Trek Financial LLC Sells 9,775 Shares of Salesforce Inc. (NYSE:CRM)

Trek Financial LLC lessened its position in Salesforce Inc. (NYSE:CRM - Free Report) by 87.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,465 shares of the CRM provider's stock after selling 9,775 shares during the period. Trek Financial LLC's holdings in Salesforce were worth $393,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Millstone Evans Group LLC acquired a new stake in Salesforce in the fourth quarter valued at $823,000. Heartland Bank & Trust Co raised its position in shares of Salesforce by 117.2% during the first quarter. Heartland Bank & Trust Co now owns 5,981 shares of the CRM provider's stock worth $1,605,000 after purchasing an additional 3,227 shares during the period. Catalyst Funds Management Pty Ltd bought a new position in Salesforce in the 4th quarter valued at about $5,249,000. Elwood Capital Partners LP bought a new position in Salesforce in the 4th quarter valued at about $1,337,000. Finally, Bestgate Wealth Advisors LLC bought a new position in Salesforce in the 4th quarter valued at about $441,000. Institutional investors and hedge funds own 80.43% of the company's stock.

Insider Buying and Selling at Salesforce

In related news, insider Srinivas Tallapragada sold 1,269 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $262.35, for a total value of $332,922.15. Following the sale, the insider owned 42,678 shares in the company, valued at approximately $11,196,573.30. This trade represents a 2.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Parker Harris sold 1,142 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $262.35, for a total transaction of $299,603.70. Following the completion of the sale, the insider owned 136,824 shares in the company, valued at $35,895,776.40. This represents a 0.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,284 shares of company stock worth $9,444,537 in the last 90 days. Insiders own 3.20% of the company's stock.

Salesforce Trading Down 2.6%

Shares of NYSE:CRM traded down $6.97 on Thursday, hitting $263.95. The company had a trading volume of 7,239,650 shares, compared to its average volume of 6,543,781. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14. Salesforce Inc. has a 1 year low of $230.00 and a 1 year high of $369.00. The firm's 50-day simple moving average is $272.54 and its two-hundred day simple moving average is $290.38. The firm has a market capitalization of $252.34 billion, a price-to-earnings ratio of 41.31, a P/E/G ratio of 2.48 and a beta of 1.36.

Salesforce (NYSE:CRM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.55 by $0.03. The business had revenue of $9.83 billion for the quarter, compared to analysts' expectations of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The business's revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.44 EPS. Equities analysts anticipate that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be paid a $0.416 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.63%. Salesforce's dividend payout ratio is currently 25.98%.

Analysts Set New Price Targets

CRM has been the topic of several recent analyst reports. Jefferies Financial Group dropped their target price on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Guggenheim upgraded shares of Salesforce from a "sell" rating to a "neutral" rating in a research note on Monday, April 21st. Piper Sandler increased their price target on shares of Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a report on Wednesday, May 28th. Wells Fargo & Company upped their price target on shares of Salesforce from $255.00 to $275.00 and gave the stock an "equal weight" rating in a report on Thursday, May 29th. Finally, Scotiabank decreased their price objective on shares of Salesforce from $400.00 to $345.00 and set a "sector outperform" rating on the stock in a research report on Monday, March 17th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have given a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat, Salesforce presently has an average rating of "Moderate Buy" and a consensus target price of $348.68.

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.