GK Wealth Management LLC Buys New Stake in Salesforce Inc. $CRM

GK Wealth Management LLC purchased a new position in Salesforce Inc. (NYSE:CRM) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 2,932 shares of the CRM provider’s stock, valued at approximately $459,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. J. Stern & Co. LLP grew its stake in shares of Salesforce by 24,056.7% in the 4th quarter. J. Stern & Co. LLP now owns 47,385,511 shares of the CRM provider’s stock valued at $12,552,896,000 after purchasing an additional 47,189,352 shares during the period. Norges Bank bought a new position in shares of Salesforce during the 4th quarter worth approximately $3,182,951,000. Arrowstreet Capital Limited Partnership lifted its position in shares of Salesforce by 130.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 12,659,217 shares of the CRM provider’s stock worth $2,363,096,000 after buying an additional 7,160,302 shares during the period. Cardano Risk Management B.V. boosted its stake in Salesforce by 924.7% in the 4th quarter. Cardano Risk Management B.V. now owns 3,883,610 shares of the CRM provider’s stock valued at $1,028,807,000 after buying an additional 3,504,605 shares in the last quarter. Finally, Capital International Investors grew its position in Salesforce by 13.3% in the fourth quarter. Capital International Investors now owns 22,721,010 shares of the CRM provider’s stock valued at $6,019,199,000 after acquiring an additional 2,669,891 shares during the period. Institutional investors own 80.43% of the company’s stock.

Salesforce Stock Up 2.7%

Shares of NYSE CRM opened at $191.02 on Wednesday. The firm has a market capitalization of $156.45 billion, a PE ratio of 22.11, a price-to-earnings-growth ratio of 1.01 and a beta of 1.16. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.15. Salesforce Inc. has a 1 year low of $146.32 and a 1 year high of $269.11. The firm’s 50-day moving average is $170.69 and its 200-day moving average is $183.76.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, May 27th. The CRM provider reported $3.88 earnings per share for the quarter, topping analysts’ consensus estimates of $3.13 by $0.75. Salesforce had a net margin of 18.73% and a return on equity of 18.72%. The business had revenue of $11.13 billion during the quarter, compared to the consensus estimate of $11.05 billion. During the same period in the previous year, the firm posted $2.58 earnings per share. Salesforce’s revenue for the quarter was up 13.3% compared to the same quarter last year. Salesforce has set its FY 2027 guidance at 14.060-14.120 EPS and its Q2 2027 guidance at 3.250-3.270 EPS. Equities analysts expect that Salesforce Inc. will post 10.27 EPS for the current year.

Salesforce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Thursday, June 11th were given a dividend of $0.44 per share. The ex-dividend date was Thursday, June 11th. This represents a $1.76 annualized dividend and a dividend yield of 0.9%. Salesforce’s payout ratio is presently 20.37%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Phillip Securities cut Salesforce from a “buy” rating to a “hold” rating and cut their price objective for the company from $253.00 to $166.00 in a report on Monday, June 29th. KeyCorp lowered shares of Salesforce from an “overweight” rating to a “sector weight” rating in a report on Wednesday, July 8th. Needham & Company LLC reiterated a “buy” rating on shares of Salesforce in a research report on Tuesday, June 16th. Wolfe Research downgraded shares of Salesforce from an “outperform” rating to a “hold” rating in a report on Wednesday, July 1st. Finally, Bank of America started coverage on shares of Salesforce in a research report on Monday, May 18th. They issued an “underperform” rating and a $160.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, sixteen have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $249.51.

Salesforce Profile

Salesforce, founded in 1999 and headquartered in San Francisco, is a global provider of cloud-based software focused on customer relationship management (CRM) and enterprise applications. The company popularized the software-as-a-service (SaaS) model for CRM and has built a broad portfolio of products designed to help organizations manage sales, service, marketing, commerce and analytics through a unified, cloud-first platform.

Core offerings include Sales Cloud for sales automation, Service Cloud for customer support, Marketing Cloud for digital marketing and engagement, and Commerce Cloud for e-commerce.