Comerica Bank Sells 11,049 Shares of Salesforce, Inc. (NYSE:CRM)

Comerica Bank reduced its stake in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 5.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm 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.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CRM. Kapitalo Investimentos Ltda acquired a new position in Salesforce in the 4th quarter worth $121,000. Voleon Capital Management LP acquired a new position in shares of Salesforce in the fourth quarter worth about $1,116,000. Soros Fund Management LLC grew its stake in Salesforce by 90.2% during the 4th quarter. Soros Fund Management LLC now owns 297,420 shares of the CRM provider's stock valued at $99,436,000 after purchasing an additional 141,016 shares in the last quarter. Schonfeld Strategic Advisors LLC increased its stake in shares of Salesforce by 6.7% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 174,951 shares of the CRM provider's stock worth $58,491,000 after buying an additional 11,053 shares during the last quarter. Finally, Paloma Partners Management Co raised its holdings in Salesforce by 224.4% in the fourth quarter. Paloma Partners Management Co now owns 89,200 shares of the CRM provider's stock valued at $29,822,000 after acquiring an additional 61,700 shares in the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRM has been the topic of a number of recent analyst reports. Bank of America cut their target price on shares of Salesforce from $440.00 to $400.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. Jefferies Financial Group reduced their target price on Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a report on Monday, March 31st. BMO Capital Markets reiterated an "outperform" rating on shares of Salesforce in a report on Wednesday, March 19th. Cantor Fitzgerald started coverage on Salesforce in a research report on Wednesday, April 23rd. They set an "overweight" rating and a $210.00 price target on the stock. Finally, Stifel Nicolaus lowered their target price on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirty-two have assigned a buy rating and five have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $350.56.

Insiders Place Their Bets

In related news, insider Miguel Milano sold 458 shares of the company's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $307.97, for a total value of $141,050.26. Following the completion of the sale, the insider now owns 5,864 shares in the company, valued at approximately $1,805,936.08. This represents a 7.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, 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 completion of the sale, the chief financial officer now directly owns 46,750 shares of the company's stock, valued at $15,705,195. The trade was a 11.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 52,051 shares of company stock valued at $15,027,714. 3.20% of the stock is currently owned by corporate insiders.

Salesforce Price Performance

Shares of Salesforce stock traded up $5.88 during trading on Friday, reaching $275.21. The company's stock had a trading volume of 4,323,233 shares, compared to its average volume of 6,831,297. Salesforce, Inc. has a one year low of $212.00 and a one year high of $369.00. The stock has a 50-day moving average price of $269.34 and a two-hundred day moving average price of $307.82. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $264.58 billion, a P/E ratio of 45.26, a price-to-earnings-growth ratio of 2.58 and a beta of 1.42.

Salesforce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 10th were given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 0.61%. The ex-dividend date was Thursday, April 10th. This is a boost from Salesforce's previous quarterly dividend of $0.40. Salesforce's payout ratio is 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.