CCM Investment Advisers LLC Buys 5,369 Shares of Salesforce, Inc. (NYSE:CRM)

Posted by Defense World Staff on Sep 13th, 2023

CCM Investment Advisers LLC lifted its stake in Salesforce, Inc. (NYSE:CRM – Free Report) by 7.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 77,319 shares of the CRM provider’s stock after purchasing an additional 5,369 shares during the period. Salesforce comprises about 2.2% of CCM Investment Advisers LLC’s holdings, making the stock its 9th largest holding. CCM Investment Advisers LLC’s holdings in Salesforce were worth $15,447,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Walkner Condon Financial Advisors LLC grew its stake in shares of Salesforce by 2.0% in the first quarter. Walkner Condon Financial Advisors LLC now owns 2,599 shares of the CRM provider’s stock valued at $519,000 after buying an additional 51 shares in the last quarter. Western Pacific Wealth Management LP raised its stake in shares of Salesforce by 1.2% during the first quarter. Western Pacific Wealth Management LP now owns 4,545 shares of the CRM provider’s stock valued at $908,000 after purchasing an additional 53 shares during the period. Koshinski Asset Management Inc. lifted its position in shares of Salesforce by 0.6% during the first quarter. Koshinski Asset Management Inc. now owns 9,715 shares of the CRM provider’s stock worth $1,941,000 after purchasing an additional 54 shares in the last quarter. Argent Advisors Inc. boosted its stake in shares of Salesforce by 1.1% in the first quarter. Argent Advisors Inc. now owns 4,952 shares of the CRM provider’s stock valued at $989,000 after purchasing an additional 54 shares during the period. Finally, Prudent Man Advisors LLC increased its stake in Salesforce by 1.1% during the 1st quarter. Prudent Man Advisors LLC now owns 5,355 shares of the CRM provider’s stock worth $1,070,000 after buying an additional 56 shares during the period. Hedge funds and other institutional investors own 77.52% of the company’s stock.

Insider Activity at Salesforce

In other news, CAO Sundeep G. Reddy sold 164 shares of the stock in a transaction on Monday, July 24th. The stock was sold at an average price of $225.05, for a total value of $36,908.20. Following the transaction, the chief accounting officer now owns 2,230 shares of the company’s stock, valued at approximately $501,861.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $210.95, for a total transaction of $3,164,250.00. Following the completion of the transaction, the chief executive officer now owns 16,473,609 shares in the company, valued at $3,475,107,818.55. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Sundeep G. Reddy sold 164 shares of Salesforce stock in a transaction on Monday, July 24th. The stock was sold at an average price of $225.05, for a total transaction of $36,908.20. Following the transaction, the chief accounting officer now directly owns 2,230 shares in the company, valued at $501,861.50. The disclosure for this sale can be found here. Insiders have sold 707,472 shares of company stock worth $154,064,224 over the last ninety days. Company insiders own 3.70% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Stifel Nicolaus raised their target price on Salesforce from $250.00 to $275.00 and gave the company a “buy” rating in a research note on Thursday, August 31st. Bank of America upped their target price on Salesforce from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, August 31st. Oppenheimer lifted their price target on shares of Salesforce from $235.00 to $250.00 and gave the stock an “outperform” rating in a research note on Thursday, August 31st. Piper Sandler boosted their target price on shares of Salesforce from $248.00 to $268.00 and gave the stock an “overweight” rating in a research report on Thursday, August 31st. Finally, Morgan Stanley lowered Salesforce from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $251.00 to $278.00 in a report on Monday, July 31st. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $239.86.

Check Out Our Latest Analysis on CRM

Salesforce Price Performance

Shares of CRM stock opened at $221.65 on Wednesday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.15. The firm’s 50 day moving average is $217.87 and its 200-day moving average is $205.57. Salesforce, Inc. has a 1 year low of $126.34 and a 1 year high of $238.22. The firm has a market capitalization of $215.67 billion, a price-to-earnings ratio of 139.40, a PEG ratio of 1.68 and a beta of 1.19.

Salesforce (NYSE:CRM – Get Free Report) last issued its quarterly earnings results on Wednesday, August 30th. The CRM provider reported $2.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.22. The business had revenue of $8.60 billion for the quarter, compared to analyst estimates of $8.53 billion. Salesforce had a return on equity of 7.67% and a net margin of 4.77%. The firm’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.52 earnings per share. Sell-side analysts forecast that Salesforce, Inc. will post 5.86 EPS for the current fiscal year.

Salesforce Company Profile

(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.