B&L Asset Management LLC Takes Position in Salesforce, Inc. (NYSE:CRM)

B&L Asset Management LLC recently disclosed in its latest Form 13F filing with the Securities and Exchange Commission that it has acquired a new position in Salesforce, Inc. (NYSE:CRM). During the third quarter, the fund purchased 2,369 shares of Salesforce, which are valued at approximately $648,000.

Institutional Investors Active in Salesforce

In addition to B&L Asset Management, several other institutional investors and hedge funds have also been active in trading shares of Salesforce. For instance, Aviance Capital Partners LLC raised its stake in the company by 0.5% during the third quarter, increasing its holdings to 6,797 shares worth $1,860,000 after buying an additional 33 shares. Similarly, Umpqua Bank increased its holdings by 0.4% and now owns 7,708 shares valued at $2,110,000 after acquiring 34 more shares.

Another investor, Principal Street Partners LLC, boosted its stake in Salesforce by 1.0%, owning 3,297 shares worth $891,000 after adding 34 shares. Nvwm LLC also increased its investment by 1.4%, bringing its total to 2,565 shares, valued at $667,000 following a purchase of 36 shares. Lastly, Prentice Wealth Management LLC raised its shares by 1.5%, now holding 2,506 shares valued at $686,000 after acquiring an additional 37 shares. Collectively, about 80.43% of Salesforce's stock is held by institutional investors and hedge funds.

Insider Trading Activity

In recent insider trading news, Sabastian Niles, an insider at Salesforce, sold 2,484 shares on September 11th at an average price of $244.81, totaling $608,108. Following this sale, Niles directly owns 828 shares valued at $202,702.68, marking a significant reduction in their position by 75.00%. There was also a transaction involving Chief Accounting Officer Sundeep G. Reddy, who sold 413 shares on October 23rd at an average price of $285.29 for a total of $117,824.77. After this transaction, Reddy now owns 7,006 shares valued at approximately $1,998,742, representing a 5.57% decrease in their holdings. Over the last quarter, insiders have sold a total of 144,510 shares for around $42,475,538. Insiders own about 3.20% of the company's stock.

Current Stock Performance of Salesforce

The stock price of Salesforce opened at $329.99 recently. Over the past year, Salesforce has recorded a low of $212 and a high of $348.86. The company's market capitalization stands at $315.47 billion, with a P/E ratio of 57.39 and a PEG ratio of 2.99. The stock has a beta of 1.29, a 50-day moving average of $302.12, and a 200-day moving average of $270.61. The debt-to-equity ratio is at 0.15, with both the current and quick ratios at 1.04.

Salesforce's latest earnings report was released on August 28th, where the company reported an EPS of $2.56, exceeding analysts' expectations of $2.36 by $0.20. The company reported a net margin of 15.44% with a 12.01% return on equity. Revenue for the quarter reached $9.33 billion, surpassing the projected $9.22 billion. This represents an 8.5% year-over-year revenue increase compared to the same quarter last year. Analysts predict a total EPS of 7.54 for the current fiscal year.

Salesforce's Dividends and Analyst Ratings

Salesforce has recently declared a quarterly dividend of $0.40 per share, which was paid on October 8th. Investors who were on record as of September 18th received this dividend, marking an annualized dividend of $1.60 and a yield of 0.48%. The company's dividend payout ratio currently stands at 27.83%.

Regarding stock ratings, various research firms have provided their insights on Salesforce. Analyst Wells Fargo & Company raised its price target on Salesforce from $275 to $330, maintaining an "equal weight" rating. Phillip Securities reaffirmed an "accumulate" rating with a target of $305. Stifel Nicolaus increased their price target from $320 to $350 with a "buy" rating. Other firms have also set favorable targets, with JMP Securities raising their target to $450 and eight analysts rating the stock as a hold, while twenty-eight rated it as a buy, and four issued a strong buy recommendation. Overall, Salesforce holds a consensus rating of "Moderate Buy" with an average target price of $341.89.

About Salesforce

Salesforce, Inc. is a provider of Customer Relationship Management (CRM) technology that connects companies and customers globally. Their services range from sales management to customer support, analytics, and artificial intelligence functionalities.

Investment, Salesforce, Stock