Balentine LLC has acquired a new stake in Salesforce Inc. (NYSE:CRM) during the second quarter of 2023, according to a report from Holdings Channel. The firm purchased 936 shares of the customer relationship management (CRM) provider, valued at approximately $255,000. This acquisition is part of a broader trend, as several hedge funds and institutional investors have recently adjusted their holdings in Salesforce.
Painted Porch Advisors LLC significantly increased its position in Salesforce by 260.0% in the same quarter. The firm now holds 90 shares, valued at $25,000, after acquiring an additional 65 shares. Similarly, Capital A Wealth Management LLC raised its stake by 450.0% in the first quarter, now owning 110 shares worth $30,000 after purchasing 90 extra shares.
Other notable transactions include CBIZ Investment Advisory Services LLC, which increased its holdings by 314.8% in the first quarter, and Christopher J. Hasenberg Inc, which raised its position by 383.3% in the second quarter. Overall, hedge funds and institutional investors own approximately 80.43% of Salesforce’s stock.
Insider Activity and Stock Performance
In related developments, Salesforce’s CEO, Marc Benioff, sold 2,250 shares on October 29, 2023, at an average price of $252.04, totaling $567,090. Following this transaction, Benioff retains ownership of 11,911,571 shares, valued at around $3 billion. This sale reflects a 0.02% decrease in his stake. Recent data indicates that company insiders have sold a total of 78,750 shares over the past 90 days, amounting to $19.37 million, with insiders currently owning 3.00% of the stock.
Salesforce’s stock opened at $260.55 on Friday, with a market capitalization of $248.04 billion. The company has a price-to-earnings ratio of 37.87 and a PEG ratio of 2.11. Over the past year, shares have fluctuated between a low of $226.48 and a high of $369.00. The firm’s 50-day moving average is $247.52, while the 200-day average stands at $258.06.
Financial Highlights and Future Guidance
Salesforce recently reported its quarterly earnings on September 3, 2023, delivering an earnings per share (EPS) of $2.91, surpassing analysts’ estimates of $2.78 by $0.13. The company generated revenues of $10.24 billion, exceeding expectations of $10.14 billion. Salesforce’s net margin was 16.87%, with a return on equity of 13.27%, reflecting a year-over-year revenue increase of 9.8%.
For the fiscal year 2026, Salesforce has set its guidance for EPS between $11.33 and $11.37, with third-quarter guidance at $2.84 to $2.86 EPS. Analysts predict that Salesforce will record an EPS of $7.46 for the current year.
The company also announced a quarterly dividend of $0.416, paid on October 9, 2023, to investors of record as of September 17. This annualizes to $1.66, providing a yield of 0.6% and a dividend payout ratio of 24.13%.
Salesforce Inc. continues to lead in the CRM market, offering innovative technology solutions that facilitate customer engagement and data management for businesses worldwide.
