Carmel Capital Partners LLC has increased its stake in Salesforce Inc. by 19.5% during the second quarter of 2023, as disclosed in a recent filing with the Securities and Exchange Commission. The institutional investor now holds 5,614 shares of the customer relationship management (CRM) provider, following the acquisition of an additional 917 shares during this period. As of the end of the quarter, Carmel Capital’s holdings in Salesforce were valued at approximately $1.53 million.
Other institutional investors have also adjusted their positions in Salesforce. Painted Porch Advisors LLC significantly expanded its stake by 260%, now owning 90 shares worth about $25,000 after acquiring an additional 65 shares last quarter. Similarly, Capital A Wealth Management LLC increased its position by 450%, now holding 110 shares valued at $30,000, following the purchase of 90 shares.
In the first quarter, CBIZ Investment Advisory Services LLC raised its holdings by 314.8%, acquiring 112 shares currently valued at $30,000 after adding 85 shares. Abound Financial LLC also established a new position in Salesforce valued at $31,000 during the same period. Furthermore, Christopher J. Hasenberg Inc. increased its shareholding by 383.3% in the second quarter, owning 116 shares now valued at $32,000.
Currently, institutional investors and hedge funds own approximately 80.43% of Salesforce stock.
Insider Transactions and Recent Performance
In related news, Marc Benioff, CEO of Salesforce, sold 2,250 shares of the company on October 15, 2023, at an average price of $238.37, totaling around $536,332.50. Following the transaction, Benioff retains 11,911,571 shares in Salesforce, valued at approximately $2.84 billion. This sale represents a 0.02% reduction in his ownership. Over the last three months, company insiders have sold a total of 78,750 shares worth about $19.52 million. Company insiders currently own around 3% of Salesforce stock.
Salesforce’s performance has shown positive trends, with the company announcing its latest quarterly earnings on September 3, 2023. The firm reported earnings of $2.91 per share, exceeding analysts’ expectations of $2.78 by $0.13. Revenue for the quarter reached $10.24 billion, slightly above the consensus estimate of $10.14 billion. This reflects a 9.8% year-over-year increase compared to the same quarter last year when the earnings per share stood at $2.56. Looking ahead, Salesforce has projected its fiscal year 2026 guidance to be between $11.330 and $11.370 earnings per share, with guidance for the third quarter of 2026 set at $2.840 to $2.860.
Dividends and Analyst Ratings
Recently, Salesforce declared a quarterly dividend of $0.416 per share, distributed on October 9, 2023. Shareholders who were on record as of September 17, 2023, received this dividend, which translates to an annualized amount of $1.66 and a dividend yield of 0.7%. The company has a dividend payout ratio of 24.13%.
Salesforce has attracted attention from various analysts. Cantor Fitzgerald reaffirmed an “overweight” rating for Salesforce shares, setting a target price of $325.00. Conversely, Sanford C. Bernstein lowered its target price from $255.00 to $221.00, rating the stock as “underperform.” Morgan Stanley increased its target price to $405.00, maintaining an “overweight” rating, while Wells Fargo & Company adjusted its target from $275.00 to $265.00 with an “equal weight” rating. Deutsche Bank Aktiengesellschaft also cut its target price from $400.00 to $340.00, while maintaining a “buy” rating.
In total, twenty-five research analysts have rated Salesforce with a Buy rating, thirteen have given a Hold rating, and one has rated it as a Sell. The current consensus rating for Salesforce stock is “Moderate Buy,” with an average target price of $325.23 according to MarketBeat.
