Foster Group Inc. Acquires New Position in Salesforce, Inc. (NYSE:CRM)

Foster Group Inc. acquired a new stake in shares of Salesforce, Inc. (NYSE:CRM) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 982 shares of the CRM provider’s stock, valued at approximately $296,000.

Other hedge funds also recently made changes to their positions in the company. Bear Mountain Capital Inc. bought a new position in shares of Salesforce during the 4th quarter valued at approximately $26,000. Signature Resources Capital Management LLC bought a new position in shares of Salesforce during the 4th quarter valued at approximately $26,000. Kathleen S. Wright Associates Inc. bought a new position in shares of Salesforce during the 4th quarter valued at approximately $31,000. BKM Wealth Management LLC purchased a new position in Salesforce in the 4th quarter worth approximately $34,000. Finally, Pacifica Partners Inc. lifted its holdings in Salesforce by 333.3% in the 4th quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 100 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Salesforce Stock Performance

Shares of Salesforce stock opened at $241.88 on Friday. The firm has a market cap of $234.38 billion, a P/E ratio of 43.50, a P/E/G ratio of 2.03 and a beta of 1.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71. The stock’s fifty day moving average price is $263.45 and its 200-day moving average price is $276.36.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 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% on a year-over-year basis. During the same quarter last year, the firm posted $1.15 earnings per share. On average, equities research analysts expect that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Citigroup lowered their price target on Salesforce from $323.00 to $260.00 and set a “neutral” rating on the stock in a report on Thursday, May 30th. Robert W. Baird lowered their price target on Salesforce from $355.00 to $295.00 and set an “outperform” rating on the stock in a report on Thursday, May 30th. Deutsche Bank Aktiengesellschaft lowered their price target on Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. JPMorgan Chase & Co. decreased their price objective on Salesforce from $310.00 to $300.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Finally, Truist Financial reaffirmed a “buy” rating and set a $300.00 price objective (down from $360.00) on shares of Salesforce in a 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 given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $292.79.

Insider Buying and Selling at Salesforce

In other Salesforce news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $306.50, for a total value of $1,287,300.00. Following the transaction, the insider now owns 105,837 shares in the company, valued at $32,439,040.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Salesforce news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $306.50, for a total value of $1,287,300.00. Following the transaction, the insider now owns 105,837 shares in the company, valued at $32,439,040.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $305.86, for a total value of $4,587,900.00. Following the completion of the transaction, the chief executive officer now owns 13,071,166 shares in the company, valued at approximately $3,997,946,832.76. The disclosure for this sale can be found here. Insiders have sold 575,989 shares of company stock worth $160,340,775 over the last quarter. Insiders own 3.20% of the company’s stock.

Salesforce Company 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.