B&L Asset Management LLC Acquires Shares in Salesforce, Inc.

B&L Asset Management LLC has made a notable investment in Salesforce, Inc. (NYSE:CRM - Free Report) during the third quarter. According to their recent Form 13F filing with the Securities and Exchange Commission, the firm acquired 2,369 shares of Salesforce, valued at around $648,000.

Institutional Activity

Other institutional investors have also adjusted their positions in Salesforce. For instance, Aviance Capital Partners LLC increased its stake by 0.5%, bringing its total to 6,797 shares, valued at approximately $1,860,000, after acquiring an additional 33 shares. Meanwhile, Umpqua Bank also boosted its holdings by 0.4%, now owning 7,708 shares valued at about $2,110,000 after buying 34 more shares. Principal Street Partners LLC raised its position in Salesforce by 1.0% and now owns 3,297 shares worth around $891,000 following an additional purchase of 34 shares.

Additionally, Nvwm LLC improved its stake by 1.4%, now totaling 2,565 shares valued at $667,000 after adding 36 shares. Prentice Wealth Management LLC increased its holdings by 1.5% as well, with a total of 2,506 shares now valued at $686,000 from an additional 37 shares acquired. In total, institutional investors and hedge funds hold 80.43% of Salesforce's stock.

Insider Transactions

In related news, on September 11th, insider Sabastian Niles sold 2,484 shares at an average price of $244.81 for a total of $608,108. Following this sale, Niles holds 828 shares valued at approximately $202,702.68, marking a significant 75% decrease in their position. The transaction has been formally disclosed in documents filed with the SEC.

Furthermore, CAO Sundeep G. Reddy sold 413 shares at an average price of $285.29, totaling $117,824.77, resulting in a 5.57% reduction in their holdings, leaving them with 7,006 shares valued at around $1,998,741.74. Throughout the last quarter, insiders have offloaded a substantial 144,510 shares worth approximately $42,475,538. Currently, insiders hold 3.20% of the company’s stock.

Salesforce Stock Movements

As of Friday, Salesforce stock opened at $329.99. The stock has varied significantly over the past year, with a low of $212.00 and a high of $348.86. The company boasts a market capitalization of $315.47 billion and a P/E ratio of 57.39. The stock’s 50-day moving average is $302.12, and the 200-day average is $270.61, revealing healthy trading activity.

Last reported earnings results showed that Salesforce recorded an earnings per share (EPS) of $2.56, surpassing the analyst expectations of $2.36 by $0.20 for the last quarter. The revenue for the quarter was $9.33 billion, exceeding analysts' estimates of $9.22 billion, marking an 8.5% increase year-over-year.

Dividend Updates

Salesforce recently announced a quarterly dividend of $0.40 per share, which was paid out to shareholders on October 8th, with the record date being September 18th. This represents an annualized dividend of $1.60, yielding 0.48%. The company's dividend payout ratio currently stands at 27.83%.

Market Analyst Ratings

Various research firms have provided insights on Salesforce shares. For example, Wells Fargo & Company raised their price target from $275.00 to $330.00 and maintained an “equal weight” rating in a recent report. Phillip Securities retained an “accumulate” rating with a price target of $305.00. Other firms including Stifel Nicolaus and Cfra have also increased their target prices for the stock to $350.00 and $343.00, respectively.

Currently, Salesforce has a consensus rating of "Moderate Buy" with an average target price of $341.89. While there are eight analysts with a hold rating, twenty-eight analysts recommend a buy, indicating strong market confidence in the company's performance moving forward.

Salesforce Company Overview

Salesforce, Inc. specializes in Customer Relationship Management (CRM) technology, which connects businesses and clients across the globe. Their services encompass data management, lead tracking, analytics, artificial intelligence integration, and producing quotes and invoices—all vital for enhancing customer service.

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