Lake Street Private Wealth LLC Holds $372,000 in Salesforce, Inc. (NYSE:CRM)

On October 24, 2024, it was reported that Lake Street Private Wealth LLC significantly reduced its investment in Salesforce, Inc. (NYSE:CRM) during the third quarter. According to the most recent 13F filing with the Securities and Exchange Commission (SEC), the firm decreased its stake by 87.7%, resulting in ownership of just 1,359 shares. After selling 9,663 shares, Lake Street Private Wealth's holdings in Salesforce were valued at approximately $372,000 at the end of this quarter.

Other institutional investors have also been active with their investments in Salesforce. For example, XN LP increased its position by 24.2% in the second quarter, acquiring an additional 90,616 shares, bringing its total to 464,489 shares valued at about $119.42 million. Similarly, Atomi Financial Group Inc. expanded its stake by 27.5% in the third quarter, now holding 11,999 shares worth $3.28 million after buying 2,589 more shares. Additionally, M&G Plc made a new investment in Salesforce valued at $2.18 million in the first quarter.

Salesforce Stock Performance

As of Thursday, Salesforce's stock (NYSE:CRM) opened at $284.37, having a market capitalization of $275.55 billion. The company has a price-to-earnings (P/E) ratio of 51.15 and a price-to-earnings-growth (PEG) ratio of 2.61, coupled with a beta of 1.30. Over the past year, Salesforce shares have fluctuated between a low of $193.68 and a high of $318.71. The firm maintains a healthy debt-to-equity ratio of 0.15, with both its quick and current ratios at 1.04. The fifty-day moving average stands at $268.70 while the two-hundred-day moving average is $263.24.

In its latest earnings announcement on August 28th, Salesforce reported earnings per share (EPS) of $2.56 for the quarter, exceeding analysts' estimates of $2.36 by $0.20. The company saw a return on equity of 12.01% along with a net margin of 15.44%. Revenue for the quarter reached $9.33 billion, surpassing the $9.22 billion expected by analysts and marking an 8.5% increase year-over-year, compared to $1.63 in EPS from the same period last year.

Dividend and Analyst Ratings

Salesforce recently announced a quarterly dividend of $0.40, which was paid out on October 8th to investors who were recorded on September 18th. This represents an annual dividend of $1.60, yielding 0.56% of the stock price. The company has a dividend payout ratio of 28.78%.

Moreover, several analysts have weighed in on Salesforce's stock. FBN Securities recently upgraded it to a “strong-buy” rating. Needham & Company reiterated a “buy” rating with a price target of $345.00, while Oppenheimer increased its target from $280.00 to $300.00, attributing an “outperform” rating to the stock. According to MarketBeat, there have been nine ratings for hold, twenty-six for buy, and four for strong buy, resulting in an average price target of $311.66.

Recent Insider Activity

Insider trading activities at Salesforce have also been noteworthy. On October 23rd, CAO Sundeep G. Reddy sold 413 shares at an average price of $285.29, amounting to $117,824.77. Consequently, he retains 7,006 shares valued at nearly $1.99 million. Additionally, CFO Amy E. Weaver sold 897 shares the same day for a total of $255,905.13, maintaining a holding of 52,930 shares valued at $15.1 million.

Company Overview

Salesforce, Inc. specializes in Customer Relationship Management (CRM) technology, integrating various functions to help businesses manage their customer relations effectively. Their services include data management, analytics, forecasting, and personalized customer support.

Salesforce, Investment, Holdings