CCM Investment Advisers LLC Has $17.42 Million Stock Position in Salesforce, Inc. (NYSE:CRM)

CCM Investment Advisers LLC trimmed its position in Salesforce, Inc. (NYSE:CRM - Free Report) by 3.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,928 shares of the CRM provider's stock after selling 2,376 shares during the period. Salesforce comprises about 2.1% of CCM Investment Advisers LLC's investment portfolio, making the stock its 15th largest position. CCM Investment Advisers LLC's holdings in Salesforce were worth $17,424,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CRM. Tallon Kerry Patrick acquired a new position in shares of Salesforce during the 4th quarter valued at about $236,000. Brighton Jones LLC increased its stake in shares of Salesforce by 13.7% during the 4th quarter. Brighton Jones LLC now owns 25,668 shares of the CRM provider's stock valued at $8,582,000 after acquiring an additional 3,102 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new position in shares of Salesforce during the 4th quarter valued at about $104,173,000. Revolve Wealth Partners LLC increased its stake in shares of Salesforce by 12.6% during the 4th quarter. Revolve Wealth Partners LLC now owns 1,827 shares of the CRM provider's stock valued at $611,000 after acquiring an additional 205 shares during the last quarter. Finally, Stonebridge Financial Group LLC acquired a new position in shares of Salesforce during the 4th quarter valued at about $123,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Salesforce Stock Performance

CRM traded down $8.66 during trading hours on Friday, hitting $258.25. 7,647,008 shares of the stock were exchanged, compared to its average volume of 6,536,741. The stock has a market cap of $246.89 billion, a price-to-earnings ratio of 42.48, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. Salesforce, Inc. has a 12 month low of $227.77 and a 12 month high of $369.00. The stock has a 50-day simple moving average of $268.09 and a 200-day simple moving average of $299.72.

Salesforce (NYSE:CRM - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating analysts' consensus estimates of $2.55 by $0.03. The company had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The company's quarterly revenue was up 7.6% compared to the same quarter last year. During the same period last year, the company earned $2.44 earnings per share. Analysts anticipate that Salesforce, Inc. will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 18th will be issued a dividend of $0.416 per share. This represents a $1.66 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date of this dividend is Wednesday, June 18th. Salesforce's payout ratio is currently 25.98%.

Insider Buying and Selling

In related news, insider Srinivas Tallapragada sold 6,697 shares of Salesforce stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $295.00, for a total transaction of $1,975,615.00. Following the transaction, the insider now directly owns 41,422 shares of the company's stock, valued at $12,219,490. The trade was a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Miguel Milano sold 705 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $279.44, for a total value of $197,005.20. Following the completion of the transaction, the insider now owns 9,323 shares of the company's stock, valued at $2,605,219.12. This trade represents a 7.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 40,332 shares of company stock valued at $11,024,802 over the last three months. Company insiders own 3.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CRM shares. Bank of America dropped their price objective 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. Loop Capital dropped their price objective on shares of Salesforce from $330.00 to $300.00 and set a "hold" rating for the company in a research note on Thursday, February 27th. Canaccord Genuity Group dropped their price objective on shares of Salesforce from $400.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, May 28th. Royal Bank of Canada downgraded shares of Salesforce from an "outperform" rating to a "sector perform" rating and dropped their target price for the stock from $420.00 to $275.00 in a research report on Thursday, May 29th. Finally, Piper Sandler increased their target price on shares of Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 28th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $346.34.

Salesforce 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.