Allstate Corp Purchases 38,212 Shares of Salesforce Inc. $CRM

Allstate Corp increased its position in shares of Salesforce Inc. (NYSE:CRM) by 108.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 73,599 shares of the CRM provider’s stock after purchasing an additional 38,212 shares during the period. Allstate Corp’s holdings in Salesforce were worth $19,497,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Board of the Pension Protection Fund bought a new stake in shares of Salesforce during the 4th quarter valued at $26,000. Key Capital Management INC bought a new stake in shares of Salesforce during the 4th quarter valued at $26,000. Legacy Bridge LLC bought a new stake in shares of Salesforce during the 4th quarter valued at $27,000. Texas Capital Bancshares Inc TX bought a new stake in shares of Salesforce during the 3rd quarter valued at $28,000. Finally, Dogwood Wealth Management LLC raised its position in shares of Salesforce by 285.7% during the 4th quarter. Dogwood Wealth Management LLC now owns 108 shares of the CRM provider’s stock valued at $29,000 after purchasing an additional 80 shares during the period. 80.43% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Salesforce news, Director David Blair Kirk acquired 2,570 shares of the company’s stock in a transaction on Wednesday, March 18th. The stock was acquired at an average cost of $194.62 per share, with a total value of $500,173.40. Following the purchase, the director directly owned 13,689 shares of the company’s stock, valued at approximately $2,664,153.18. This represents a 23.11% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Laura Alber acquired 2,571 shares of the company’s stock in a transaction on Thursday, March 19th. The stock was acquired at an average cost of $194.58 per share, with a total value of $500,265.18. Following the completion of the purchase, the director directly owned 9,530 shares in the company, valued at approximately $1,854,347.40. This represents a 36.94% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 3.50% of the company’s stock.

Salesforce Stock Performance

Shares of NYSE:CRM opened at $180.32 on Tuesday. Salesforce Inc. has a 52 week low of $163.52 and a 52 week high of $280.74. The stock has a market capitalization of $147.54 billion, a P/E ratio of 23.09, a PEG ratio of 1.25 and a beta of 1.14. The firm has a fifty day simple moving average of $181.89 and a two-hundred day simple moving average of $212.11. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.18.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Wednesday, February 25th. The CRM provider reported $3.81 EPS for the quarter, topping analysts’ consensus estimates of $3.05 by $0.76. Salesforce had a net margin of 17.96% and a return on equity of 15.38%. The business had revenue of $11.20 billion during the quarter, compared to analysts’ expectations of $11.18 billion. During the same period last year, the company posted $2.78 EPS. The business’s revenue was up 12.1% on a year-over-year basis. Salesforce has set its FY 2027 guidance at 13.110-13.190 EPS and its Q1 2027 guidance at 3.110-3.130 EPS. On average, analysts expect that Salesforce Inc. will post 9.71 earnings per share for the current fiscal year.

Salesforce declared that its board has approved a share repurchase program on Monday, March 16th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the CRM provider to purchase up to 14.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CRM shares. KeyCorp decreased their price objective on shares of Salesforce from $400.00 to $300.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 24th. Weiss Ratings cut shares of Salesforce from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, May 20th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $281.00 target price on shares of Salesforce in a research note on Thursday, February 26th. Royal Bank Of Canada cut their target price on shares of Salesforce from $290.00 to $210.00 and set a “sector perform” rating for the company in a research note on Thursday, February 26th. Finally, Morgan Stanley cut their target price on shares of Salesforce from $398.00 to $287.00 and set an “overweight” rating for the company in a research note on Monday, February 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $274.12.

Salesforce Profile

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.