United Super Pty Ltd, acting as Trustee for the Construction & Building Unions Superannuation Fund, has reported a 1.4% reduction in its holdings of Salesforce Inc. (NYSE: CRM), according to its latest filing with the Securities and Exchange Commission (SEC). As of the end of the second quarter, the fund now owns 152,480 shares of the cloud-based customer relationship management provider, valued at approximately $41.58 million.
The adjustment comes after the fund sold 2,148 shares during the quarter. Salesforce Inc. represents about 1.6% of United Super’s overall holdings, making it the fund’s 24th largest position.
Institutional Investors Shift Positions
In addition to United Super’s changes, several other institutional investors have recently adjusted their stakes in Salesforce. Baltimore Washington Financial Advisors Inc. increased its holdings by 17.8%, acquiring 5,750 additional shares during the period, bringing its total to 38,060 shares valued at $10.38 million.
GM Advisory Group LLC made a more significant move, boosting its stake by 182.5% to reach 3,811 shares worth $1.04 million. Similarly, Quadrant Capital Group LLC raised its holdings by 21.4%, acquiring an additional 3,803 shares for a total of 21,541 shares valued at $5.87 million. Vinva Investment Management Ltd. also significantly increased its position by 55.2%, adding 22,445 shares to own a total of 63,119 shares now worth $17.26 million.
The Employees Retirement System of Texas has also entered the fray, acquiring a new position in Salesforce valued at $4.45 million. Currently, institutional investors and hedge funds collectively own 80.43% of Salesforce’s stock.
Salesforce’s Market Performance and Analyst Ratings
As of Thursday, Salesforce’s stock opened at $228.27. The company reported a market capitalization of $217.31 billion and maintained a price-to-earnings (P/E) ratio of 33.18. The stock has fluctuated between a 12-month low of $221.96 and a high of $369.00.
Salesforce recently declared a quarterly dividend of $0.416, which was paid on October 9, 2023. Shareholders of record on September 17, 2023 received a total annualized dividend of $1.66, representing a yield of 0.7%, with a payout ratio of 24.13%.
Recent analyst ratings reflect a mixed outlook for Salesforce. Wells Fargo & Company lowered its price target from $275.00 to $265.00, while maintaining an “equal weight” rating. Conversely, Wedbush reaffirmed an “outperform” rating with a target price of $375.00. Other firms like Stifel Nicolaus and Macquarie have provided varying ratings and price targets, with a consensus rating of “Moderate Buy” and an average target price of $322.86 according to MarketBeat.
Salesforce remains a pivotal player in the CRM market, providing services that help companies manage customer relationships effectively. The company’s offerings include sales data management, analytics, and personalized customer support.
In recent insider trading activity, Director David Blair Kirk purchased 3,400 shares at an average price of $254.66, increasing his ownership significantly. Meanwhile, CEO Marc Benioff sold 2,250 shares for a total of $553,162.50, maintaining substantial ownership in the company.
Salesforce continues to evolve within the technology sector, adapting to market demands and investor interests while maintaining a robust position in the CRM landscape.
