Salesforce, Inc. (NYSE:CRM) Shares Acquired by Concentric Capital Strategies LP

Concentric Capital Strategies LP lifted its position in Salesforce, Inc. (NYSE:CRM) by 260.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 24,472 shares of the CRM provider’s stock after acquiring an additional 17,690 shares during the quarter. Concentric Capital Strategies LP’s holdings in Salesforce were worth $8,182,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Bernard Wealth Management Corp. acquired a new stake in Salesforce during the 4th quarter worth approximately $25,000. Accredited Wealth Management LLC purchased a new position in Salesforce in the fourth quarter valued at approximately $27,000. Arlington Trust Co LLC boosted its stake in Salesforce by 85.1% in the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after acquiring an additional 40 shares in the last quarter. Compass Financial Services Inc purchased a new stake in Salesforce in the fourth quarter valued at approximately $30,000. Finally, Asset Planning Inc acquired a new stake in shares of Salesforce during the fourth quarter worth about $31,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Stock Up 0.4 %

CRM stock opened at $273.65 on Wednesday. The firm’s 50-day moving average is $268.22 and its two-hundred day moving average is $307.43. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $263.08 billion, a price-to-earnings ratio of 45.01, a price-to-earnings-growth ratio of 2.58 and a beta of 1.42. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00.

Salesforce Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th were issued a $0.42 dividend. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Thursday, April 10th. This represents a $1.68 annualized dividend and a dividend yield of 0.61%. Salesforce’s dividend payout ratio is 26.10%.

Insider Activity at Salesforce

In other news, CAO Sundeep G. Reddy sold 1,909 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $284.58, for a total value of $543,263.22. Following the completion of the sale, the chief accounting officer now owns 11,310 shares of the company’s stock, valued at $3,218,599.80. This trade represents a 14.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider R David Schmaier sold 6,959 shares of the company’s stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total value of $1,762,784.29. Following the transaction, the insider now directly owns 36,090 shares in the company, valued at $9,141,957.90. The trade was a 16.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 45,830 shares of company stock valued at $12,907,361 over the last 90 days. 3.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on CRM shares. Stephens started coverage on shares of Salesforce in a report on Wednesday, March 19th. They issued an “equal weight” rating and a $311.00 target price on the stock. Stifel Nicolaus lowered their price target on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Morgan Stanley lowered their target price on Salesforce from $405.00 to $393.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Piper Sandler cut their price target on Salesforce from $400.00 to $315.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Finally, Bank of America lowered their target price on shares of Salesforce from $440.00 to $400.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-two have given a buy rating and five have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $350.56.

About Salesforce

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.