Salesforce, Inc. (NYSE:CRM) Stake Lifted by Prentice Wealth Management LLC

Prentice Wealth Management LLC increased its stake in shares of Salesforce, Inc. (NYSE:CRM) by 5.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,416 shares of the CRM provider’s stock after buying an additional 122 shares during the quarter. Prentice Wealth Management LLC’s holdings in Salesforce were worth $728,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in CRM. Eagle Asset Management Inc. lifted its holdings in shares of Salesforce by 200.5% in the third quarter. Eagle Asset Management Inc. now owns 35,669 shares of the CRM provider’s stock valued at $7,233,000 after buying an additional 23,800 shares during the period. Pegasus Partners Ltd. lifted its holdings in shares of Salesforce by 9.6% in the third quarter. Pegasus Partners Ltd. now owns 1,063 shares of the CRM provider’s stock valued at $216,000 after buying an additional 93 shares during the period. Parkside Financial Bank & Trust lifted its holdings in shares of Salesforce by 4.6% during the third quarter. Parkside Financial Bank & Trust now owns 2,886 shares of the CRM provider’s stock valued at $585,000 after purchasing an additional 128 shares during the last quarter. Operose Advisors LLC lifted its holdings in shares of Salesforce by 401.0% during the third quarter. Operose Advisors LLC now owns 481 shares of the CRM provider’s stock valued at $98,000 after purchasing an additional 385 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC lifted its holdings in shares of Salesforce by 28.4% during the third quarter. O Shaughnessy Asset Management LLC now owns 58,244 shares of the CRM provider’s stock valued at $11,811,000 after purchasing an additional 12,882 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors.

Insider Transactions at Salesforce

In related news, CEO Marc Benioff sold 15,000 shares of the stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $216.66, for a total transaction of $3,249,900.00. Following the sale, the chief executive officer now owns 12,407,327 shares of the company’s stock, valued at $2,688,171,467.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $216.66, for a total value of $3,249,900.00. Following the sale, the chief executive officer now owns 12,407,327 shares of the company’s stock, valued at approximately $2,688,171,467.82. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director G Mason Morfit bought 428,000 shares of Salesforce stock in a transaction on Monday, June 3rd. The stock was acquired at an average cost of $233.17 per share, for a total transaction of $99,796,760.00. Following the acquisition, the director now owns 3,914,309 shares in the company, valued at approximately $912,699,429.53. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 541,787 shares of company stock worth $149,773,683. Company insiders own 3.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CRM shares. Robert W. Baird reduced their target price on Salesforce from $355.00 to $295.00 and set an “outperform” rating for the company in a report on Thursday, May 30th. Piper Sandler reduced their target price on Salesforce from $300.00 to $250.00 and set a “neutral” rating for the company in a report on Thursday, May 30th. Bank of America upped their price target on Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Royal Bank of Canada reissued an “outperform” rating and set a $350.00 price target on shares of Salesforce in a research report on Friday, May 24th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $292.79.

Salesforce Stock Performance

NYSE:CRM traded up $0.52 on Wednesday, hitting $242.28. The company’s stock had a trading volume of 2,291,227 shares, compared to its average volume of 6,872,790. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock has a fifty day moving average of $261.10 and a two-hundred day moving average of $276.56. The firm has a market capitalization of $234.77 billion, a P/E ratio of 43.39, a price-to-earnings-growth ratio of 2.12 and a beta of 1.25. Salesforce, Inc. has a one year low of $193.68 and a one year high of $318.71.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.06. The firm had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.15 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.15 earnings per share. Research analysts predict that Salesforce, Inc. will post 7.47 earnings per share for the current year.

Salesforce 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.