IFG Advisors Boosts Salesforce Holdings by 29.2% in Q2

IFG Advisors LLC has significantly increased its stake in Salesforce Inc., raising its holdings by 29.2% during the second quarter of 2023. According to its latest Form 13F filing with the U.S. Securities and Exchange Commission (SEC), IFG Advisors acquired an additional 501 shares, bringing its total ownership to 2,216 shares, valued at approximately $604,000 at the end of the reporting period.

Other institutional investors have also made notable adjustments to their positions in Salesforce. Painted Porch Advisors LLC expanded its holdings by an impressive 260.0%, now owning 90 shares worth $25,000 after purchasing 65 shares. Similarly, Capital A Wealth Management LLC boosted its stake by 450.0% in the first quarter, acquiring an additional 90 shares to reach 110 shares valued at $30,000.

CBIZ Investment Advisory Services LLC also reported a 314.8% increase in its holdings, now owning 112 shares worth $30,000. Meanwhile, Abound Financial LLC entered the market by acquiring a new stake valued at about $31,000. Christopher J. Hasenberg Inc. lifted its stake by 383.3% during the second quarter, now holding 116 shares worth $32,000. Hedge funds and institutional investors collectively own 80.43% of Salesforce’s stock.

Salesforce’s Market Performance

Salesforce shares opened at $239.87 on Wednesday. The company maintains a healthy financial profile, with a debt-to-equity ratio of 0.14, a quick ratio of 1.12, and a current ratio of 1.12. Over the past year, Salesforce has experienced a low of $226.48 and a high of $369.00. The firm currently has a market capitalization of $228.36 billion, a price-to-earnings ratio of 34.87, and a price-to-earnings-growth ratio of 2.15.

Salesforce has also announced a quarterly dividend, which was paid on October 9, 2023. Investors of record on September 17, 2023, received a dividend of $0.416, translating to an annualized yield of 0.7%. The company’s dividend payout ratio stands at 24.13%.

Analyst Perspectives

Recent analyst evaluations reflect a range of opinions on Salesforce’s stock. Cantor Fitzgerald has reiterated an “overweight” rating with a price target of $325.00. Needham & Company LLC has maintained a “buy” rating with a higher target of $400.00. Conversely, JPMorgan Chase & Co. has lowered its price target from $380.00 to $365.00, while Sanford C. Bernstein has adjusted its target down to $221.00 and set an “underperform” rating. Roth Capital continues to endorse a “buy” rating with a target price of $395.00.

According to MarketBeat.com, Salesforce holds a consensus rating of “Moderate Buy,” with an average price target of $328.22.

In other news regarding insider transactions, Salesforce CEO Marc Benioff sold 2,250 shares on August 11, 2023, at an average price of $236.45, amounting to a total of $532,012.50. Post-transaction, he retains 11,911,571 shares valued at approximately $2,816,490,962.95, reflecting a minor decrease of 0.02% in his holdings.

Additionally, Director David Blair Kirk purchased 3,400 shares at an average cost of $254.66 per share on September 9, 2023, totaling $865,844.00. This acquisition resulted in an impressive 801.89% increase in his ownership.

Overall, insiders have sold a total of 78,750 shares worth $19,572,233 over the past three months, with corporate insiders currently owning 3.00% of the stock.

Salesforce, Inc. specializes in Customer Relationship Management (CRM) technology, connecting companies with their customers globally. Its services encompass sales data management, lead tracking, opportunity forecasting, analytics, artificial intelligence, and customer support.

For those interested in more detailed insights regarding Salesforce’s stock and institutional holdings, resources like HoldingsChannel.com offer the latest updates on 13F filings and insider trades.