King Luther Capital Management Corp Has $67.20 Million Stock Position in Salesforce, Inc. (NYSE:CRM)

King Luther Capital Management Corp lessened its holdings in Salesforce, Inc. (NYSE:CRM) by 5.5% during the third quarter, HoldingsChannel reports. The firm owned 245,503 shares of the CRM provider’s stock after selling 14,220 shares during the quarter. King Luther Capital Management Corp’s holdings in Salesforce were worth $67,197,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of CRM. Piscataqua Savings Bank grew its position in Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 96 shares during the last quarter. Clear Investment Research LLC grew its holdings in shares of Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after purchasing an additional 98 shares during the last quarter. Stephens Consulting LLC increased its position in Salesforce by 3,125.0% during the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 125 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new position in Salesforce in the 2nd quarter valued at approximately $33,000. Finally, Godsey & Gibb Inc. boosted its position in Salesforce by 300.0% in the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock valued at $33,000 after buying an additional 90 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Salesforce Trading Up 0.7 %

NYSE CRM opened at $325.70 on Thursday. The firm has a market capitalization of $311.37 billion, a P/E ratio of 56.64, a PEG ratio of 2.94 and a beta of 1.29. The business has a fifty day simple moving average of $291.21 and a 200 day simple moving average of $267.72. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $348.86. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. The business had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. Salesforce’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.63 EPS. On average, analysts predict that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio is presently 27.83%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Wells Fargo & Company increased their price target on Salesforce from $275.00 to $330.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 12th. Raymond James lifted their price target on Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 29th. Northland Securities upgraded shares of Salesforce from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $270.00 to $400.00 in a research report on Wednesday, October 2nd. Scotiabank began coverage on shares of Salesforce in a research report on Monday. They issued a “sector outperform” rating and a $425.00 price target for the company. Finally, Piper Sandler cut shares of Salesforce from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 10th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $326.19.

Insider Activity

In other news, insider Miguel Milano sold 2,934 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $262.95, for a total transaction of $771,495.30. Following the completion of the sale, the insider now directly owns 3,716 shares of the company’s stock, valued at $977,122.20. This trade represents a 44.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Amy E. Weaver sold 897 shares of the firm’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $255,905.13. Following the sale, the chief financial officer now directly owns 52,930 shares of the company’s stock, valued at approximately $15,100,399.70. This represents a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 136,117 shares of company stock valued at $39,085,562 in the last ninety days. 3.20% of the stock is currently owned by 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.