Farallon Capital Management LLC Boosts Stock Position in Salesforce, Inc. (NYSE:CRM)

Farallon Capital Management LLC boosted its position in shares of Salesforce, Inc. (NYSE:CRM) by 51.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,946,838 shares of the CRM provider’s stock after buying an additional 994,670 shares during the quarter. Salesforce accounts for approximately 3.6% of Farallon Capital Management LLC’s investment portfolio, making the stock its 2nd largest position. Farallon Capital Management LLC owned approximately 0.30% of Salesforce worth $757,632,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Ruedi Wealth Management Inc. increased its holdings in shares of Salesforce by 186.7% in the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after buying an additional 56 shares in the last quarter. Piscataqua Savings Bank raised its position in shares of Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 96 shares during the period. Red Tortoise LLC acquired a new stake in shares of Salesforce during the first quarter worth $33,000. Clear Investment Research LLC lifted its holdings in shares of Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after purchasing an additional 98 shares during the last quarter. Finally, Stephens Consulting LLC lifted its holdings in shares of Salesforce by 3,125.0% during the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 125 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Salesforce news, insider Parker Harris sold 2,800 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total value of $675,416.00. Following the sale, the insider now directly owns 117,581 shares in the company, valued at approximately $28,362,888.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Salesforce news, COO Brian Millham sold 5,735 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $266.22, for a total value of $1,526,771.70. Following the completion of the transaction, the chief operating officer now owns 1,663 shares of the company’s stock, valued at approximately $442,723.86. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Parker Harris sold 2,800 shares of Salesforce stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total value of $675,416.00. Following the sale, the insider now directly owns 117,581 shares in the company, valued at approximately $28,362,888.82. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 70,633 shares of company stock valued at $18,100,349. 3.20% of the stock is owned by company insiders.

Salesforce Stock Performance

NYSE:CRM opened at $264.21 on Tuesday. The firm has a market capitalization of $256.02 billion, a PE ratio of 47.52, a PEG ratio of 2.26 and a beta of 1.29. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The firm’s fifty day simple moving average is $254.37 and its 200 day simple moving average is $265.91.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The company had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. During the same period last year, the business posted $1.63 earnings per share. The firm’s revenue was up 8.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th will be paid a $0.40 dividend. The ex-dividend date is Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.61%. Salesforce’s payout ratio is 28.78%.

Analyst Upgrades and Downgrades

CRM has been the topic of a number of analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $345.00 price target on shares of Salesforce in a research note on Friday. Morgan Stanley lifted their target price on shares of Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Sanford C. Bernstein upped their price target on shares of Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Truist Financial reiterated a “buy” rating and set a $315.00 price objective (up from $300.00) on shares of Salesforce in a research report on Thursday, September 19th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $300.00 target price on shares of Salesforce in a report on Thursday, September 19th. Nine analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $306.00.

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.