GuoLine Advisory Pte Ltd Acquires Shares of 41,500 Salesforce, Inc. (NYSE:CRM)

GuoLine Advisory Pte Ltd acquired a new stake in shares of Salesforce, Inc. (NYSE:CRM) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 41,500 shares of the CRM provider’s stock, valued at approximately $12,499,000. Salesforce comprises about 1.5% of GuoLine Advisory Pte Ltd’s portfolio, making the stock its 19th biggest holding.

Other large investors have also recently added to or reduced their stakes in the company. Marks Group Wealth Management Inc raised its holdings in shares of Salesforce by 0.7% during the fourth quarter. Marks Group Wealth Management Inc now owns 35,220 shares of the CRM provider’s stock worth $9,268,000 after purchasing an additional 257 shares during the period. Spartan Planning & Wealth Management raised its holdings in shares of Salesforce by 66.3% during the fourth quarter. Spartan Planning & Wealth Management now owns 1,567 shares of the CRM provider’s stock worth $412,000 after purchasing an additional 625 shares during the period. Roman Butler Fullerton & Co. raised its holdings in shares of Salesforce by 1.4% during the fourth quarter. Roman Butler Fullerton & Co. now owns 7,881 shares of the CRM provider’s stock worth $2,206,000 after purchasing an additional 105 shares during the period. Parnassus Investments LLC raised its holdings in shares of Salesforce by 0.3% during the fourth quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock worth $1,566,055,000 after purchasing an additional 18,397 shares during the period. Finally, TD Asset Management Inc increased its holdings in shares of Salesforce by 32.6% in the 4th quarter. TD Asset Management Inc now owns 789,525 shares of the CRM provider’s stock worth $207,756,000 after acquiring an additional 194,224 shares during the period. 80.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CRM. Truist Financial reaffirmed a “buy” rating and issued a $300.00 price objective (down previously from $360.00) on shares of Salesforce in a report on Thursday, May 30th. Argus increased their price objective on shares of Salesforce from $290.00 to $354.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Evercore ISI dropped their price objective on shares of Salesforce from $330.00 to $300.00 and set an “outperform” rating on the stock in a report on Thursday, May 30th. Royal Bank of Canada reiterated an “outperform” rating and issued a $350.00 target price on shares of Salesforce in a research report on Friday, May 24th. Finally, Robert W. Baird decreased their target price on shares of Salesforce from $355.00 to $295.00 and set an “outperform” rating for the company in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $292.79.

Salesforce Stock Up 2.0 %

CRM traded up $5.14 during midday trading on Friday, hitting $257.99. 6,411,376 shares of the company’s stock traded hands, compared to its average volume of 6,934,736. The company has a market cap of $249.99 billion, a PE ratio of 46.43, a price-to-earnings-growth ratio of 2.13 and a beta of 1.25. The stock’s fifty day simple moving average is $260.43 and its 200-day simple moving average is $276.33. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. Salesforce, Inc. has a one year low of $193.68 and a one year high of $318.71.

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

Salesforce Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Tuesday, July 9th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.62%. Salesforce’s dividend payout ratio is 7.19%.

Insider Activity

In other news, insider Srinivas Tallapragada sold 942 shares of Salesforce stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $242.32, for a total value of $228,265.44. Following the transaction, the insider now owns 22,154 shares of the company’s stock, valued at $5,368,357.28. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Srinivas Tallapragada sold 942 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $242.32, for a total value of $228,265.44. Following the sale, the insider now owns 22,154 shares in the company, valued at $5,368,357.28. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Brian Millham sold 1,678 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $242.32, for a total transaction of $406,612.96. Following the completion of the sale, the chief operating officer now owns 1,662 shares in the company, valued at approximately $402,735.84. The disclosure for this sale can be found here. Insiders have sold a total of 541,787 shares of company stock valued at $149,773,683 over the last 90 days. 3.20% of the stock is currently owned by company insiders.

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.