Wedmont Private Capital Has $1.98 Million Holdings in Salesforce Inc. $CRM

Key Points

• Wedmont Private Capital reduced its Salesforce position by 30.4% in the second quarter, selling 5,292 shares and retaining 12,110 shares valued at approximately $1.98 million. Institutional investors collectively own 80.43% of Salesforce.
• Wall Street remains broadly positive on Salesforce, with a consensus rating of “Moderate Buy” and an average price target of $266.50. Recent targets range from $265 to $356.
• Salesforce reported quarterly earnings of $5.90 per share, well above the $3.27 consensus estimate, while revenue rose 10.8% year over year to $11.35 billion. The company also announced a quarterly dividend of $0.44 per share, equal to a 0.7% annualized yield.

Wedmont Private Capital cut its position in Salesforce Inc. (NYSE:CRM - Free Report) by 30.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,110 shares of the CRM provider's stock after selling 5,292 shares during the quarter. Wedmont Private Capital's holdings in Salesforce were worth $1,978,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Kintra Wealth LLC raised its holdings in Salesforce by 117.0% in the 2nd quarter. Kintra Wealth LLC now owns 3,896 shares of the CRM provider's stock valued at $610,000 after acquiring an additional 2,101 shares in the last quarter. Yarger Wealth Strategies LLC lifted its position in shares of Salesforce by 25.1% during the 2nd quarter. Yarger Wealth Strategies LLC now owns 1,366 shares of the CRM provider's stock worth $223,000 after buying an additional 274 shares during the period. Beaird Harris Wealth Management LLC boosted its stake in Salesforce by 38.3% in the 2nd quarter. Beaird Harris Wealth Management LLC now owns 592 shares of the CRM provider's stock valued at $93,000 after buying an additional 164 shares in the last quarter. Saudi Central Bank boosted its stake in shares of Salesforce by 61.4% in the 2nd quarter. Saudi Central Bank now owns 55,832 shares of the CRM provider's stock valued at $8,747,000 after purchasing an additional 21,246 shares in the last quarter. Finally, Angeles Wealth Management LLC boosted its position in Salesforce by 40.9% in the second quarter. Angeles Wealth Management LLC now owns 7,510 shares of the CRM provider's stock valued at $1,179,000 after buying an additional 2,180 shares in the last quarter. Institutional investors own 80.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CRM. Daiwa Securities Group reduced their price objective on Salesforce from $295.00 to $280.00 and set a "buy" rating on the stock in a research note on Tuesday, June 2nd. Monness Crespi & Hardt lifted their target price on shares of Salesforce from $222.00 to $266.00 and gave the stock a "buy" rating in a report on Thursday, August 27th. Citizens Jmp reaffirmed a "market outperform" rating and issued a $315.00 price target on shares of Salesforce in a research note on Tuesday, August 25th. Mizuho upped their price objective on shares of Salesforce from $250.00 to $265.00 and gave the company an "outperform" rating in a research report on Thursday, August 27th. Finally, HSBC lifted their price objective on Salesforce from $350.00 to $356.00 and gave the company a "buy" rating in a report on Friday, May 29th. Three analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, fifteen have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $266.50.

Salesforce Price Performance

NYSE CRM opened at $259.39 on Tuesday. The firm's 50 day moving average is $193.90 and its 200-day moving average is $185.49. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $213.48 billion, a PE ratio of 23.65, a price-to-earnings-growth ratio of 1.20 and a beta of 1.20. Salesforce Inc. has a 12-month low of $146.32 and a 12-month high of $269.11.

Salesforce (NYSE:CRM - Get Free Report) last announced its earnings results on Wednesday, August 26th. The CRM provider reported $5.90 EPS for the quarter, topping the consensus estimate of $3.27 by $2.63. Salesforce had a net margin of 21.99% and a return on equity of 24.90%. The business had revenue of $11.35 billion during the quarter, compared to analysts' expectations of $11.33 billion. During the same quarter in the prior year, the company posted $2.91 earnings per share. The firm's revenue was up 10.8% on a year-over-year basis. Salesforce has set its FY 2027 guidance at 16.670-16.710 EPS and its Q3 2027 guidance at 3.420-3.440 EPS. Equities research analysts anticipate that Salesforce Inc. will post 12.65 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Thursday, September 17th will be given a $0.44 dividend. The ex-dividend date of this dividend is Thursday, September 17th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.7%. Salesforce's payout ratio is currently 16.04%.

Insider Transactions at Salesforce

In related news, Director Craig Conway sold 4,500 shares of the stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $260.61, for a total transaction of $1,172,745.00. Following the completion of the transaction, the director directly owned 5,437 shares of the company's stock, valued at approximately $1,416,936.57. This represents a 45.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 3.50% of the company's stock.

Salesforce 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.

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