LM Advisors Snaps Up Salesforce Shares Amid Bullish Sentiment
LM Advisors LLC has acquired 17,101 shares of Salesforce Inc. (NYSE:CRM), valued at approximately $2,694,000, as per its recent filing with the SEC. This purchase represents a new position for the fund in Salesforce.
Among other hedge funds, Brighton Jones LLC increased its holdings in Salesforce by 13.7% during the fourth quarter and now owns 25,668 shares worth $8,582,000. Revolve Wealth Partners LLC raised its stake in Salesforce by 12.6%, adding an additional 205 shares to its portfolio.
Analysts from Oppenheimer and other firms have expressed positive sentiment towards Salesforce's upcoming earnings results, with potential upside seen from the company's setup for the second quarter. Guggenheim reaffirmed a Buy rating with a $228 price target, while Cantor Fitzgerald maintained an Overweight rating and set a $250 target.
The buybacks by Salesforce were funded partly with $25 billion of new debt, increasing leverage and interest obligations. This has led to concerns about the company becoming a value trap if growth slows or AI monetization disappoints.