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

Concentric Capital Strategies LP reduced its holdings in Salesforce, Inc. (NYSE:CRM) by 72.6% during the 3rd quarter, Holdings Channel reports. 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the business. Piscataqua Savings Bank lifted its holdings in Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 96 shares during the period. Infrastructure Capital Advisors LLC bought a new position in shares of Salesforce in the third quarter valued at approximately $27,000. Clear Investment Research LLC increased its stake in shares of Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after acquiring an additional 98 shares during the period. Stephens Consulting LLC raised its stake in shares of Salesforce by 3,125.0% in the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after buying an additional 125 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in Salesforce in the 2nd quarter valued at about $33,000. Institutional investors own 80.43% of the company’s stock.

Insider Activity

In other Salesforce news, COO Brian Millham sold 60,522 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $300.00, for a total value of $18,156,600.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $117,824.77. Following the sale, the chief accounting officer now owns 7,006 shares in the company, valued at approximately $1,998,741.74. This trade represents a 5.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 140,982 shares of company stock worth $41,591,457. Company insiders own 3.20% of the company’s stock.

Wall Street Analysts Forecast Growth

CRM has been the subject of a number of recent research reports. Needham & Company LLC reiterated a “buy” rating and set a $345.00 price objective on shares of Salesforce in a research report on Friday, September 20th. Royal Bank of Canada reiterated an “outperform” rating and set a $300.00 price objective on shares of Salesforce in a research report on Thursday, September 19th. JPMorgan Chase & Co. increased their target price on Salesforce from $310.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Wells Fargo & Company upped their price target on Salesforce from $275.00 to $330.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 12th. Finally, Phillip Securities restated an “accumulate” rating and set a $305.00 price objective on shares of Salesforce in a research report on Friday, August 30th. Seven investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $343.89.

Salesforce Stock Up 0.3 %

Shares of CRM opened at $330.82 on Tuesday. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $348.86. The firm has a market capitalization of $316.26 billion, a P/E ratio of 57.53, a P/E/G ratio of 2.99 and a beta of 1.29. The company has a 50-day simple moving average of $302.12 and a 200-day simple moving average of $270.49. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04.

Salesforce Dividend Announcement

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

Salesforce Company Profile

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.