OMC Financial Services LTD Buys New Stake in Salesforce, Inc. (NYSE:CRM)

OMC Financial Services LTD purchased a new position in shares of Salesforce, Inc. (NYSE:CRM) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 11,338 shares of the CRM provider’s stock, valued at approximately $3,415,000. Salesforce accounts for approximately 1.7% of OMC Financial Services LTD’s holdings, making the stock its 17th largest holding.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Bear Mountain Capital Inc. purchased a new position in shares of Salesforce during the fourth quarter worth about $26,000. Signature Resources Capital Management LLC purchased a new position in shares of Salesforce in the 4th quarter valued at approximately $26,000. Ruedi Wealth Management Inc. increased its holdings in shares of Salesforce by 186.7% in the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 56 shares during the period. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Salesforce during the fourth quarter worth approximately $31,000. Finally, Red Tortoise LLC acquired a new stake in shares of Salesforce during the first quarter worth $33,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Stock Performance

Shares of NYSE CRM traded down $9.09 during trading on Friday, reaching $243.97. The stock had a trading volume of 6,504,544 shares, compared to its average volume of 5,600,353. The firm’s 50 day moving average price is $248.53 and its two-hundred day moving average price is $274.91. Salesforce, Inc. has a one year low of $193.68 and a one year high of $318.71. The stock has a market cap of $236.41 billion, a PE ratio of 43.87, a P/E/G ratio of 2.22 and a beta of 1.29. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.06. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The company had revenue of $9.13 billion for the quarter, compared to analysts’ expectations of $9.15 billion. During the same period in the prior year, the company earned $1.15 earnings per share. The firm’s revenue was up 10.7% compared to the same quarter last year. On average, research analysts forecast that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Tuesday, July 9th were given a dividend of $0.40 per share. The ex-dividend date was Tuesday, July 9th. This represents a $1.60 dividend on an annualized basis and a yield of 0.66%. Salesforce’s dividend payout ratio is currently 28.78%.

Insiders Place Their Bets

In related news, CEO Marc Benioff sold 15,000 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $275.45, for a total transaction of $4,131,750.00. Following the completion of the sale, the chief executive officer now directly owns 12,662,327 shares of the company’s stock, valued at $3,487,837,972.15. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Marc Benioff sold 15,000 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $275.45, for a total value of $4,131,750.00. Following the completion of the transaction, the chief executive officer now owns 12,662,327 shares in the company, valued at approximately $3,487,837,972.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the sale, the chief accounting officer now owns 6,431 shares in the company, valued at approximately $1,644,921.18. The disclosure for this sale can be found here. Insiders have sold 279,242 shares of company stock valued at $73,931,941 over the last three months. Company insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Oppenheimer cut their price target on shares of Salesforce from $325.00 to $280.00 and set an “outperform” rating for the company in a report on Thursday, May 30th. Piper Sandler reissued a “neutral” rating and set a $250.00 price target on shares of Salesforce in a research report on Friday, July 12th. TD Cowen cut their price objective on shares of Salesforce from $330.00 to $285.00 and set a “hold” rating for the company in a research report on Thursday, May 30th. Truist Financial reiterated a “buy” rating and set a $300.00 target price (down from $360.00) on shares of Salesforce in a research report on Thursday, May 30th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Salesforce from $310.00 to $300.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $292.79.

Salesforce Company Profile

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 artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.