Perpetual Ltd has reduced its stake in Salesforce Inc. (NYSE: CRM) by **26.0%** during the third quarter of 2023, as reported in its latest 13F filing with the Securities and Exchange Commission. The institutional investor now holds **160,009 shares** after selling **56,208 shares** in this period. As of this filing, Perpetual Ltd’s holdings in the customer relationship management (CRM) company are valued at approximately **$37.9 million**.
Several other institutional investors have also adjusted their positions in Salesforce. For example, Painted Porch Advisors LLC significantly increased its stake by **260.0%** during the second quarter, bringing its total to **90 shares** valued at **$25,000** after acquiring an additional **65 shares**. Similarly, Evolution Wealth Management Inc. entered a new position in Salesforce during the same quarter, valued at around **$27,000**, while CBIZ Investment Advisory Services LLC raised its stake by **314.8%**, now owning **112 shares** worth **$30,000**.
Moreover, Christopher J. Hasenberg Inc. expanded its position by **383.3%** during the second quarter, owning **116 shares** valued at **$32,000** after acquiring **92 additional shares**. Finally, Maseco LLP also initiated a new stake in Salesforce during the second quarter, valued at roughly **$34,000**. Currently, institutional investors and hedge funds collectively own **80.43%** of Salesforce’s stock.
Market Sentiment Towards Salesforce
In recent developments, positive sentiment surrounding Salesforce has been noted, particularly following purchases by insiders. Director David Blair Kirk acquired **1,936 shares**, marking a **22% increase** in his stake, reflecting confidence in the company’s future. Such insider activity often reassures investors regarding management’s outlook on valuation and prospects.
Analysts from JPMorgan have indicated that the market may be undervaluing Salesforce’s potential in artificial intelligence (AI), suggesting that the stock is currently priced like a value stock. They argue that if AI revenue accelerates, it could lead to a re-rating of the stock. Additionally, Salesforce’s agreement to acquire AI marketing firm Qualified is seen as a strategic move to enhance its marketing capabilities and create new monetization opportunities.
BTIG has recently initiated coverage of Salesforce with a **Buy** rating and a target price of **$335**, suggesting an approximate **29% upside** from current levels. This has added momentum to analyst projections concerning Salesforce’s AI-driven recovery.
While there have been positive indicators, some caution remains in the market. Morgan Stanley has reduced its price target on Salesforce, highlighting concerns over near-term execution risks and market multiples. This perspective could temper any potential rallies until there is clearer evidence of AI monetization.
Salesforce Financial Performance and Outlook
Salesforce opened at **$259.64** on the New York Stock Exchange on December 15, 2023. The company has a market capitalization of **$243.29 billion**, with a **P/E ratio** of **34.67** and a **P/E/G ratio** of **1.92**. Over the past year, Salesforce’s stock has seen a low of **$221.96** and a high of **$367.09**.
In its most recent earnings report, Salesforce posted earnings of **$3.25** per share for the quarter, exceeding analysts’ expectations of **$2.86** by **$0.39**. The company reported revenue of **$10.26 billion**, slightly below the consensus estimate of **$10.27 billion**, marking a **9.1%** increase year-over-year.
Looking ahead, Salesforce has provided guidance for the fourth quarter of fiscal 2026, projecting earnings per share between **$3.020** and **$3.040**. Analysts predict that Salesforce will post **$7.46** earnings per share for the current year, suggesting a robust outlook for the company.
In addition to its earnings, Salesforce has announced a quarterly dividend of **$0.416** per share, set to be paid on **January 8, 2024**, to investors on record as of **December 18, 2023**. This dividend represents an annualized yield of **0.6%** and highlights the company’s commitment to returning value to shareholders.
Salesforce, founded in **1999** and headquartered in San Francisco, is a leading provider of cloud-based software focused on customer relationship management. The company has pioneered the software-as-a-service (SaaS) model for CRM, offering a comprehensive suite of products designed to help organizations manage sales, service, marketing, commerce, and analytics through a unified, cloud-first approach.
