Juncture Wealth Strategies LLC Cuts Stake in Salesforce, Inc. (NYSE:CRM)

Juncture Wealth Strategies LLC cut its stake in shares of Salesforce, Inc. (NYSE:CRMGet Rating) by 24.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,115 shares of the CRM provider’s stock after selling 682 shares during the quarter. Juncture Wealth Strategies LLC’s holdings in Salesforce were worth $349,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Lebenthal Global Advisors LLC acquired a new stake in Salesforce in the 4th quarter valued at about $399,000. Atria Wealth Solutions Inc. purchased a new position in Salesforce in the 1st quarter valued at about $8,302,000. Lombard Odier Asset Management Europe Ltd lifted its holdings in Salesforce by 18.5% in the 1st quarter. Lombard Odier Asset Management Europe Ltd now owns 21,635 shares of the CRM provider’s stock valued at $4,594,000 after purchasing an additional 3,378 shares in the last quarter. Soltis Investment Advisors LLC lifted its holdings in Salesforce by 6.2% in the 1st quarter. Soltis Investment Advisors LLC now owns 1,133 shares of the CRM provider’s stock valued at $240,000 after purchasing an additional 66 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in Salesforce by 11.4% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 170,612 shares of the CRM provider’s stock valued at $36,224,000 after purchasing an additional 17,441 shares in the last quarter. 77.02% of the stock is owned by institutional investors and hedge funds.

Salesforce Price Performance

Shares of NYSE:CRM traded up $3.24 on Thursday, hitting $150.87. The stock had a trading volume of 541,837 shares, compared to its average volume of 8,018,641. Salesforce, Inc. has a twelve month low of $147.51 and a twelve month high of $311.75. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.06 and a current ratio of 1.06. The firm’s 50 day moving average price is $172.06 and its 200-day moving average price is $179.01. The company has a market capitalization of $150.87 billion, a price-to-earnings ratio of 278.20, a price-to-earnings-growth ratio of 4.07 and a beta of 1.12.

Salesforce (NYSE:CRMGet Rating) last issued its quarterly earnings results on Wednesday, August 24th. The CRM provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.15. The business had revenue of $7.72 billion for the quarter, compared to the consensus estimate of $7.70 billion. Salesforce had a net margin of 1.83% and a return on equity of 3.32%. The firm’s quarterly revenue was up 21.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.87 EPS. On average, equities research analysts predict that Salesforce, Inc. will post 2.2 earnings per share for the current year.

Salesforce declared that its Board of Directors has initiated a stock buyback plan on Wednesday, August 24th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the CRM provider to repurchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other Salesforce news, CEO Marc Benioff sold 2,300 shares of the business’s stock in a transaction dated Monday, June 27th. The stock was sold at an average price of $182.05, for a total transaction of $418,715.00. Following the completion of the sale, the chief executive officer now directly owns 28,761,368 shares of the company’s stock, valued at approximately $5,236,007,044.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Marc Benioff sold 2,300 shares of the company’s stock in a transaction dated Monday, June 27th. The stock was sold at an average price of $182.05, for a total value of $418,715.00. Following the completion of the sale, the chief executive officer now directly owns 28,761,368 shares of the company’s stock, valued at approximately $5,236,007,044.40. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Gavin Patterson sold 543 shares of the company’s stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $177.87, for a total value of $96,583.41. Following the completion of the sale, the executive now directly owns 17,282 shares of the company’s stock, valued at $3,073,949.34. The disclosure for this sale can be found here. Insiders have sold a total of 68,946 shares of company stock worth $11,992,250 in the last 90 days. Corporate insiders own 3.60% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on CRM shares. Oppenheimer restated a “buy” rating and issued a $240.00 target price on shares of Salesforce in a report on Thursday. JPMorgan Chase & Co. cut their price objective on shares of Salesforce from $275.00 to $245.00 and set an “overweight” rating on the stock in a report on Thursday, August 25th. Guggenheim upgraded shares of Salesforce from a “sell” rating to a “neutral” rating and set a $150.00 price objective on the stock in a report on Friday, September 2nd. Piper Sandler cut their price objective on shares of Salesforce from $220.00 to $200.00 and set an “overweight” rating on the stock in a report on Thursday, August 25th. Finally, Morgan Stanley cut their price objective on shares of Salesforce from $291.00 to $273.00 and set an “overweight” rating on the stock in a report on Tuesday, August 16th. Five analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and an average price target of $242.71.

About Salesforce

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Salesforce, Inc provides customer relationship management technology that brings companies and customers together worldwide. Its Customer 360 platform empowers its customers to work together to deliver connected experiences for their customers. The company's service offerings include 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.

Further Reading

Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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