Pegasus Asset Management Inc. Raises Position in Salesforce Inc. $CRM

Pegasus Asset Management Inc. lifted its stake in shares of Salesforce Inc. (NYSE:CRM) by 42.5% during the 1st quarter, Holdings Channel reports. The institutional investor owned 24,956 shares of the CRM provider’s stock after buying an additional 7,446 shares during the period. Salesforce makes up about 1.5% of Pegasus Asset Management Inc.’s portfolio, making the stock its 24th largest position. Pegasus Asset Management Inc.’s holdings in Salesforce were worth $4,659,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of CRM. Byrne Asset Management LLC grew its stake in shares of Salesforce by 1.0% in the 4th quarter. Byrne Asset Management LLC now owns 4,331 shares of the CRM provider’s stock worth $1,147,000 after acquiring an additional 43 shares in the last quarter. Mathes Company Inc. lifted its position in shares of Salesforce by 0.4% during the third quarter. Mathes Company Inc. now owns 12,558 shares of the CRM provider’s stock valued at $2,976,000 after purchasing an additional 45 shares in the last quarter. Fred Alger Management LLC boosted its holdings in Salesforce by 0.3% during the third quarter. Fred Alger Management LLC now owns 14,943 shares of the CRM provider’s stock worth $3,548,000 after purchasing an additional 45 shares during the last quarter. Fulcrum Asset Management LLP boosted its holdings in Salesforce by 1.7% during the third quarter. Fulcrum Asset Management LLP now owns 2,774 shares of the CRM provider’s stock worth $657,000 after purchasing an additional 46 shares during the last quarter. Finally, Pine Haven Investment Counsel Inc grew its position in Salesforce by 1.5% in the 4th quarter. Pine Haven Investment Counsel Inc now owns 3,152 shares of the CRM provider’s stock worth $835,000 after purchasing an additional 46 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on CRM. Truist Financial set a $280.00 price objective on shares of Salesforce in a research note on Thursday, February 26th. HC Wainwright lowered Salesforce to a “negative” rating in a report on Thursday, June 18th. BTIG Research reaffirmed a “buy” rating and issued a $255.00 target price on shares of Salesforce in a report on Tuesday, May 26th. Citizens Jmp reaffirmed a “market outperform” rating and set a $315.00 price target on shares of Salesforce in a research report on Thursday, May 28th. Finally, Needham & Company LLC reiterated a “buy” rating on shares of Salesforce in a report on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, eleven have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and an average price target of $257.61.

Salesforce Trading Down 1.5%

Shares of Salesforce stock opened at $150.39 on Friday. Salesforce Inc. has a 52-week low of $146.32 and a 52-week high of $276.80. The stock’s 50-day simple moving average is $175.95 and its 200 day simple moving average is $201.50. The stock has a market capitalization of $123.17 billion, a P/E ratio of 17.41, a P/E/G ratio of 0.95 and a beta of 1.16. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.79 and a current ratio of 0.79.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, May 27th. The CRM provider reported $3.88 earnings per share for the quarter, topping analysts’ consensus estimates of $3.13 by $0.75. The firm had revenue of $11.13 billion during the quarter, compared to analyst estimates of $11.05 billion. Salesforce had a net margin of 18.73% and a return on equity of 18.72%. The company’s quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter last year, the business earned $2.58 earnings per share. Salesforce has set its FY 2027 guidance at 14.060-14.120 EPS and its Q2 2027 guidance at 3.250-3.270 EPS. As a group, research analysts anticipate that Salesforce Inc. will post 10.29 EPS for the current year.

Salesforce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Thursday, June 11th will be issued a $0.44 dividend. The ex-dividend date of this dividend is Thursday, June 11th. This represents a $1.76 annualized dividend and a yield of 1.2%. Salesforce’s dividend payout ratio (DPR) is 20.37%.

Salesforce declared that its board has approved a share buyback program on Monday, March 16th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the CRM provider to repurchase up to 14.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

About Salesforce

Salesforce, founded in 1999 and headquartered in San Francisco, is a global provider of cloud-based software focused on customer relationship management (CRM) and enterprise applications. The company popularized the software-as-a-service (SaaS) model for CRM and has built a broad portfolio of products designed to help organizations manage sales, service, marketing, commerce and analytics through a unified, cloud-first platform.

Core offerings include Sales Cloud for sales automation, Service Cloud for customer support, Marketing Cloud for digital marketing and engagement, and Commerce Cloud for e-commerce.