King Luther Capital Management Corp Has $46.89 Million Holdings in Salesforce, Inc. (NYSE:CRM)

King Luther Capital Management Corp cut its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 1.0% in the second quarter, Holdings Channel reports. The institutional investor owned 221,955 shares of the CRM provider’s stock after selling 2,139 shares during the quarter. King Luther Capital Management Corp’s holdings in Salesforce were worth $46,890,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the business. GeoWealth Management LLC acquired a new position in shares of Salesforce during the second quarter worth approximately $125,000. Profund Advisors LLC raised its stake in shares of Salesforce by 11.8% in the second quarter. Profund Advisors LLC now owns 39,552 shares of the CRM provider’s stock valued at $8,356,000 after purchasing an additional 4,165 shares in the last quarter. Payden & Rygel acquired a new position in shares of Salesforce in the second quarter valued at $7,563,000. Gamco Investors INC. ET AL raised its stake in shares of Salesforce by 10.9% in the second quarter. Gamco Investors INC. ET AL now owns 5,902 shares of the CRM provider’s stock valued at $1,247,000 after purchasing an additional 578 shares in the last quarter. Finally, Angeles Wealth Management LLC raised its stake in shares of Salesforce by 4.5% in the second quarter. Angeles Wealth Management LLC now owns 2,742 shares of the CRM provider’s stock valued at $579,000 after purchasing an additional 118 shares in the last quarter. 77.52% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Stock Up 1.8 %

CRM stock opened at $225.13 on Tuesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.15. The business has a 50 day moving average price of $208.52 and a two-hundred day moving average price of $212.15. The company has a market cap of $219.05 billion, a price-to-earnings ratio of 141.59, a P/E/G ratio of 1.66 and a beta of 1.18. Salesforce, Inc. has a twelve month low of $126.34 and a twelve month high of $238.22.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 30th. The CRM provider reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.90 by $0.22. The firm had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.53 billion. Salesforce had a return on equity of 7.67% and a net margin of 4.77%. The business’s revenue was up 11.4% compared to the same quarter last year. During the same period last year, the company earned $0.52 earnings per share. Analysts anticipate that Salesforce, Inc. will post 5.86 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Parker Harris sold 6,250 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $228.00, for a total transaction of $1,425,000.00. Following the transaction, the insider now directly owns 101,790 shares of the company’s stock, valued at approximately $23,208,120. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Salesforce news, CFO Amy E. Weaver sold 16,277 shares of the company’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $225.73, for a total value of $3,674,207.21. Following the transaction, the chief financial officer now directly owns 35,611 shares of the company’s stock, valued at approximately $8,038,471.03. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Parker Harris sold 6,250 shares of the company’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $228.00, for a total value of $1,425,000.00. Following the completion of the transaction, the insider now directly owns 101,790 shares in the company, valued at $23,208,120. The disclosure for this sale can be found here. In the last three months, insiders have sold 653,792 shares of company stock valued at $137,393,021. 3.70% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have weighed in on CRM shares. Canaccord Genuity Group upped their price target on Salesforce from $250.00 to $265.00 and gave the company a “buy” rating in a research report on Thursday, August 31st. JPMorgan Chase & Co. increased their target price on Salesforce from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Thursday, August 31st. Wells Fargo & Company raised their price target on Salesforce from $250.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, August 31st. Northland Securities increased their target price on Salesforce from $210.00 to $220.00 and gave the company a “market perform” rating in a research note on Friday, September 1st. Finally, The Goldman Sachs Group lowered Salesforce from a “conviction-buy” rating to a “buy” rating in a research note on Monday, October 2nd. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $241.28.

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 relationship intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer service and support at scale.