Salesforce (NYSE:CRM) Stock Price Up 3.9% on Insider Buying Activity
Salesforce, Inc. (NYSE:CRM – Get Free Report)’s share price rose 3.9% during trading on Thursday after an insider bought additional shares in the company. The company traded as high as $246.55 and last traded at $245.81. Approximately 2,477,018 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 6,510,387 shares. The stock had previously closed at $236.53.Specifically, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $235.71, for a total value of $3,535,650.00. Following the transaction, the chief executive officer now owns 12,362,327 shares of the company’s stock, valued at $2,913,924,097.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $235.71, for a total value of $3,535,650.00. Following the transaction, the chief executive officer now owns 12,362,327 shares of the company’s stock, valued at $2,913,924,097.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Srinivas Tallapragada sold 2,890 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $309.32, for a total value of $893,934.80. Following the completion of the transaction, the insider now directly owns 60,416 shares in the company, valued at approximately $18,687,877.12. The disclosure for this sale can be found here. Insiders sold 640,870 shares of company stock worth $182,545,398 over the last ninety days. Company insiders own 3.20% of the company’s stock.
Analysts Set New Price Targets
CRM has been the topic of several recent analyst reports. BMO Capital Markets cut their target price on shares of Salesforce from $335.00 to $265.00 and set an “outperform” rating on the stock in a research note on Thursday, May 30th. Citigroup lowered their price target on shares of Salesforce from $323.00 to $260.00 and set a “neutral” rating on the stock in a report on Thursday, May 30th. Oppenheimer lowered their price target on shares of Salesforce from $325.00 to $280.00 and set an “outperform” rating on the stock in a report on Thursday, May 30th. Mizuho lowered their price target on shares of Salesforce from $345.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. Finally, TD Cowen lowered their price target on shares of Salesforce from $330.00 to $285.00 and set a “hold” 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 given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus target price of $292.79.
Get Our Latest Analysis on CRM
Salesforce Price Performance
The stock has a market capitalization of $236.45 billion, a P/E ratio of 42.54, a price-to-earnings-growth ratio of 2.06 and a beta of 1.25. The business’s 50 day simple moving average is $277.69 and its two-hundred day simple moving average is $276.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.
Salesforce (NYSE:CRM – Get Free Report) last released its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $9.15 billion. During the same period last year, the firm earned $1.15 earnings per share. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the company. Bear Mountain Capital Inc. bought a new position in shares of Salesforce during the fourth quarter valued at about $26,000. Signature Resources Capital Management LLC bought a new position in shares of Salesforce during the fourth quarter valued at about $26,000. Ruedi Wealth Management Inc. lifted its position in shares of 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 purchasing an additional 56 shares in the last quarter. Kathleen S. Wright Associates Inc. bought a new position in shares of Salesforce during the fourth quarter valued at about $31,000. Finally, Pacifica Partners Inc. raised its position in Salesforce by 333.3% in the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 100 shares during the period. 80.43% of the stock is owned by institutional investors.
About Salesforce
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.
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