Comerica Bank Cuts Position in Salesforce, Inc. (NYSE:CRM)

Comerica Bank cut its position in shares of Salesforce, Inc. (NYSE:CRM) by 5.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 211,681 shares of the CRM provider’s stock after selling 11,049 shares during the quarter. Comerica Bank’s holdings in Salesforce were worth $70,771,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Bernard Wealth Management Corp. purchased a new stake in shares of Salesforce in the fourth quarter valued at $25,000. Arlington Trust Co LLC boosted its stake in Salesforce by 85.1% during the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after buying an additional 40 shares in the last quarter. Compass Financial Services Inc acquired a new stake in shares of Salesforce during the 4th quarter valued at $30,000. Asset Planning Inc acquired a new stake in Salesforce during the 4th quarter valued at $31,000. Finally, Collier Financial acquired a new stake in shares of Salesforce during the fourth quarter worth approximately $32,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Amy E. Weaver sold 6,221 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $335.94, for a total transaction of $2,089,882.74. Following the sale, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $15,705,195. This represents a 11.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 500 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $335.94, for a total transaction of $167,970.00. Following the completion of the sale, the chief accounting officer now directly owns 6,557 shares in the company, valued at approximately $2,202,758.58. This represents a 7.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 52,051 shares of company stock valued at $15,027,714 in the last 90 days. 3.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have commented on CRM shares. Canaccord Genuity Group decreased their target price on shares of Salesforce from $415.00 to $400.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Jefferies Financial Group reduced their price objective on Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Macquarie reissued a “neutral” rating and issued a $320.00 price target on shares of Salesforce in a research report on Thursday, March 20th. Citigroup reiterated a “buy” rating on shares of Salesforce in a research note on Wednesday, March 19th. Finally, Bank of America decreased their price target on Salesforce from $440.00 to $400.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have given a buy rating and five have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $351.37.

Salesforce Stock Up 0.8 %

Salesforce stock opened at $267.79 on Wednesday. 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 business’s 50-day moving average price is $271.56 and its 200 day moving average price is $308.10. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. The firm has a market cap of $257.45 billion, a price-to-earnings ratio of 44.04, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38.

Salesforce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th were given a dividend of $0.42 per share. The ex-dividend date was Thursday, April 10th. This is a boost from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a yield of 0.63%. Salesforce’s dividend payout ratio is currently 26.10%.

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.