Concord Asset Management LLC VA Buys 1,024 Shares of Salesforce, Inc. (NYSE:CRM)

Concord Asset Management LLC VA boosted its stake in Salesforce, Inc. (NYSE:CRM) by 17.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,894 shares of the CRM provider’s stock after buying an additional 1,024 shares during the period. Concord Asset Management LLC VA’s holdings in Salesforce were worth $1,887,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of CRM. Capital Research Global Investors boosted its position in shares of Salesforce by 26.9% during the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after purchasing an additional 3,044,611 shares in the last quarter. Capital International Investors boosted its holdings in shares of Salesforce by 3.0% during the 1st quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider’s stock valued at $4,251,592,000 after buying an additional 407,834 shares in the last quarter. Legal & General Group Plc grew its position in shares of Salesforce by 2.2% in the 2nd quarter. Legal & General Group Plc now owns 8,329,687 shares of the CRM provider’s stock worth $2,141,562,000 after buying an additional 176,641 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Salesforce by 48.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock worth $1,518,658,000 after buying an additional 1,922,674 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in Salesforce by 25.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 4,378,826 shares of the CRM provider’s stock valued at $1,125,331,000 after acquiring an additional 877,495 shares during the period. 80.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CRM shares. Piper Sandler downgraded shares of Salesforce from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 10th. BMO Capital Markets lifted their target price on shares of Salesforce from $305.00 to $385.00 and gave the company an “outperform” rating in a report on Friday. Oppenheimer reiterated an “outperform” rating and set a $330.00 target price (up from $300.00) on shares of Salesforce in a report on Thursday, October 24th. Evercore ISI reiterated an “outperform” rating and set a $300.00 target price on shares of Salesforce in a report on Monday, August 26th. Finally, FBN Securities upgraded shares of Salesforce to a “strong-buy” rating in a report on Thursday, August 29th. Nine investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $322.51.

Insider Activity at Salesforce

In related news, Director Maynard G. Webb, Jr. sold 9,170 shares of Salesforce stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $276.32, for a total transaction of $2,533,854.40. Following the transaction, the director now owns 1,363 shares in the company, valued at approximately $376,624.16. The trade was a 87.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Brian Millham sold 60,522 shares of the business’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $300.00, for a total transaction of $18,156,600.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 144,373 shares of company stock worth $41,250,680. 3.20% of the stock is owned by corporate insiders.

Salesforce Trading Down 1.9 %

Shares of CRM stock opened at $325.26 on Friday. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $348.86. The firm has a fifty day moving average price of $286.61 and a 200-day moving average price of $266.62. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market cap of $310.95 billion, a price-to-earnings ratio of 56.57, a PEG ratio of 2.94 and a beta of 1.29.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter in the previous year, the firm posted $1.63 EPS. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, equities analysts predict that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is 27.83%.

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.