Wealthfront Advisers LLC Makes New $14.20 Million Investment in Salesforce Inc. $CRM

Key Points

• Wealthfront Advisers purchased 90,625 Salesforce shares during the second quarter, creating a new position valued at approximately $14.2 million. Institutional investors collectively own 80.43% of Salesforce.
• Salesforce reported quarterly earnings of $3.88 per share, beating estimates of $3.13, while revenue rose 13.3% year over year to $11.13 billion. The company also pays a quarterly dividend of $0.44, or $1.76 annually.
• Salesforce shares opened at $196.28, up 2.8%, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $249.49.

Wealthfront Advisers LLC purchased a new stake in Salesforce Inc. (NYSE:CRM - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 90,625 shares of the CRM provider's stock, valued at approximately $14,197,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Commonwealth Retirement Investments LLC bought a new stake in shares of Salesforce in the 4th quarter valued at about $25,000. Gilpin Wealth Management LLC acquired a new position in Salesforce during the fourth quarter worth approximately $26,000. Persistent Asset Partners Ltd acquired a new position in Salesforce during the second quarter worth approximately $27,000. Costello Asset Management INC raised its stake in Salesforce by 410.3% in the first quarter. Costello Asset Management INC now owns 148 shares of the CRM provider's stock valued at $28,000 after buying an additional 119 shares during the period. Finally, Birchwood Financial Partners Inc. acquired a new stake in shares of Salesforce in the fourth quarter valued at approximately $28,000. Institutional investors own 80.43% of the company's stock.

Salesforce Stock Up 2.8%

Shares of CRM opened at $196.28 on Wednesday. Salesforce Inc. has a 12 month low of $146.32 and a 12 month high of $269.11. The firm's 50 day moving average is $172.00 and its 200-day moving average is $181.47. The stock has a market capitalization of $160.76 billion, a PE ratio of 22.72, a P/E/G ratio of 1.06 and a beta of 1.16. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.15.

Salesforce (NYSE:CRM - Get Free Report) last released its quarterly earnings results 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 company had revenue of $11.13 billion during the quarter, compared to the consensus estimate of $11.05 billion. Salesforce had a net margin of 18.73% and a return on equity of 18.72%. The firm's quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the previous year, the business earned $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. Equities research analysts forecast that Salesforce Inc. will post 10.27 EPS for the current year.

Salesforce Announces Dividend

The business also recently disclosed 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 of this dividend was Thursday, June 11th. This represents a $1.76 annualized dividend and a yield of 0.9%. Salesforce's payout ratio is currently 20.37%.

Analysts Set New Price Targets

A number of research firms recently weighed in on CRM. Guggenheim raised Salesforce from a "neutral" rating to a "buy" rating and set a $228.00 target price on the stock in a report on Wednesday, July 1st. Evercore reaffirmed an "outperform" rating on shares of Salesforce in a report on Tuesday, July 14th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $250.00 price objective on shares of Salesforce in a research report on Thursday, May 28th. The Goldman Sachs Group started coverage on shares of Salesforce in a report on Thursday, June 18th. They issued a "neutral" rating on the stock. Finally, Piper Sandler lowered shares of Salesforce from an "overweight" rating to a "neutral" rating in a research report on Thursday, May 28th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, eighteen have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $249.49.

Salesforce Company Profile

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.

Continue following MarketBeat

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

Add As Preferred Source