Salesforce (NYSE:CRM) Shares Down 1.1% on Insider Selling
Salesforce, Inc. (NYSE:CRM – Get Free Report)’s share price fell 1.1% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $295.23 and last traded at $295.90. 817,039 shares traded hands during trading, a decline of 85% from the average session volume of 5,478,506 shares. The stock had previously closed at $299.15.Specifically, CAO Sundeep G. Reddy sold 216 shares of the firm’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $278.71, for a total transaction of $60,201.36. Following the completion of the sale, the chief accounting officer now owns 2,869 shares of the company’s stock, valued at $799,618.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $269.77, for a total transaction of $4,046,550.00. Following the transaction, the chief executive officer now owns 13,791,166 shares in the company, valued at approximately $3,720,442,851.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Sundeep G. Reddy sold 216 shares of the firm’s stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $278.71, for a total transaction of $60,201.36. Following the sale, the chief accounting officer now directly owns 2,869 shares in the company, valued at approximately $799,618.99. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 907,375 shares of company stock valued at $262,519,346. 3.70% of the stock is owned by insiders.
Analysts Set New Price Targets
A number of research firms have commented on CRM. Piper Sandler reaffirmed a “neutral” rating and issued a $285.00 target price on shares of Salesforce in a research report on Wednesday, February 28th. Robert W. Baird lifted their price objective on Salesforce from $310.00 to $355.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Wedbush increased their target price on Salesforce from $280.00 to $325.00 and gave the company a “buy” rating in a report on Thursday, February 29th. Stifel Nicolaus restated a “buy” rating and set a $350.00 price target on shares of Salesforce in a research note on Wednesday, April 3rd. Finally, Truist Financial reiterated a “buy” rating and issued a $360.00 price objective (up previously from $275.00) on shares of Salesforce in a research note on Thursday, February 29th. Nine investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Salesforce presently has a consensus rating of “Moderate Buy” and an average price target of $305.77.
View Our Latest Analysis on CRM
Salesforce Stock Down 1.2 %
The company has a fifty day moving average price of $298.65 and a 200-day moving average price of $258.37. The stock has a market capitalization of $286.64 billion, a P/E ratio of 70.45, a PEG ratio of 2.30 and a beta of 1.28. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14.
Salesforce (NYSE:CRM – Get Free Report) last issued its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.06. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The business had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.22 billion. During the same period in the prior year, the firm earned $1.01 EPS. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. As a group, research analysts forecast that Salesforce, Inc. will post 7.45 EPS for the current fiscal year.
Salesforce Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 14th were issued a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.54%. Salesforce’s dividend payout ratio (DPR) is presently 9.52%.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in the business. Bear Mountain Capital Inc. bought a new position in Salesforce during the fourth quarter valued at $26,000. Signature Resources Capital Management LLC bought a new position in Salesforce during the 4th quarter valued at about $26,000. Aspect Partners LLC purchased a new stake in Salesforce in the 4th quarter worth about $29,000. Kathleen S. Wright Associates Inc. bought a new stake in Salesforce in the fourth quarter worth about $31,000. Finally, Main Street Group LTD purchased a new position in shares of Salesforce during the fourth quarter valued at approximately $31,000. Institutional investors own 80.43% of the company’s stock.
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.
Further Reading
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