Lake Street Private Wealth LLC's Salesforce Holdings Shrink to $372,000

As reported recently, Lake Street Private Wealth LLC has significantly reduced its stake in Salesforce, Inc. (NYSE:CRM) during the third quarter of the year. According to their latest 13F filing with the Securities and Exchange Commission (SEC), the firm has cut its position by an impressive 87.7%. Following this reduction, Lake Street Private Wealth now holds 1,359 shares of Salesforce, valued at approximately $372,000.

Besides Lake Street Private Wealth, various other institutional investors have also been actively trading shares of Salesforce. For instance, in the second quarter, XN LP increased its holdings by 24.2% and now owns 464,489 shares, estimated at around $119.42 million after purchasing an additional 90,616 shares. Additionally, Atomi Financial Group Inc. expanded its stake in the third quarter by 27.5%, acquiring 2,589 shares to reach a total of 11,999 shares, valued at $3.28 million.

In the first quarter, M&G Plc made a noteworthy investment by acquiring a new position in Salesforce for about $2.18 million. First Foundation Advisors also raised their stake by 38%, bringing their total to 828 shares worth around $249,000. Furthermore, Tobam enhanced its investment by 7.3%, increasing their holdings to 1,769 shares valued at approximately $533,000. Overall, institutional investors and hedge funds collectively own around 80.43% of Salesforce's shares.

Salesforce Stock Performance

On October 24, 2024, Salesforce’s stock opened at $284.37. The company holds a market capitalization of $275.55 billion, with a P/E ratio of 51.15, and a price-to-earnings-growth ratio of 2.61. Over the past year, the stock has fluctuated between a low of $193.68 and a high of $318.71. Salesforce's financials indicate a low debt-to-equity ratio of 0.15, along with current and quick ratios both at 1.04. The fifty-day moving average for the stock stands at $268.70, while the 200-day moving average is $263.24.

In its latest earnings announcement on August 28, 2024, Salesforce reported earnings per share (EPS) of $2.56 for the quarter, exceeding analysts' estimates of $2.36 by $0.20. The firm achieved a revenue of $9.33 billion during the quarter, surpassing analyst predictions of $9.22 billion, marking an 8.5% increase in year-over-year revenue.

Dividends and Analyst Ratings

Additionally, Salesforce has announced a quarterly dividend, which was paid out on October 8, 2024. Shareholders who were on record as of September 18, 2024, received a dividend of $0.40, amounting to an annual yield of 0.56%. The company maintains a dividend payout ratio of 28.78%.

Several analysts have recently provided insights and ratings on Salesforce's stock. FBN Securities upgraded it to a “strong-buy” position, while Needham & Company reiterated a “buy” rating with a price target of $345. Likewise, Oppenheimer raised its price objective from $280 to $300, marking an “outperform” rating. As a result, market consensus suggests a “Moderate Buy” rating for the stock, with an average price target estimated at $311.66.

Insider Transactions

Recent insider trading activity was also noted, with CAO Sundeep G. Reddy and CFO Amy E. Weaver selling shares on October 23, 2024. Reddy sold 413 shares at an average price of $285.29, totaling around $117,824.77, while Weaver sold 897 shares for about $255,905.13. These changes left insiders holding approximately 3.20% of the total stock.

Salesforce Overview

As a company, Salesforce, Inc. specializes in Customer Relationship Management (CRM) technology, aiming to connect businesses and their customers efficiently. Its suite of services includes tools for data management, lead tracking, sales forecasting, and customer support, all facilitated by advanced analytics and artificial intelligence.

In summary, Lake Street Private Wealth LLC currently holds $372,000 in Salesforce shares, having significantly reduced its investment, while various other institutional investors have taken notable positions in the company.

Salesforce, Investment, Stocks