Connor Clark & Lunn Investment Management Ltd. Takes $3.79 Million Position in Salesforce, Inc. (NYSE:CRM)

Posted by Defense World Staff on Aug 20th, 2023

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Salesforce, Inc. (NYSE:CRM – Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The firm purchased 18,950 shares of the CRM provider’s stock, valued at approximately $3,786,000.

Other institutional investors have also modified their holdings of the company. NewSquare Capital LLC boosted its holdings in shares of Salesforce by 132.8% in the 1st quarter. NewSquare Capital LLC now owns 149 shares of the CRM provider’s stock valued at $30,000 after buying an additional 85 shares in the last quarter. GHP Investment Advisors Inc. boosted its holdings in shares of Salesforce by 30.4% in the 4th quarter. GHP Investment Advisors Inc. now owns 270 shares of the CRM provider’s stock valued at $36,000 after buying an additional 63 shares in the last quarter. Live Oak Investment Partners bought a new stake in shares of Salesforce in the 4th quarter valued at about $36,000. Delta Asset Management LLC TN bought a new stake in shares of Salesforce in the 4th quarter valued at about $39,000. Finally, HBC Financial Services PLLC boosted its stake in Salesforce by 350.0% in the 2nd quarter. HBC Financial Services PLLC now owns 225 shares of the CRM provider’s stock worth $39,000 after purchasing an additional 175 shares in the last quarter. 81.13% of the stock is currently owned by institutional investors.

Salesforce Stock Performance

NYSE:CRM opened at $204.83 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.02 and a current ratio of 1.02. The company has a fifty day moving average of $216.13 and a two-hundred day moving average of $199.60. The stock has a market capitalization of $199.50 billion, a PE ratio of 539.03, a P/E/G ratio of 2.01 and a beta of 1.20. Salesforce, Inc. has a fifty-two week low of $126.34 and a fifty-two week high of $238.22.

Salesforce (NYSE:CRM – Get Free Report) last posted its quarterly earnings data on Wednesday, May 31st. The CRM provider reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.61 by $0.08. The company had revenue of $8.25 billion during the quarter, compared to analysts’ expectations of $8.17 billion. Salesforce had a net margin of 1.18% and a return on equity of 5.75%. During the same period in the prior year, the business posted $0.41 earnings per share. As a group, research analysts forecast that Salesforce, Inc. will post 5.27 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Parker Harris sold 1,250 shares of the stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $207.74, for a total value of $259,675.00. Following the completion of the sale, the insider now directly owns 100,309 shares in the company, valued at $20,838,191.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $205.12, for a total value of $3,076,800.00. Following the completion of the sale, the chief executive officer now owns 16,086,166 shares of the company’s stock, valued at $3,299,594,369.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Parker Harris sold 1,250 shares of the company’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $207.74, for a total transaction of $259,675.00. Following the completion of the sale, the insider now directly owns 100,309 shares of the company’s stock, valued at approximately $20,838,191.66. The disclosure for this sale can be found here. Insiders sold 1,186,018 shares of company stock worth $252,710,698 over the last three months. Insiders own 3.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on CRM shares. Raymond James lifted their target price on shares of Salesforce from $240.00 to $260.00 in a research note on Thursday, June 1st. Evercore ISI lifted their target price on shares of Salesforce from $230.00 to $240.00 in a research note on Thursday, June 1st. Loop Capital lifted their target price on shares of Salesforce from $190.00 to $215.00 in a research note on Thursday, June 1st. Wells Fargo & Company lifted their target price on shares of Salesforce from $225.00 to $250.00 in a research note on Tuesday, May 30th. Finally, JMP Securities lifted their target price on shares of Salesforce from $250.00 to $275.00 in a research note on Thursday, June 1st. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus price target of $224.28.

Check Out Our Latest Analysis on Salesforce

About Salesforce

(Free Report)

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 relationship intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer service and support at scale.