Concentric Capital Strategies LP Lowers Stock Position in Salesforce, Inc. (NYSE:CRM)

Concentric Capital Strategies LP decreased its holdings in Salesforce, Inc. (NYSE:CRM) by 72.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,782 shares of the CRM provider’s stock after selling 17,996 shares during the quarter. Concentric Capital Strategies LP’s holdings in Salesforce were worth $1,856,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Mather Group LLC. lifted its position in Salesforce by 110.0% during the 2nd quarter. Mather Group LLC. now owns 3,738 shares of the CRM provider’s stock worth $961,000 after acquiring an additional 1,958 shares during the period. Lynx Investment Advisory purchased a new position in Salesforce in the 2nd quarter valued at $40,000. Park Avenue Securities LLC increased its stake in Salesforce by 6.2% in the 2nd quarter. Park Avenue Securities LLC now owns 29,740 shares of the CRM provider’s stock valued at $7,646,000 after buying an additional 1,746 shares during the period. CVA Family Office LLC raised its position in Salesforce by 4.1% during the 2nd quarter. CVA Family Office LLC now owns 1,482 shares of the CRM provider’s stock worth $381,000 after buying an additional 58 shares during the last quarter. Finally, Fiduciary Alliance LLC acquired a new stake in shares of Salesforce in the 2nd quarter worth $307,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CRM shares. Robert W. Baird lifted their price objective on Salesforce from $295.00 to $315.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Phillip Securities restated an “accumulate” rating and issued a $305.00 price target on shares of Salesforce in a research note on Friday, August 30th. Jefferies Financial Group increased their price objective on Salesforce from $350.00 to $400.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Loop Capital boosted their target price on shares of Salesforce from $270.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, November 14th. Finally, BNP Paribas upgraded shares of Salesforce to a “strong-buy” rating in a report on Thursday, August 29th. Seven research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $343.89.

Salesforce Trading Up 0.3 %

Shares of NYSE CRM opened at $330.82 on Tuesday. The stock has a market capitalization of $316.26 billion, a P/E ratio of 57.53, a PEG ratio of 2.99 and a beta of 1.29. The stock’s 50 day moving average price is $302.12 and its two-hundred day moving average price is $270.49. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $348.86.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.48%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is presently 27.83%.

Insiders Place Their Bets

In other news, insider Miguel Milano sold 719 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $342.81, for a total transaction of $246,480.39. Following the sale, the insider now directly owns 4,659 shares in the company, valued at approximately $1,597,151.79. This represents a 13.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $257.04, for a total value of $1,079,568.00. Following the transaction, the insider now owns 117,581 shares of the company’s stock, valued at $30,223,020.24. This represents a 3.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 140,982 shares of company stock valued at $41,591,457 over the last 90 days. 3.20% of the stock is owned by company insiders.

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.