Concentric Capital Strategies LP Sells 17,328 Shares of Salesforce Inc. $CRM

Key Points

• Concentric Capital Strategies LP reduced its holdings in Salesforce Inc. by 70.8% in the first quarter, now owning 7,144 shares valued at $1.917 million.
• Several hedge funds have increased their stake in Salesforce, with Alecta Tjanstepension Omsesidigt notably raising its position by 121.9% to 355,000 shares.
• Salesforce reported earnings per share of $2.91 for the last quarter, exceeding estimates and marking a 9.8% revenue growth year-over-year.

Concentric Capital Strategies LP lowered its position in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 70.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,144 shares of the CRM provider's stock after selling 17,328 shares during the period. Concentric Capital Strategies LP's holdings in Salesforce were worth $1,917,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bernard Wealth Management Corp. bought a new stake in Salesforce during the 4th quarter worth $25,000. Capital A Wealth Management LLC grew its position in Salesforce by 450.0% during the 1st quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock worth $30,000 after acquiring an additional 90 shares during the last quarter. CBIZ Investment Advisory Services LLC grew its position in Salesforce by 314.8% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock worth $30,000 after acquiring an additional 85 shares during the last quarter. Abound Financial LLC bought a new stake in Salesforce during the 1st quarter worth $31,000. Finally, Wood Tarver Financial Group LLC bought a new stake in Salesforce during the 4th quarter worth $35,000. Institutional investors own 80.43% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on CRM shares. Canaccord Genuity Group reduced their price target on Salesforce from $350.00 to $300.00 and set a "buy" rating on the stock in a research report on Thursday. Bank of America reduced their price target on Salesforce from $350.00 to $325.00 and set a "buy" rating on the stock in a research report on Tuesday, August 26th. Deutsche Bank Aktiengesellschaft reduced their price target on Salesforce from $400.00 to $340.00 and set a "buy" rating on the stock in a research report on Thursday. JPMorgan Chase & Co. reduced their price target on Salesforce from $380.00 to $365.00 and set an "overweight" rating on the stock in a research report on Thursday. Finally, Citigroup reiterated a "neutral" rating on shares of Salesforce in a research report on Thursday, August 28th. One research analyst has rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $331.34.

Insider Activity at Salesforce

In other news, CEO Marc Benioff sold 2,250 shares of the stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $241.50, for a total value of $543,375.00. Following the completion of the sale, the chief executive officer directly owned 11,911,571 shares of the company's stock, valued at $2,876,644,396.50. This represents a 0.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 66,077 shares of company stock valued at $16,885,773 over the last three months. Corporate insiders own 3.00% of the company's stock.

Salesforce Stock Up 2.6%

CRM stock traded up $6.39 during trading on Friday, reaching $250.40. 13,010,920 shares of the stock were exchanged, compared to its average volume of 9,763,446. The firm's 50 day moving average is $255.64 and its 200 day moving average is $267.08. Salesforce Inc. has a twelve month low of $226.48 and a twelve month high of $369.00. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. The firm has a market cap of $239.39 billion, a P/E ratio of 36.40, a price-to-earnings-growth ratio of 2.21 and a beta of 1.22.

Salesforce (NYSE:CRM - Get Free Report) last posted its quarterly earnings results on Wednesday, September 3rd. The CRM provider reported $2.91 earnings per share for the quarter, topping analysts' consensus estimates of $2.78 by $0.13. Salesforce had a return on equity of 13.34% and a net margin of 16.87%.The business had revenue of $10.24 billion for the quarter, compared to the consensus estimate of $10.14 billion. During the same period in the prior year, the business earned $2.56 EPS. The firm's revenue for the quarter was up 9.8% on a year-over-year basis. Salesforce has set its FY 2026 guidance at 11.330-11.370 EPS. Q3 2026 guidance at 2.840-2.860 EPS. As a group, research analysts forecast that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Wednesday, September 17th will be paid a $0.416 dividend. The ex-dividend date of this dividend is Wednesday, September 17th. This represents a $1.66 annualized dividend and a dividend yield of 0.7%. Salesforce's dividend payout ratio is 25.98%.

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.