Pegasus Asset Management Inc. Acquires 7,446 Shares of Salesforce Inc. $CRM

Pegasus Asset Management Inc. lifted its holdings in shares of Salesforce Inc. (NYSE:CRM) by 42.5% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 24,956 shares of the CRM provider’s stock after buying an additional 7,446 shares during the period. Salesforce comprises about 1.5% of Pegasus Asset Management Inc.’s portfolio, making the stock its 24th biggest holding. Pegasus Asset Management Inc.’s holdings in Salesforce were worth $4,659,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Commonwealth Retirement Investments LLC bought a new position in shares of Salesforce in the fourth quarter worth about $25,000. Board of the Pension Protection Fund bought a new stake in shares of Salesforce during the 4th quarter valued at approximately $26,000. Key Capital Management INC acquired a new position in Salesforce during the 4th quarter worth approximately $26,000. Gilpin Wealth Management LLC bought a new position in Salesforce in the 4th quarter valued at approximately $26,000. Finally, Legacy Bridge LLC bought a new position in Salesforce in the 4th quarter valued at approximately $27,000. 80.43% of the stock is currently owned by institutional investors.

Salesforce Stock Down 1.5%

CRM stock opened at $150.39 on Friday. 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 Inc. has a fifty-two week low of $146.32 and a fifty-two 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 company has a market cap of $123.17 billion, a P/E ratio of 17.41, a price-to-earnings-growth ratio of 0.95 and a beta of 1.16.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, May 27th. The CRM provider reported $3.88 EPS for the quarter, beating the consensus estimate of $3.13 by $0.75. Salesforce had a return on equity of 18.72% and a net margin of 18.73%.The firm had revenue of $11.13 billion during the quarter, compared to the consensus estimate of $11.05 billion. During the same quarter in the previous year, the company posted $2.58 earnings per share. The company’s quarterly revenue was up 13.3% on a year-over-year basis. Salesforce has set its FY 2027 guidance at 14.060-14.120 EPS and its Q2 2027 guidance at 3.250-3.270 EPS. On average, research analysts expect that Salesforce Inc. will post 10.29 earnings per share for the current fiscal year.

Salesforce announced that its board has approved a stock repurchase program on Monday, March 16th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the CRM provider to repurchase up to 14.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Salesforce Dividend Announcement

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

Analyst Upgrades and Downgrades

CRM has been the topic of several recent research reports. Royal Bank Of Canada reissued a “neutral” rating on shares of Salesforce in a report on Thursday, June 4th. Needham & Company LLC reiterated a “buy” rating on shares of Salesforce in a research report on Tuesday, June 16th. Wedbush restated an “outperform” rating and set a $325.00 price target on shares of Salesforce in a report on Thursday, May 28th. The Goldman Sachs Group initiated coverage on shares of Salesforce in a report on Thursday, June 18th. They issued a “neutral” rating for the company. Finally, Macquarie Infrastructure reduced their target price on shares of Salesforce from $200.00 to $190.00 and set a “neutral” rating on the stock in a report on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, eleven have given a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $257.61.

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.