The Vanguard Group, Inc. recently announced the acquisition of new stake in Salesforce Inc. (NYSE:CRM). The institutional investor has increased its shareholding in the Technology company by 1.44% to 76.46 million shares with purchase of 1.09 million shares. This fresh investment now brings its stake to 7.65% valued currently at $12.43 billion. In addition, BlackRock Fund Advisors raised its holdings by 1.11 million to 45.9 million shares. And SSgA Funds Management, Inc. has lifted its position by 1.32% or 0.59 million shares – to 44.83 million shares.
With over 8.01 million Salesforce Inc. (CRM) shares trading Monday and a closing price of $144.85 on the day, the dollar volume was approximately $1.16 billion. The shares have shown a negative half year performance of -9.65% and its price on 11/21/22 lost nearly -2.15%. Currently, there are 997.00M common shares owned by the public and among those 967.51M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 50 analysts who have offered their price forecasts for CRM have a consensus price objective of $213.11. The analysts have set the share’s price value over the next 12 months at a high of $310.00 and a low of $120.00. The average price target is 33.73% above its recent price level and a downside to the estimated low will see the stock lose -20.71% over that period. But an upside of 53.27% will see the stock hit the forecast high price target while median target price for the stock is $215.00.
Insiders at the company have transacted a total of 1720 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 357 of these insider trades were purchases, accounting for 818,243 shares. Insider sales of the common stock occurred on 1,363 occasions, with total insider shares sold totaling 1,997,452 shares.
The top 3 mutual fund holders in Salesforce Inc. are Vanguard Total Stock Market Index, Vanguard 500 Index Fund, and SPDR S&P 500 ETF Trust. Vanguard Total Stock Market Index owns 28.37 million shares of the company’s stock, all valued at over $4.61 billion. The company bought an additional 0.15 million shares recently to bring their total holdings to about 2.84% of the shares outstanding. Vanguard 500 Index Fund bought 0.22 million shares to see its total holdings expand to 22.77 million shares valued at over $3.7 billion and representing 2.28% of the shares outstanding. SPDR S&P 500 ETF Trust sold -0.13 million shares to bring its total holdings to over 11.2 million shares at a value of $1.82 billion. SPDR S&P 500 ETF Trust now owns shares totaling to 1.12% of the shares outstanding.
Shares of Salesforce Inc. (NYSE: CRM) opened at $146.02, down -$2.02 from a prior closing price of $148.04. However, the script later moved the day high at 147.34, down -2.15%. The company’s stock has a 5-day price change of -8.70% and -17.70% over the past three months. CRM shares are trading -43.00% year to date (YTD), with the 12-month market performance down to -51.90% lower. It has a 12-month low price of $136.04 and touched a high of $306.00 over the same period. CRM has an average intraday trading volume of 7.51 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -6.20%, -4.93%, and -17.85% respectively.
Institutional ownership of Salesforce Inc. (NYSE: CRM) shares accounts for 79.50% of the company’s 997.00M shares outstanding. Mutual fund holders own 4.55%, while other institutional holders and individual stakeholders account for 42.20% and 36.59% respectively.
It has a market capitalization of $146.47B and a beta (3y monthly) value of 1.12. The stock’s trailing 12-month PE ratio is 270.75, while the earnings-per-share (ttm) stands at $0.54. The company has a PEG of 17.70 and a Quick Ratio of 1.10 with the debt-to-equity ratio at 0.18. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.40% over the week and 3.69% over the month.
Analysts forecast that Salesforce Inc. (CRM) will achieve an EPS of $1.22 for the current quarter, $1.35 for the next quarter and $5.68 for 2024. The lowest estimate earnings-per-share for the quarter is $1.2 while analysts give the company a high EPS estimate of $1.31. Comparatively, EPS for the current quarter was $1.27 a year ago. Earnings per share for the fiscal year are expected to decrease by -66.30%, and 19.38% over the next financial year. EPS should shrink at an annualized rate of 15.30% over the next five years, compared to 26.30% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 50 brokerage firm advisors rate Salesforce Inc. (CRM) as a “Strong Buy” at a consensus score of 1.90. Specifically, 38 Wall Street analysts polled rate the stock as a buy, while 9 of the 50 advise that investors “hold,” and 0 rated it as a “Sell.”
Macquarie coverage for the Salesforce Inc. (CRM) stock in a research note released on November 02, 2022 offered a Outperform rating with a price target of $210. Guggenheim on their part issued Neutral rating on September 02, 2022.