individual ratings range from “Strong Buy” to “Sell.”
• Salesforce reported quarterly EPS of $3.88, surpassing estimates by $0.75, while revenue rose 13.3% year over year to $11.13 billion. The company also pays a quarterly dividend of $0.44, representing a 0.9% annualized yield.

Agate Pass Investment Management LLC trimmed its stake in Salesforce Inc. (NYSE:CRM - Free Report) by 61.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 2,171 shares of the CRM provider's stock after selling 3,531 shares during the quarter. Agate Pass Investment Management LLC's holdings in Salesforce were worth $340,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

Several analysts have weighed in on the company. Roth Capital reaffirmed a "buy" rating and set a $325.00 target price on shares of Salesforce in a research note on Thursday, May 28th. CLSA began coverage on Salesforce in a research note on Monday, July 20th. They issued a "hold" rating and a $165.00 price target for the company. Canaccord Genuity Group reissued a "buy" rating and set a $225.00 price target on shares of Salesforce in a report on Tuesday, June 16th. The Goldman Sachs Group assumed coverage on shares of Salesforce in a research note on Thursday, June 18th. They set a "neutral" rating on the stock. Finally, UBS Group reaffirmed an "equal weight" rating on shares of Salesforce in a report on Tuesday, July 21st. Two analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, sixteen have assigned a Hold rating and four have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Salesforce has an average rating of "Moderate Buy" and a consensus price target of $249.51.

Salesforce Stock Performance

CRM opened at $192.48 on Friday. The business has a 50 day moving average price of $171.23 and a two-hundred day moving average price of $183.26. 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 market capitalization of $157.64 billion, a price-to-earnings ratio of 22.28, a price-to-earnings-growth ratio of 1.04 and a beta of 1.16. Salesforce Inc. has a 1-year low of $146.32 and a 1-year high of $269.11.

Salesforce (NYSE:CRM - Get Free Report) last issued its quarterly earnings results on Wednesday, May 27th. The CRM provider reported $3.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.13 by $0.75. The company had revenue of $11.13 billion for the quarter, compared to analysts' expectations of $11.05 billion. Salesforce had a return on equity of 18.72% and a net margin of 18.73%.The firm's revenue for the quarter was up 13.3% on a year-over-year basis. During the same period last year, the firm earned $2.58 EPS. Salesforce has set its FY 2027 guidance at 14.060-14.120 EPS and its Q2 2027 guidance at 3.250-3.270 EPS. Research analysts predict that Salesforce Inc. will post 10.27 EPS for the current fiscal 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 given a $0.44 dividend. The ex-dividend date was Thursday, June 11th. This represents a $1.76 annualized dividend and a yield of 0.9%. 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.

Want to see what other hedge funds are holding CRM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Salesforce Inc. (NYSE:CRM - Free Report).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source