United Services Automobile Association Reduces Stock Holdings in Salesforce, Inc.

United Services Automobile Association has reduced its stake in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 18.0% in the third quarter, as noted in their latest filing with the Securities & Exchange Commission. Following the sale of 4,993 shares during this period, the institutional investor now holds 22,681 shares of the CRM provider. The value of United Services Automobile Association's holdings in Salesforce amounted to $6,208,000 at the close of the quarter.

In addition to this, other hedge funds have also recently adjusted their holdings in Salesforce. Infrastructure Capital Advisors LLC made a new investment in Salesforce worth about $27,000 in the third quarter. Meanwhile, Clear Investment Research LLC increased its position in Salesforce by an astonishing 816.7% during the second quarter, bringing its total to 110 shares valued at $28,000 after obtaining an additional 98 shares. Similarly, Stephens Consulting LLC raised its ownership by 3,125.0% during the same quarter, now owning 129 shares worth $33,000 after acquiring an extra 125 shares. Other notable movements include Strategic Investment Solutions Inc., which also acquired a new stake valued at $33,000. Moreover, Godsey & Gibb Inc. increased its shares by 300.0%, now in possession of 120 shares valued at $33,000 after buying an additional 90 shares.

Overall, institutional investors and hedge funds together own approximately 80.43% of Salesforce's stock.

Recent Analyst Ratings

Salesforce stock, particularly CRM, has attracted significant attention from various research analysts. DA Davidson recently raised its price target on Salesforce from $250.00 to $300.00, maintaining a "neutral" rating. Citigroup followed suit, increasing its price target from $368.00 to $390.00 while also reiterating a "neutral" rating. In a report on October 17th, Cfra assigned a target price of $343.00. Additionally, TD Cowen elevated its price target from $290.00 to $340.00, issuing a "hold" rating. Back in August, BNP Paribas upgraded Salesforce to a "strong-buy" rating. Currently, eight analysts have given the stock a hold rating, thirty have issued buy ratings, and four have assigned a strong buy rating. Market consensus indicates a "Moderate Buy" rating with an average price target of $372.86.

Salesforce Stock Update

The stock of Salesforce (NYSE:CRM - Get Free Report) opened at $361.99 recently. It has a fifty-day simple moving average of $308.26 and a 200-day simple moving average of $272.43. The company holds a quick ratio of 1.04, a current ratio of 1.11, and a debt-to-equity ratio of 0.14. Salesforce has a market capitalization of $346.06 billion, a P/E ratio of 59.54, and a P/E/G ratio of 3.33, with a beta value of 1.30. Over the past year, Salesforce's stock traded between a low of $212.00 and a high of $369.00.

Earnings Results Overview

On December 3rd, Salesforce released its earnings report, indicating earnings of $2.41 per share for the quarter, slightly below the consensus estimate of $2.44. The reported revenue was $9.44 billion, exceeding expectations of $9.35 billion. The company recorded a return on equity of 12.34% and a net margin of 15.96%, with revenue growth of 8.3% year-over-year. In the same quarter last year, Salesforce posted earnings of $1.62 per share. Analysts predict that Salesforce, Inc. will achieve 7.48 earnings per share for the current fiscal year.

Dividend Information

The company has announced a quarterly dividend scheduled for payment on Thursday, January 9th. Shareholders on record as of Wednesday, December 18th, will receive a dividend of $0.40, equating to an annualized dividend of $1.60 and a dividend yield of 0.44%. Salesforce's dividend payout ratio stands at 26.32%.

Insider Transactions

Recently, insider Miguel Milano sold 719 shares of Salesforce stock in a transaction completed on November 25th, receiving an average price of $342.81, totaling $246,480.39. Following this sale, Milano now holds 4,659 shares valued at approximately $1,597,151.79, reflecting a decrease of 13.37% in his stake. This transaction was disclosed in a filing with the SEC. Also, CFO Amy E. Weaver sold 897 shares on October 23rd at an average price of $285.29, arriving at $255,905.13 in value. After this sale, Weaver owns 52,930 shares, valued at $15,100,399.70, representing a 1.67% drop in her ownership. Over the last three months, corporate insiders have sold a total of 140,982 shares worth $41,591,457. Currently, corporate insiders hold about 3.20% of Salesforce's stock.

Salesforce Company Overview

Salesforce, Inc. is recognized as a leading provider of Customer Relationship Management (CRM) technology, which facilitates interaction between companies and their clients globally. Their services encompass data management for sales tracking, lead monitoring, opportunity forecasting, and insights generation through analytics and artificial intelligence, alongside enabling personalized customer support at scale.

Salesforce, Investments, Stocks