Salesforce (NYSE:CRM) Stock Price Down 1.9% on Insider Selling
Shares of Salesforce, Inc. (NYSE:CRM – Get Free Report) dropped 1.9% during trading on Thursday following insider selling activity. The company traded as low as $231.10 and last traded at $231.37. Approximately 3,385,444 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 6,620,442 shares. The stock had previously closed at $235.80.Specifically, CAO Sundeep G. Reddy sold 2,425 shares of Salesforce stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total value of $662,388.75. Following the transaction, the chief accounting officer now owns 5,856 shares in the company, valued at approximately $1,599,566.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director G Mason Morfit purchased 428,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were bought at an average price of $233.17 per share, for a total transaction of $99,796,760.00. Following the acquisition, the director now directly owns 3,914,309 shares in the company, valued at $912,699,429.53. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Sundeep G. Reddy sold 2,425 shares of Salesforce stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total transaction of $662,388.75. Following the transaction, the chief accounting officer now owns 5,856 shares in the company, valued at approximately $1,599,566.40. The disclosure for this sale can be found here. Insiders sold a total of 649,670 shares of company stock valued at $182,751,808 in the last ninety days. Corporate insiders own 3.20% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research firms recently weighed in on CRM. TD Cowen reduced their target price 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. UBS Group reduced their target price on shares of Salesforce from $310.00 to $250.00 and set a “neutral” rating on the stock in a report on Thursday, May 30th. Needham & Company LLC reiterated a “buy” rating and issued a $345.00 price objective on shares of Salesforce in a report on Thursday, May 30th. DA Davidson cut their price objective on shares of Salesforce from $300.00 to $230.00 and set a “neutral” rating on the stock in a report on Thursday, May 30th. Finally, BMO Capital Markets cut their price objective on shares of Salesforce from $335.00 to $265.00 and set an “outperform” rating on the stock in a report on Thursday, May 30th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $292.79.
Get Our Latest Research Report on Salesforce
Salesforce Price Performance
The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The business’s 50 day simple moving average is $271.49 and its 200-day simple moving average is $276.86. The stock has a market capitalization of $224.53 billion, a price-to-earnings ratio of 41.61, a price-to-earnings-growth ratio of 2.12 and a beta of 1.25.
Salesforce (NYSE:CRM – Get Free Report) last posted its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.38 by $0.06. The firm had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.15 billion. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. Salesforce’s revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.15 EPS. Research analysts anticipate that Salesforce, Inc. will post 7.47 earnings per share for the current year.
Institutional Trading of Salesforce
Institutional investors have recently made changes to their positions in the stock. Graypoint LLC increased its position in shares of Salesforce by 0.3% during the 4th quarter. Graypoint LLC now owns 10,504 shares of the CRM provider’s stock worth $2,764,000 after purchasing an additional 36 shares in the last quarter. Chase Investment Counsel Corp increased its position in shares of Salesforce by 0.3% during the 4th quarter. Chase Investment Counsel Corp now owns 10,377 shares of the CRM provider’s stock worth $2,730,000 after purchasing an additional 36 shares in the last quarter. JFS Wealth Advisors LLC increased its position in shares of Salesforce by 11.4% during the 4th quarter. JFS Wealth Advisors LLC now owns 353 shares of the CRM provider’s stock worth $93,000 after purchasing an additional 36 shares in the last quarter. Opes Wealth Management LLC increased its position in shares of Salesforce by 2.9% during the 4th quarter. Opes Wealth Management LLC now owns 1,295 shares of the CRM provider’s stock worth $341,000 after purchasing an additional 37 shares in the last quarter. Finally, Prentice Wealth Management LLC increased its position in shares of Salesforce by 1.7% during the 4th quarter. Prentice Wealth Management LLC now owns 2,294 shares of the CRM provider’s stock worth $604,000 after purchasing an additional 38 shares in the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.
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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