Winch Advisory Services LLC has increased its investment in Salesforce Inc. (NYSE: CRM) by 0.8% during the first quarter of 2023, according to a recent filing with the Securities and Exchange Commission (SEC). The firm now holds 13,068 shares of the customer relationship management provider, having acquired an additional 98 shares during the period. This investment is valued at approximately $3.51 million, making Salesforce about 0.9% of Winch Advisory Services’ total investment portfolio and its 22nd largest holding.
Several other hedge funds have also adjusted their positions in Salesforce recently. Seven Mile Advisory increased its stake by 2.3% in the fourth quarter, bringing its total to 1,762 shares worth $589,000, after purchasing 39 additional shares. Liberty One Investment Management LLC raised its position by 1.2% in the first quarter, now owning 3,165 shares valued at $849,000 after acquiring another 39 shares. Other notable increases include First Command Advisory Services Inc. which boosted its holdings by 7.3%, and Clarity Wealth Advisors LLC, which lifted its stake by 2.3%.
As of now, institutional investors and hedge funds collectively own 80.43% of Salesforce’s shares.
Insider Trading Activity at Salesforce
In relation to insider trading, R David Schmaier, a company insider, sold 4,586 shares on April 23, 2023. The shares were sold at an average price of $253.66, amounting to a total transaction value of approximately $1.16 million. Following this sale, Schmaier retains 33,273 shares, valued at about $8.44 million, reflecting a 12.11% decrease in his total holdings.
Similarly, Sundeep G. Reddy, the Chief Accounting Officer, sold 1,525 shares on the same date for a total of $386,831.50. He now owns 12,211 shares valued at around $3.1 million, marking an 11.10% reduction in his ownership. In the last quarter, insiders sold a total of 33,819 shares worth approximately $9.11 million, with company insiders currently holding 3.20% of the stock.
Salesforce Stock Performance and Financial Outlook
During midday trading on Monday, Salesforce shares traded up by $1.68, reaching $264.06. The trading volume stood at 885,825 shares, significantly lower than its average volume of 6,542,903 shares. The stock has fluctuated between a one-year low of $230.00 and a one-year high of $369.00.
Salesforce’s recent financial performance indicates strength, with the company reporting earnings of $2.58 per share (EPS) for the quarter ending May 28, 2023, surpassing analysts’ expectations of $2.55 by $0.03. The company posted a net margin of 16.08% and a return on equity of 12.94%, with revenue of $9.83 billion exceeding forecasts of $9.74 billion and reflecting a 7.6% increase compared to the previous year.
Additionally, Salesforce announced a quarterly dividend of $0.416 per share, paid on July 10, 2023, to investors on record as of June 18, 2023. This dividend translates to an annual yield of 0.63%, with a payout ratio currently at 25.98%.
Salesforce, Inc. continues to be a key player in the CRM sector, providing technology that connects businesses and customers worldwide through sales data management, analytics, and personalized customer support.
