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

Texas Capital Bank Wealth Management Services Inc lessened its holdings in Salesforce, Inc. (NYSE:CRM) by 26.5% during the 1st quarter, HoldingsChannel reports. The firm owned 840 shares of the CRM provider’s stock after selling 303 shares during the period. Texas Capital Bank Wealth Management Services Inc’s holdings in Salesforce were worth $253,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Bear Mountain Capital Inc. bought a new position in Salesforce during the fourth quarter valued at $26,000. Signature Resources Capital Management LLC bought a new position in Salesforce during the fourth quarter valued at $26,000. Ruedi Wealth Management Inc. increased its position in Salesforce by 186.7% during the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 56 shares during the last quarter. Kathleen S. Wright Associates Inc. bought a new position in Salesforce during the fourth quarter valued at $31,000. Finally, Red Tortoise LLC bought a new position in Salesforce during the first quarter valued at $33,000. Institutional investors own 80.43% of the company’s stock.

Salesforce Stock Up 0.8 %

Shares of CRM traded up $1.98 during mid-day trading on Tuesday, hitting $256.06. 3,892,196 shares of the company traded hands, compared to its average volume of 6,830,894. Salesforce, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $248.12 billion, a PE ratio of 46.05, a price-to-earnings-growth ratio of 2.17 and a beta of 1.29. The business has a 50 day moving average of $253.39 and a 200 day moving average of $275.65.

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

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Tuesday, July 9th will be issued a dividend of $0.40 per share. The ex-dividend date is Tuesday, July 9th. This represents a $1.60 annualized dividend and a dividend yield of 0.62%. Salesforce’s dividend payout ratio (DPR) is currently 28.78%.

Analysts Set New Price Targets

CRM has been the topic of a number of research analyst reports. Wells Fargo & Company cut their price target on shares of Salesforce from $300.00 to $250.00 and set an “equal weight” rating on the stock in a report on Thursday, May 30th. Jefferies Financial Group cut their price target on shares of Salesforce from $360.00 to $350.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. UBS Group cut their price target on shares of Salesforce from $310.00 to $250.00 and set a “neutral” rating on the stock in a report on Thursday, May 30th. Truist Financial restated a “buy” rating and issued a $300.00 price target (down from $360.00) on shares of Salesforce in a report on Thursday, May 30th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $292.79.

Insider Activity

In related news, insider Parker Harris sold 4,200 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $270.93, for a total value of $1,137,906.00. Following the transaction, the insider now owns 115,762 shares in the company, valued at approximately $31,363,398.66. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, COO Brian Millham sold 4,204 shares of the stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $278.00, for a total value of $1,168,712.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Parker Harris sold 4,200 shares of the stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $270.93, for a total transaction of $1,137,906.00. Following the completion of the transaction, the insider now owns 115,762 shares in the company, valued at approximately $31,363,398.66. The disclosure for this sale can be found here. Insiders have sold a total of 352,975 shares of company stock worth $94,340,764 over the last 90 days. 3.20% of the stock is currently 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.