Mutual of America Capital Management LLC Reduces Stake in Salesforce, Inc.

Mutual of America Capital Management LLC has reduced its investment in Salesforce, Inc. (NYSE:CRM) by 4.0% during the fourth quarter, according to a recent filing with the Securities and Exchange Commission (SEC). Following the sale of 4,795 shares, the firm now holds 114,511 shares of the Salesforce stock. Salesforce accounts for about 0.4% of Mutual of America Capital Management LLC's total portfolio, ranking it as the firm’s 25th largest holding. As per the latest SEC filing, these shares are valued at approximately $38,284,000.

Institutional Investors Adjust Their Holdings

Other hedge funds and institutional investors have also made changes to their positions in Salesforce. For instance, JFS Wealth Advisors LLC increased its stake by 27.4% during the third quarter, acquiring an additional 110 shares for a total of 512 shares worth $140,000. Similarly, Financial Advocates Investment Management grew its holding by 1.4%, ending the quarter with 8,968 shares valued at $2,455,000 after adding 120 shares. HM Payson & Co. also increased its stake by 1.9%, owning 4,112 shares valued at $1,125,000 after a 76-share purchase. Furthermore, Baron Silver Stevens Financial Advisors LLC added 100 shares to attain a total of 891 shares, worth $244,000. Reston Wealth Management LLC also acquired a new stake in Salesforce during the previous quarter worth $78,000.

Salesforce Stock Performance

As of the latest updates, Salesforce stock opened at $297.63. The company has a market capitalization of $284.83 billion, a P/E ratio of 48.95, and a PEG ratio of 2.58. The stock has witnessed a one-year trading range, with a low of $212 and a high of $369. The 50-day moving average stands at $329.11, while the 200-day moving average is at $307.21, showcasing the firm’s stability in the market.

Recent Earnings Report

Salesforce reported its earnings for the last quarter on December 3rd, showing an earnings per share (EPS) of $2.41, which fell short of the consensus estimate of $2.44 by $0.03. The company generated revenues of $9.44 billion, exceeding analyst expectations of $9.35 billion. Their return on equity was reported at 12.34%, with a net margin of 15.96% and a quarterly revenue increase of 8.3% compared to the previous year. Analysts predict that Salesforce will report an EPS of 7.46 for the current year.

Salesforce Dividend Announcement

Additionally, Salesforce has recently announced a quarterly dividend of $0.40 per share, which was paid to investors on January 9th. The ex-dividend date was December 18th, signifying the stock's annualized dividend of $1.60, translating to a dividend yield of 0.54%. The company's dividend payout ratio currently stands at 26.32%.

Insider Trading Activities

In related news, Salesforce CFO Amy E. Weaver sold 6,221 shares at an average price of $343.00, totaling $2,133,803. Following this transaction, her holdings in the company decreased by 10.35%, leaving her with 53,861 shares valued at around $18,474,323. Similarly, CAO Sundeep G. Reddy sold 436 shares at an average price of $332.28, for a total of $144,874.08. After this sale, Reddy held 7,057 shares valued at $2,344,899.96, marking a decrease in their ownership of 5.82%. Over the last three months, insiders have sold 1,102,572 shares for a combined value of $381,283,706, with company insiders holding 3.20% of the stock.

Analyst Ratings and Forecasts

Various brokerages have recently commented on Salesforce shares. For example, Morgan Stanley raised their price target from $330.00 to $405.00 and rated the stock as “overweight.” JMP Securities maintained a “market outperform” rating with a $450.00 price target. UBS Group also increased their price target from $275.00 to $360.00, providing a “neutral” rating. Needham & Company reiterated a “buy” rating and set their target at $400.00. In contrast, Scotiabank adjusted their price target from $440.00 to $400.00 while endorsing a “sector outperform” rating. Currently, two analysts recommend a sell, five suggest a hold, and thirty-two analysts assign a buy rating, establishing a consensus rating of “Moderate Buy” with a price target of $365.32.

Salesforce Overview

Salesforce, Inc. specializes in Customer Relationship Management (CRM) technology, uniting businesses and customers globally. Their services encompass sales data management, lead tracking, predictive analytics, and delivering quotes and invoices, alongside customer support that is tailored and scalable.

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