Texas Capital Bank Wealth Management Services Inc Sells 303 Shares of Salesforce, Inc. (NYSE:CRM)

Texas Capital Bank Wealth Management Services Inc trimmed its stake in Salesforce, Inc. (NYSE:CRM) by 26.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 840 shares of the CRM provider’s stock after selling 303 shares during the quarter. Texas Capital Bank Wealth Management Services Inc’s holdings in Salesforce were worth $253,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bear Mountain Capital Inc. purchased a new position in Salesforce in the fourth quarter valued at about $26,000. Signature Resources Capital Management LLC purchased a new position in Salesforce in the fourth quarter valued at about $26,000. Ruedi Wealth Management Inc. lifted its stake in shares of Salesforce by 186.7% during the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after buying an additional 56 shares in the last quarter. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Salesforce during the 4th quarter valued at approximately $31,000. Finally, Red Tortoise LLC purchased a new stake in shares of Salesforce during the 1st quarter valued at approximately $33,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Salesforce

In other Salesforce news, COO Brian Millham sold 4,204 shares of the stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $278.00, for a total transaction of $1,168,712.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, COO Brian Millham sold 4,204 shares of the firm’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $278.00, for a total value of $1,168,712.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $275.07, for a total transaction of $4,126,050.00. Following the completion of the sale, the chief executive officer now directly owns 12,752,327 shares of the company’s stock, valued at $3,507,782,587.89. The disclosure for this sale can be found here. Insiders sold 352,975 shares of company stock valued at $94,340,764 in the last quarter. Company insiders own 3.20% of the company’s stock.

Salesforce Trading Up 0.8 %

Shares of CRM stock traded up $1.98 on Tuesday, hitting $256.06. 3,892,196 shares of the company’s stock traded hands, compared to its average volume of 6,830,894. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. Salesforce, Inc. has a one year low of $193.68 and a one year high of $318.71. The company’s fifty day simple moving average is $253.39 and its 200 day simple moving average is $275.65. The stock has a market capitalization of $248.12 billion, a price-to-earnings ratio of 46.05, a P/E/G ratio of 2.17 and a beta of 1.29.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, beating the consensus estimate of $2.38 by $0.06. The company had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.15 billion. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.15 EPS. Equities analysts forecast that Salesforce, Inc. will post 7.47 EPS for the current year.

Salesforce Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 25th. Shareholders of record on Tuesday, July 9th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, July 9th. This represents a $1.60 annualized dividend and a yield of 0.62%. Salesforce’s payout ratio is currently 28.78%.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Morgan Stanley dropped their price target on shares of Salesforce from $350.00 to $320.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. Royal Bank of Canada restated an “outperform” rating and set a $350.00 price target on shares of Salesforce in a research note on Friday, May 24th. Macquarie dropped their price target on shares of Salesforce from $330.00 to $275.00 and set an “outperform” rating on the stock in a research note on Friday, May 31st. Wedbush dropped their price target on shares of Salesforce from $325.00 to $315.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 29th. Finally, Evercore ISI dropped their price target on shares of Salesforce from $330.00 to $300.00 and set an “outperform” rating on the stock in a research note on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $292.79.

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.