Kennon Green & Company LLC Invests $5.54 Million in Salesforce
Kennon Green & Company LLC has made a significant new investment in Salesforce Inc. (NYSE: CRM), acquiring 24,147 shares worth approximately $5.54 million in the third quarter. This position now represents about 4.4% of the firm's investment portfolio, making Salesforce its 10th largest holding.
Other institutional investors have also shown interest in Salesforce. ABS Investment Management LLC made a substantial investment worth about $610.97 million during the second quarter. Additionally, Costello Asset Management INC increased its stake by 410.3% in the first quarter, while several other firms, including Commonwealth Retirement Investments LLC and Gunpowder Capital Management LLC, acquired new positions in the fourth quarter.
Salesforce's stock has been trading down recently, closing at $229.62 on Monday with a market capitalization of $188.98 billion. The company reported strong earnings for the quarter ending August 26th, with earnings per share of $5.90, surpassing analysts' estimates of $3.27. Salesforce's revenue for the quarter was $11.35 billion, up 10.8% year-over-year.
Analysts have mixed opinions on Salesforce. Wells Fargo & Company raised its price target to $250.00, while Phillip Securities downgraded the stock to a 'hold' rating with a price target of $166.00. The consensus rating among analysts is a 'Moderate Buy' with a price target of $275.14. Additionally, Salesforce recently announced a quarterly dividend of $0.44 per share, payable on October 8th.