Concord Wealth Partners Purchases 2,751 Shares of Salesforce, Inc. (NYSE:CRM)

Concord Wealth Partners lifted its stake in shares of Salesforce, Inc. (NYSE:CRM) by 89.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,811 shares of the CRM provider’s stock after buying an additional 2,751 shares during the period. Concord Wealth Partners’ holdings in Salesforce were worth $1,529,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CRM. Graypoint LLC boosted its stake in shares of Salesforce by 0.3% during the 4th quarter. Graypoint LLC now owns 10,504 shares of the CRM provider’s stock worth $2,764,000 after acquiring an additional 36 shares in the last quarter. Chase Investment Counsel Corp increased its holdings in Salesforce by 0.3% in the 4th quarter. Chase Investment Counsel Corp now owns 10,377 shares of the CRM provider’s stock valued at $2,730,000 after purchasing an additional 36 shares during the last quarter. Opes Wealth Management LLC increased its holdings in Salesforce by 2.9% in the 4th quarter. Opes Wealth Management LLC now owns 1,295 shares of the CRM provider’s stock valued at $341,000 after purchasing an additional 37 shares during the last quarter. Prentice Wealth Management LLC increased its holdings in Salesforce by 1.7% in the 4th quarter. Prentice Wealth Management LLC now owns 2,294 shares of the CRM provider’s stock valued at $604,000 after purchasing an additional 38 shares during the last quarter. Finally, MV Capital Management Inc. boosted its position in Salesforce by 3.9% in the 4th quarter. MV Capital Management Inc. now owns 1,045 shares of the CRM provider’s stock valued at $275,000 after buying an additional 39 shares during the period. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Stock Performance

Shares of NYSE CRM traded up $3.97 during midday trading on Wednesday, hitting $272.91. The company’s stock had a trading volume of 2,549,741 shares, compared to its average volume of 5,593,267. The stock has a fifty day moving average price of $295.34 and a 200 day moving average price of $265.65. Salesforce, Inc. has a one year low of $190.76 and a one year high of $318.71. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $264.72 billion, a price-to-earnings ratio of 63.76, a P/E/G ratio of 2.12 and a beta of 1.28.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same quarter in the prior year, the firm posted $1.01 EPS. Salesforce’s revenue was up 10.8% on a year-over-year basis. On average, research analysts forecast that Salesforce, Inc. will post 7.45 EPS for the current fiscal year.

Salesforce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 14th were paid a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.59%. Salesforce’s dividend payout ratio (DPR) is 9.52%.

Insider Activity

In other news, CFO Amy E. Weaver sold 942 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $305.46, for a total value of $287,743.32. Following the completion of the sale, the chief financial officer now owns 39,416 shares of the company’s stock, valued at approximately $12,040,011.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Salesforce news, CFO Amy E. Weaver sold 942 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $305.46, for a total value of $287,743.32. Following the completion of the transaction, the chief financial officer now directly owns 39,416 shares in the company, valued at approximately $12,040,011.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Sundeep G. Reddy sold 2,425 shares of the company’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the transaction, the chief accounting officer now owns 5,856 shares of the company’s stock, valued at $1,599,566.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 610,793 shares of company stock valued at $179,074,618. Corporate insiders own 3.70% of the company’s stock.

Analyst Upgrades and Downgrades

CRM has been the topic of a number of recent analyst reports. Bank of America increased their price objective on Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a report on Thursday, February 29th. StockNews.com cut Salesforce from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 19th. Oppenheimer boosted their price target on Salesforce from $300.00 to $325.00 and gave the stock an “outperform” rating in a research note on Monday, February 12th. Wedbush boosted their price objective on Salesforce from $280.00 to $325.00 and gave the company a “buy” rating in a report on Thursday, February 29th. Finally, Wells Fargo & Company upped their target price on Salesforce from $280.00 to $290.00 and gave the company an “equal weight” rating in a report on Wednesday, February 21st. Nine investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus price target of $310.61.

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.