Salesforce (NYSE:CRM) Stock Price Down 1.9% Following Insider Selling
Salesforce, Inc. (NYSE:CRM – Get Free Report) shares were down 1.9% during mid-day 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, Director Craig Conway sold 6,000 shares of Salesforce stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $239.64, for a total value of $1,437,840.00. Following the completion of the transaction, the director now owns 6,855 shares in the company, valued at $1,642,732.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $216.66, for a total value of $3,249,900.00. Following the completion of the sale, the chief executive officer now owns 12,407,327 shares in the company, valued at $2,688,171,467.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Craig Conway sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $239.64, for a total value of $1,437,840.00. Following the completion of the sale, the director now owns 6,855 shares of the company’s stock, valued at approximately $1,642,732.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 634,670 shares of company stock worth $178,310,008. Corporate insiders own 3.20% of the company’s stock.
Analyst Ratings Changes
Several analysts have recently commented on the company. StockNews.com lowered Salesforce from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 19th. BMO Capital Markets reduced their target price on Salesforce from $335.00 to $265.00 and set an “outperform” rating for the company in a research note on Thursday, May 30th. JPMorgan Chase & Co. cut their price target on Salesforce from $310.00 to $300.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. KeyCorp began coverage on Salesforce in a research report on Thursday, March 21st. They set a “sector weight” rating on the stock. Finally, Oppenheimer lowered their price objective on Salesforce from $325.00 to $280.00 and set an “outperform” 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 given a strong buy rating to the company. Based on data from MarketBeat, Salesforce has an average rating of “Moderate Buy” and an average price target of $292.79.
Check Out Our Latest Stock Report on CRM
Salesforce Trading Down 2.9 %
The company’s 50 day simple moving average is $270.19 and its 200 day simple moving average is $276.53. The firm has a market cap of $221.93 billion, a price-to-earnings ratio of 41.19, a P/E/G ratio of 2.12 and a beta of 1.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.
Salesforce (NYSE:CRM – Get Free Report) last posted its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, topping the consensus estimate of $2.38 by $0.06. The business had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.15 billion. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.15 earnings per share. As a group, research analysts expect that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the company. Bear Mountain Capital Inc. acquired a new position in Salesforce during the fourth quarter worth about $26,000. Signature Resources Capital Management LLC acquired a new stake in shares of Salesforce in the fourth quarter valued at approximately $26,000. Ruedi Wealth Management Inc. grew its position in shares of Salesforce by 186.7% in 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 during the last quarter. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Salesforce in the fourth quarter valued at approximately $31,000. Finally, Pacifica Partners Inc. grew its position in shares of Salesforce by 333.3% in the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 100 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.
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.
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