Veritas Asset Management LLP Makes New Investment in Salesforce, Inc. (NYSE:CRM)

Veritas Asset Management LLP purchased a new stake in shares of Salesforce, Inc. (NYSE:CRM) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 2,680,957 shares of the CRM provider’s stock, valued at approximately $733,805,000. Salesforce accounts for approximately 5.4% of Veritas Asset Management LLP’s holdings, making the stock its 7th biggest position. Veritas Asset Management LLP owned about 0.28% of Salesforce as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Ruedi Wealth Management Inc. boosted its holdings in shares of Salesforce by 186.7% during the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after buying an additional 56 shares in the last quarter. Piscataqua Savings Bank boosted its stake in Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after acquiring an additional 96 shares in the last quarter. Clear Investment Research LLC grew its holdings in Salesforce by 816.7% in the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after purchasing an additional 98 shares during the period. Stephens Consulting LLC lifted its holdings in shares of Salesforce by 3,125.0% during the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 125 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new stake in shares of Salesforce in the 2nd quarter worth approximately $33,000. 80.43% of the stock is owned by institutional investors.

Salesforce Price Performance

Salesforce stock traded up $3.35 during mid-day trading on Friday, reaching $294.72. 3,527,502 shares of the company’s stock traded hands, compared to its average volume of 3,816,890. Salesforce, Inc. has a 12-month low of $204.69 and a 12-month high of $318.71. The company has a market cap of $281.75 billion, a price-to-earnings ratio of 51.26, a PEG ratio of 2.64 and a beta of 1.29. The stock has a 50 day moving average of $273.02 and a two-hundred day moving average of $263.27. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter last year, the firm earned $1.63 EPS. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. Equities analysts forecast that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were issued a dividend of $0.40 per share. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.54%. Salesforce’s payout ratio is presently 27.83%.

Analyst Ratings Changes

Several research firms have recently issued reports on CRM. Cfra set a $343.00 price target on Salesforce in a research report on Thursday, October 17th. BNP Paribas upgraded shares of Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Erste Group Bank restated a “hold” rating on shares of Salesforce in a report on Wednesday, September 11th. Loop Capital reiterated a “hold” rating and set a $270.00 target price on shares of Salesforce in a research note on Thursday, September 19th. Finally, Northland Securities upgraded Salesforce from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $270.00 to $400.00 in a research note on Wednesday, October 2nd. Nine research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $313.37.

Insider Buying and Selling

In other news, CFO Amy E. Weaver sold 897 shares of the stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $255,905.13. Following the sale, the chief financial officer now owns 52,930 shares of the company’s stock, valued at approximately $15,100,399.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, COO Brian Millham sold 60,522 shares of the business’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $300.00, for a total transaction of $18,156,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Amy E. Weaver sold 897 shares of the stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $255,905.13. Following the completion of the sale, the chief financial officer now owns 52,930 shares in the company, valued at approximately $15,100,399.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 148,303 shares of company stock worth $42,024,385 over the last three months. 3.20% of the stock is owned by insiders.

Salesforce Company Profile

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.