Concurrent Investment Advisors LLC Has $15.64 Million Holdings in Salesforce Inc. (NYSE:CRM)

Concurrent Investment Advisors LLC grew its position in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 12.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 58,289 shares of the CRM provider's stock after acquiring an additional 6,223 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Salesforce were worth $15,642,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Brighton Jones LLC raised 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 worth $8,582,000 after purchasing an additional 3,102 shares in the last quarter. Revolve Wealth Partners LLC raised 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 worth $611,000 after purchasing an additional 205 shares in the last quarter. Proficio Capital Partners LLC raised its stake in shares of Salesforce by 70.4% during the 4th quarter. Proficio Capital Partners LLC now owns 2,791 shares of the CRM provider's stock worth $933,000 after purchasing an additional 1,153 shares in the last quarter. Ethos Financial Group LLC bought a new stake in shares of Salesforce during the 4th quarter worth approximately $237,000. Finally, Welch & Forbes LLC raised its stake in shares of Salesforce by 3.5% during the 4th quarter. Welch & Forbes LLC now owns 9,395 shares of the CRM provider's stock worth $3,141,000 after purchasing an additional 316 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company's stock.

Wall Street Analysts Forecast Growth

CRM has been the topic of a number of analyst reports. BMO Capital Markets dropped their price objective on Salesforce from $367.00 to $350.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 27th. Barclays dropped their price objective on Salesforce from $425.00 to $347.00 and set an "overweight" rating on the stock in a research note on Thursday, May 29th. Piper Sandler upped their price objective on Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 28th. Sanford C. Bernstein increased their price target on Salesforce from $243.00 to $255.00 and gave the company an "underperform" rating in a research note on Thursday, May 29th. Finally, The Goldman Sachs Group increased their price target on Salesforce from $340.00 to $385.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-eight have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $349.08.

Salesforce Price Performance

Shares of CRM traded up $2.37 during trading hours on Friday, hitting $271.58. 5,031,804 shares of the company were exchanged, compared to its average volume of 6,543,799. The company has a market cap of $259.63 billion, a price-to-earnings ratio of 42.50, a P/E/G ratio of 2.47 and a beta of 1.36. Salesforce Inc. has a fifty-two week low of $230.00 and a fifty-two week high of $369.00. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14. The firm's fifty day moving average is $272.28 and its 200 day moving average is $291.15.

Salesforce (NYSE:CRM - Get Free Report) last released its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate 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 12.94% and a net margin of 16.08%. Salesforce's quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.44 EPS. On average, equities analysts anticipate that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be issued a dividend of $0.416 per share. This represents a $1.66 annualized dividend and a dividend yield of 0.61%. The ex-dividend date is Wednesday, June 18th. Salesforce's dividend payout ratio (DPR) is currently 25.98%.

Insiders Place Their Bets

In related news, CAO Sundeep G. Reddy sold 261 shares of the firm's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $262.35, for a total value of $68,473.35. Following the sale, the chief accounting officer directly owned 12,024 shares of the company's stock, valued at $3,154,496.40. This trade represents a 2.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Miguel Milano sold 405 shares of the firm's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $262.35, for a total value of $106,251.75. Following the completion of the sale, the insider directly owned 9,933 shares in the company, valued at $2,605,922.55. This trade represents a 3.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,534 shares of company stock valued at $7,609,842 over the last ninety days. 3.20% of the stock is owned by insiders.

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.