Salesforce, Inc. (NYSE:CRM) Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp reduced its position in Salesforce, Inc. (NYSE:CRM) by 3.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 259,723 shares of the CRM provider’s stock after selling 9,998 shares during the period. King Luther Capital Management Corp’s holdings in Salesforce were worth $66,775,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Fox Hill Wealth Management boosted its holdings in Salesforce by 4.0% in the first quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock valued at $297,000 after purchasing an additional 38 shares during the last quarter. Pinnacle Wealth Planning Services Inc. boosted its stake in shares of Salesforce by 0.8% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock valued at $1,490,000 after buying an additional 38 shares during the last quarter. Glassman Wealth Services grew its position in shares of Salesforce by 2.9% during the fourth quarter. Glassman Wealth Services now owns 1,369 shares of the CRM provider’s stock worth $360,000 after buying an additional 39 shares in the last quarter. Blue Barn Wealth LLC increased its stake in shares of Salesforce by 1.8% in the first quarter. Blue Barn Wealth LLC now owns 2,207 shares of the CRM provider’s stock worth $665,000 after buying an additional 39 shares during the last quarter. Finally, Catalyst Financial Partners LLC raised its holdings in Salesforce by 0.8% in the second quarter. Catalyst Financial Partners LLC now owns 4,876 shares of the CRM provider’s stock valued at $1,254,000 after acquiring an additional 39 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CRM shares. Phillip Securities reissued an “accumulate” rating and set a $305.00 price objective on shares of Salesforce in a report on Friday, August 30th. Sanford C. Bernstein lifted their price target on Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Deutsche Bank Aktiengesellschaft lowered their price objective on Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a report on Thursday, May 30th. Barclays reduced their target price on Salesforce from $355.00 to $305.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Finally, Loop Capital reiterated a “hold” rating and issued a $270.00 price target on shares of Salesforce in a report on Thursday. Nine investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $306.00.

Salesforce Stock Performance

Shares of NYSE CRM opened at $265.87 on Friday. The business’s 50-day simple moving average is $253.90 and its 200-day simple moving average is $267.00. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week high of $318.71. The firm has a market cap of $257.63 billion, a price-to-earnings ratio of 47.82, a P/E/G ratio of 2.26 and a beta of 1.29.

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

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th will be given a $0.40 dividend. The ex-dividend date is Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.60%. Salesforce’s dividend payout ratio is currently 28.78%.

Insider Activity at Salesforce

In other Salesforce news, insider Parker Harris sold 2,800 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total transaction of $675,416.00. Following the completion of the transaction, the insider now owns 117,581 shares in the company, valued at $28,362,888.82. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Sabastian Niles sold 2,484 shares of the stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $244.81, for a total transaction of $608,108.04. Following the sale, the insider now directly owns 828 shares in the company, valued at approximately $202,702.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Parker Harris sold 2,800 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total value of $675,416.00. Following the completion of the transaction, the insider now directly owns 117,581 shares in the company, valued at approximately $28,362,888.82. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,576 shares of company stock worth $16,957,573. 3.20% of the stock is owned by corporate insiders.

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.