Salesforce, Inc. (NYSE:CRM) Holdings Cut by Allspring Global Investments Holdings LLC

Posted by Defense World Staff on Apr 2nd, 2023

Allspring Global Investments Holdings LLC lowered its stake in shares of Salesforce, Inc. (NYSE:CRM – Get Rating) by 14.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 450,863 shares of the CRM provider’s stock after selling 78,118 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Salesforce were worth $59,780,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. grew its stake in Salesforce by 1.4% in the third quarter. Vanguard Group Inc. now owns 80,449,523 shares of the CRM provider’s stock valued at $11,571,860,000 after purchasing an additional 1,103,556 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Salesforce by 40.6% in the second quarter. Price T Rowe Associates Inc. MD now owns 46,707,038 shares of the CRM provider’s stock worth $7,708,529,000 after buying an additional 13,483,854 shares during the last quarter. State Street Corp raised its position in Salesforce by 1.3% during the third quarter. State Street Corp now owns 44,825,733 shares of the CRM provider’s stock valued at $6,447,733,000 after acquiring an additional 585,881 shares in the last quarter. Jennison Associates LLC lifted its stake in Salesforce by 1.6% in the third quarter. Jennison Associates LLC now owns 13,688,506 shares of the CRM provider’s stock valued at $1,968,955,000 after acquiring an additional 210,376 shares during the last quarter. Finally, Polen Capital Management LLC raised its holdings in shares of Salesforce by 12.5% during the 3rd quarter. Polen Capital Management LLC now owns 11,057,687 shares of the CRM provider’s stock valued at $1,590,538,000 after purchasing an additional 1,228,763 shares in the last quarter. 75.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CRM has been the topic of several analyst reports. Mizuho increased their target price on shares of Salesforce from $200.00 to $225.00 and gave the stock a “buy” rating in a research report on Thursday, March 2nd. Morgan Stanley increased their price objective on Salesforce from $236.00 to $240.00 and gave the company an “overweight” rating in a report on Thursday, March 2nd. DA Davidson raised their price objective on Salesforce from $150.00 to $180.00 and gave the company a “neutral” rating in a research note on Thursday, March 2nd. Evercore ISI upped their target price on Salesforce from $200.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday, March 2nd. Finally, JMP Securities reissued a “market perform” rating and issued a $250.00 price target on shares of Salesforce in a research report on Thursday, March 2nd. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $211.24.

Salesforce Price Performance

Shares of Salesforce stock opened at $199.78 on Friday. The firm has a market cap of $199.78 billion, a P/E ratio of 951.38, a price-to-earnings-growth ratio of 2.40 and a beta of 1.21. The firm’s 50-day simple moving average is $175.13 and its 200-day simple moving average is $156.25. Salesforce, Inc. has a twelve month low of $126.34 and a twelve month high of $222.15. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.02 and a current ratio of 1.02.

Salesforce (NYSE:CRM – Get Rating) last announced its quarterly earnings results on Wednesday, March 1st. The CRM provider reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.32. Salesforce had a net margin of 0.66% and a return on equity of 4.48%. The firm had revenue of $8.38 billion during the quarter, compared to analysts’ expectations of $7.99 billion. During the same quarter last year, the company earned $0.24 earnings per share. The company’s revenue for the quarter was up 14.4% compared to the same quarter last year. As a group, research analysts expect that Salesforce, Inc. will post 4.89 EPS for the current fiscal year.

Salesforce declared that its board has initiated a stock repurchase program on Wednesday, March 1st that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the CRM provider to buy up to 10.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Insider Activity at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 556 shares of the business’s stock in a transaction dated Monday, January 23rd. The shares were sold at an average price of $155.59, for a total value of $86,508.04. Following the transaction, the chief financial officer now directly owns 33,265 shares in the company, valued at $5,175,701.35. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Salesforce news, CEO Marc Benioff sold 725 shares of the firm’s stock in a transaction dated Wednesday, January 4th. The shares were sold at an average price of $139.19, for a total value of $100,912.75. Following the completion of the sale, the chief executive officer now owns 27,753,609 shares in the company, valued at approximately $3,863,024,836.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Amy E. Weaver sold 556 shares of the company’s stock in a transaction that occurred on Monday, January 23rd. The stock was sold at an average price of $155.59, for a total transaction of $86,508.04. Following the transaction, the chief financial officer now owns 33,265 shares in the company, valued at $5,175,701.35. The disclosure for this sale can be found here. Insiders have sold a total of 51,984 shares of company stock valued at $9,228,819 in the last 90 days. 3.60% of the stock is owned by corporate insiders.

About Salesforce

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Salesforce, Inc engages in the design and development of cloud-based enterprise software for customer relationship management. Its solutions include sales force automation, customer service and support, marketing automation, digital commerce, community management, collaboration, industry-specific solutions, and salesforce platform.