Castle Wealth Management Increases Stake in Salesforce by 7.8%

Castle Wealth Management LLC has increased its holdings in Salesforce Inc. (NYSE: CRM) by 7.8% during the second quarter of 2023, according to a recent filing with the Securities & Exchange Commission. The firm now owns 6,223 shares of the cloud-based software provider, following the purchase of an additional 449 shares in the period. As of the latest disclosure, Castle Wealth Management’s investment in Salesforce is valued at approximately $1.699 million.

Several other institutional investors have also adjusted their positions in Salesforce. For instance, Painted Porch Advisors LLC significantly increased its stake by 260.0% during the same quarter, now holding 90 shares valued at $25,000. Similarly, Capital A Wealth Management LLC expanded its investment by 450.0%, acquiring 110 shares worth $30,000. Other notable adjustments include CBIZ Investment Advisory Services LLC, which raised its stake by 314.8%, and Christopher J. Hasenberg Inc, which increased its holdings by 383.3%. Institutional investors currently own 80.43% of Salesforce’s stock.

Analyst Ratings and Market Performance

Salesforce has garnered attention from various Wall Street analysts. Recent reports indicate that Wall Street Zen upgraded the stock from a “hold” rating to a “buy” rating on October 11, 2023. Macquarie maintained a “neutral” rating with a price objective of $250.00. Meanwhile, Oppenheimer adjusted its target price from $370.00 to $315.00, while DA Davidson reaffirmed a “neutral” rating with a target of $225.00. Overall, twenty-five analysts have given Salesforce a “Buy” rating, while thirteen have assigned a “Hold” rating, and one has issued a “Sell” rating. The consensus rating stands at “Moderate Buy” with a target price of $325.23, according to data from MarketBeat.

Salesforce’s stock performance has been notable, with shares opening at $256.78. The company’s shares have fluctuated between a yearly low of $226.48 and a high of $369.00. With a market capitalization of $244.45 billion, Salesforce has a price-to-earnings ratio of 37.32, reflecting its strong position in the market.

Recent Financial Results and Dividend Announcement

Salesforce recently reported its quarterly earnings, revealing $2.91 earnings per share (EPS) for the quarter ending on September 3, 2023, surpassing the consensus estimate of $2.78 by $0.13. The company achieved a net margin of 16.87% and a return on equity of 13.27%, with revenue hitting $10.24 billion, which is an increase of 9.8% compared to the same quarter last year. For the fiscal year 2026, Salesforce has projected guidance of 11.330-11.370 EPS, with third-quarter guidance set at 2.840-2.860 EPS.

In addition to its strong earnings, Salesforce announced a quarterly dividend of $0.416, which was paid on October 9, 2023. Shareholders of record as of September 17, 2023 received this dividend, representing an annualized yield of 0.6%. The company’s current dividend payout ratio is 24.13%.

Salesforce Inc. continues to strengthen its position in the market, driven by increased institutional investment and positive analyst sentiment, positioning itself for growth in the coming quarters. The company provides comprehensive Customer Relationship Management (CRM) technology, facilitating connections between businesses and customers globally, and remains a significant player in the technology sector.