CRM

Salesforce (NYSE:CRM) Stock Price Down 1.1% After Insider Selling

April 13, 2024

35 4 minutes read

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Salesforce, Inc. (NYSE:CRM – Get Free Report)’s share price traded down 1.1% during 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 were traded during mid-day trading, a decline of 85% from the average session volume of 5,478,506 shares. The stock had previously closed at $299.15.

Specifically, insider Srinivas Tallapragada sold 10,000 shares of Salesforce stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $270.28, for a total value of $2,702,800.00. Following the completion of the transaction, the insider now owns 59,861 shares of the company’s stock, valued at $16,179,231.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Sundeep G. Reddy sold 216 shares of Salesforce stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $278.71, for a total value of $60,201.36. Following the sale, the chief accounting officer now owns 2,869 shares in the company, valued at $799,618.99. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Srinivas Tallapragada sold 10,000 shares of Salesforce stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $270.28, for a total transaction of $2,702,800.00. Following the completion of the sale, the insider now owns 59,861 shares in the company, valued at approximately $16,179,231.08. The disclosure for this sale can be found here. Insiders sold a total of 907,375 shares of company stock worth $262,519,346 over the last three months. Corporate insiders own 3.70% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CRM. Piper Sandler reiterated a “neutral” rating and issued a $285.00 target price on shares of Salesforce in a research report on Wednesday, February 28th. Bank of America lifted their target price on shares of Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. BMO Capital Markets boosted their price target on shares of Salesforce from $325.00 to $335.00 and gave the stock an “outperform” rating in a research report on Thursday, February 29th. Canaccord Genuity Group restated a “buy” rating and set a $350.00 price target on shares of Salesforce in a research report on Thursday, March 7th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Salesforce from $260.00 to $310.00 and gave the stock an “overweight” rating in a research report 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $305.77.

View Our Latest Report on CRM

Salesforce Stock Down 1.6 %

The business’s 50 day moving average price is $298.82 and its 200-day moving average price is $258.98. The firm has a market capitalization of $285.42 billion, a PE ratio of 70.06, a P/E/G ratio of 2.30 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

Salesforce (NYSE:CRM – Get Free Report) last released its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. The business had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The business’s revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.01 EPS. As a group, equities research analysts forecast that Salesforce, Inc. will post 7.45 earnings per share for the current year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 14th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.54%. The ex-dividend date of this dividend was Wednesday, March 13th. Salesforce’s payout ratio is currently 9.52%.

Institutional Investors Weigh In On Salesforce

Large investors have recently added to or reduced their stakes in the business. Bear Mountain Capital Inc. acquired a new position in shares of Salesforce in the 4th quarter valued at $26,000. Signature Resources Capital Management LLC purchased a new position in shares of Salesforce in the 4th quarter valued at about $26,000. Aspect Partners LLC acquired a new stake in shares of Salesforce in the fourth quarter valued at about $29,000. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Salesforce in the fourth quarter valued at about $31,000. Finally, Main Street Group LTD acquired a new position in Salesforce during the fourth quarter worth about $31,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

About Salesforce

(Get Free Report)

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.