OneAscent Family Office LLC has acquired a new stake in Salesforce Inc. (NYSE:CRM), investing approximately $221,000 in the first quarter of 2024. According to the firm’s recent filing with the Securities and Exchange Commission, this investment involves the purchase of 821 shares in the leading Customer Relationship Management (CRM) provider.
Several other institutional investors have also adjusted their positions in Salesforce. Notably, Norges Bank acquired a new stake valued at around $3.6 billion during the fourth quarter of 2023. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main significantly increased its holdings by 926.4%, owning now 4,256,211 shares valued at approximately $1.42 billion after purchasing an additional 3,841,521 shares.
GAMMA Investing LLC similarly expanded its stake by an astonishing 30,456.9% in the first quarter, now holding 3,801,588 shares worth around $1.02 billion. Invesco Ltd. raised its holdings by 42.5%, acquiring an additional 2,325,156 shares to bring its total to 7,791,015 shares valued at $2.6 billion. Northern Trust Corp also increased its position by 18.3%, now owning 11,224,927 shares worth approximately $3.75 billion. Institutional investors collectively own 80.43% of Salesforce’s stock.
Salesforce’s stock opened at $262.40 on Friday, reflecting a recent increase of 1.0%. The stock’s fifty-day moving average stands at $270.45, while the two-hundred-day moving average is $286.17. Over the past year, the stock has fluctuated between a low of $230.00 and a high of $369.00. The company holds a market capitalization of $250.85 billion and a price-to-earnings ratio of 41.06.
Salesforce Dividend Announcement and Analyst Ratings
Recently, Salesforce announced a quarterly dividend of $0.416 per share, paid on July 10, 2024. Shareholders of record as of June 18, 2024 received this distribution, translating to an annualized dividend of $1.66 and a yield of 0.63%. Salesforce’s payout ratio is currently 25.98%.
Wall Street analysts have varied opinions on the stock’s future. Citigroup has lowered its price target from $320.00 to $295.00, maintaining a “neutral” rating. Conversely, JMP Securities reaffirmed a “market outperform” rating with a price target of $430.00. Morgan Stanley raised its target from $393.00 to $404.00, while Wells Fargo & Company increased its estimate from $255.00 to $275.00. Currently, three analysts have rated Salesforce with a sell rating, eight have issued a hold rating, twenty-seven have a buy rating, and four have assigned a strong buy rating, resulting in an average rating of “Moderate Buy” with a target price of $348.16.
Insider Trading Activity
In insider trading news, R David Schmaier, a company insider, sold 4,586 shares on April 23, 2024, at an average price of $253.66, totaling $1,163,284.76. Following this transaction, Schmaier holds 33,273 shares valued at approximately $8.44 million, representing a 12.11% decrease in ownership.
Additionally, insider Srinivas Tallapragada sold 6,697 shares on May 14, 2024, at an average price of $295.00, amounting to $1,975,615.00. Tallapragada now owns 41,422 shares valued at around $12.22 million, marking a 13.92% decrease in their stake. Over the last ninety days, insiders have sold a total of 33,819 shares worth $9.11 million, with company insiders now holding 3.20% of the stock.
Salesforce, Inc. continues to provide comprehensive CRM technology that connects businesses with their customers globally, aiming to enhance customer relationships through advanced data management and analytics.
