Mn Services Vermogensbeheer B.V. has raised its stake in Salesforce Inc. (NYSE: CRM) by 1.5% during the third quarter of 2023, according to a recent filing with the Securities and Exchange Commission. The investment firm now holds a total of 364,600 shares of the customer relationship management (CRM) provider, having acquired an additional 5,300 shares in the period. With this increase, Salesforce comprises 0.6% of Mn Services’ investment portfolio, ranking as its 27th largest holding. The value of Mn Services’ investment in Salesforce stands at approximately $86.41 million.
A number of other institutional investors have also adjusted their positions in Salesforce, reflecting a broader trend in investment activity surrounding the company. For instance, Avantax Advisory Services Inc. boosted its holdings in Salesforce by 4.0% during the second quarter, bringing its total to 87,331 shares valued at $23.81 million. Similarly, CX Institutional increased its position by a remarkable 78.0% in the third quarter, now owning 43,186 shares worth about $10.24 million.
Investment Landscape and Analyst Ratings
The interest from institutional investors is significant, with hedge funds and other institutions owning 80.43% of Salesforce’s stock. Analysts have also weighed in on the company’s performance. Recently, Evercore ISI lowered its price target for Salesforce from $360.00 to $340.00, maintaining an “outperform” rating. In contrast, Canaccord Genuity Group reiterated a “buy” rating with a target price of $300.00, while Barclays raised their target from $330.00 to $338.00.
As of now, Salesforce holds an average rating of “Moderate Buy” among analysts, with a consensus target price of $324.51. The company has received one Strong Buy rating, twenty-nine Buy ratings, twelve Hold ratings, and one Sell rating.
Recent Insider Activity and Stock Performance
Recent insider transactions have also drawn attention. On December 17, 2023, Director David Blair Kirk acquired 1,936 shares at an average cost of $258.64 per share, totaling about $500,727. Following this acquisition, Kirk now owns 10,677 shares, valued at approximately $2.76 million. Conversely, Director Neelie Kroes sold 3,893 shares at an average price of $238.70, resulting in a decrease in her holdings to 7,299 shares valued at about $1.74 million.
Salesforce’s stock opened at $228.02 on Friday. The company has a market capitalization of $213.65 billion, a price-to-earnings ratio of 30.44, and a debt-to-equity ratio of 0.14. Over the past year, the stock has fluctuated between a low of $218.96 and a high of $367.09.
In its most recent earnings report, Salesforce announced $3.25 earnings per share (EPS) for the third quarter, surpassing the consensus estimate of $2.86 by $0.39. Revenue for the quarter reached $10.26 billion, slightly below the anticipated $10.27 billion, but still reflecting a year-over-year growth of 9.1%. Looking ahead, the company has set its Q4 2026 guidance between $3.020 and $3.040 EPS.
Additionally, Salesforce recently declared a quarterly dividend of $0.416 per share, paid on January 8, 2024, to shareholders recorded as of December 18, 2023. This dividend represents an annual yield of 0.7% and a payout ratio of 22.16%.
Founded in 1999 and headquartered in San Francisco, Salesforce is recognized as a leader in cloud-based software for customer relationship management and enterprise applications. The company popularized the software-as-a-service model and continues to expand its offerings across various sectors.
