OneAscent Family Office LLC has taken a significant step by acquiring a new stake in Salesforce Inc. (NYSE:CRM) valued at approximately $221,000 during the first quarter of 2023. This investment includes the purchase of 821 shares of the well-known customer relationship management provider, as disclosed in a recent filing with the Securities and Exchange Commission.
Several institutional investors have also adjusted their positions in Salesforce, reflecting the company’s influence in the market. Notably, Norges Bank made a substantial investment in the fourth quarter, acquiring shares valued at around $3.6 billion.
Institutional Investments Surge
In addition to Norges Bank, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main significantly increased its holdings in Salesforce by an impressive 926.4% during the same period. The bank now owns 4,256,211 shares worth approximately $1.4 billion after purchasing an additional 3,841,521 shares.
Another noteworthy player is GAMMA Investing LLC, which expanded its stake by 30,456.9% in the first quarter, bringing their total to 3,801,588 shares valued at around $1.02 billion. Furthermore, Invesco Ltd. increased its holdings by 42.5%, now owning 7,791,015 shares worth approximately $2.6 billion. Northern Trust Corp also reported an 18.3% increase in its ownership, totaling 11,224,927 shares valued at around $3.75 billion.
Overall, institutional investors now hold 80.43% of Salesforce’s stock, indicating strong confidence in the company’s future.
Salesforce Stock Performance and Analyst Ratings
As of Friday, Salesforce shares opened at $262.40. The stock’s fifty-day moving average stands at $270.45, while the two-hundred day moving average is at $286.17. Over the past year, Salesforce has experienced a low of $230.00 and a high of $369.00. The company maintains a market capitalization of $250.85 billion and a price-to-earnings ratio of 41.06.
On the dividend front, Salesforce recently issued a quarterly dividend of $0.416 per share, which was paid on July 10, 2023. Stockholders on record as of June 18, 2023 received this dividend, representing an annualized dividend yield of 0.63%. The company’s payout ratio is currently at 25.98%.
Market analysts have expressed varied opinions regarding Salesforce’s stock. Citigroup recently lowered its price target from $320.00 to $295.00, maintaining a “neutral” rating. Conversely, JMP Securities reaffirmed a “market outperform” rating with a price target of $430.00. Morgan Stanley also restated an “overweight” rating, increasing its price target from $393.00 to $404.00.
Research indicates that three analysts have rated Salesforce with a sell rating, eight have given it a hold rating, while twenty-seven analysts have issued buy ratings, and four assigned a strong buy rating. The average rating across the board is a “Moderate Buy,” with an average target price of $348.16 according to MarketBeat.com.
Insider Trading Activity
In recent insider trading activity, R David Schmaier, an insider, sold 4,586 shares on April 23, 2023, at an average price of $253.66, resulting in a total transaction of approximately $1.16 million. Post-transaction, Schmaier holds 33,273 shares valued at around $8.44 million, representing a 12.11% decrease in ownership.
Additionally, on May 14, 2023, insider Srinivas Tallapragada sold 6,697 shares for around $1.98 million at an average price of $295.00, reducing their ownership by 13.92%. Over the last ninety days, insiders have sold a total of 33,819 shares valued at approximately $9.11 million.
Salesforce, Inc. continues to play a pivotal role in providing customer relationship management technology, helping businesses connect with their customers globally through innovative solutions. As the market evolves, the company’s performance and strategic investments will be closely monitored by analysts and investors alike.