Craig Conway Sells 6,000 Shares of Salesforce, Inc. (NYSE:CRM) Stock
Salesforce, Inc. (NYSE:CRM – Get Free Report) 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 transaction, the director now owns 6,855 shares of the company’s stock, valued at $1,642,732.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.
Salesforce Stock Performance
CRM stock opened at $229.03 on Friday. Salesforce, Inc. has a twelve month low of $193.68 and a twelve month high of $318.71. The firm has a market cap of $221.93 billion, a price-to-earnings ratio of 41.19, a PEG ratio of 2.12 and a beta of 1.25. The business’s fifty day simple moving average is $270.19 and its two-hundred day simple moving average is $276.53. 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 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 company had revenue of $9.13 billion for 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 firm’s revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.15 EPS. Analysts predict that Salesforce, Inc. will post 7.47 earnings per share for the current year.
Institutional Trading of Salesforce
Several institutional investors and hedge funds have recently modified their holdings of CRM. Norges Bank bought a new stake in Salesforce during the 4th quarter valued at $2,762,331,000. Capital International Investors raised its holdings in shares of Salesforce by 76.4% in the fourth quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock valued at $3,607,493,000 after acquiring an additional 5,935,973 shares in the last quarter. Cerity Partners LLC lifted its stake in Salesforce by 1,254.7% in the fourth quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock worth $916,693,000 after acquiring an additional 3,226,512 shares during the period. Capital Research Global Investors grew its holdings in Salesforce by 26.9% during the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after acquiring an additional 3,044,611 shares in the last quarter. Finally, GQG Partners LLC purchased a new position in Salesforce during the 1st quarter valued at about $910,220,000. Institutional investors own 80.43% of the company’s stock.
Analyst Upgrades and Downgrades
CRM has been the subject of a number of analyst reports. Royal Bank of Canada reissued an “outperform” rating and issued a $350.00 price objective on shares of Salesforce in a research note on Friday, May 24th. JPMorgan Chase & Co. lowered their price objective on Salesforce from $310.00 to $300.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. TD Cowen dropped their price objective on Salesforce from $330.00 to $285.00 and set a “hold” rating for the company in a research note on Thursday, May 30th. Piper Sandler decreased their target price on Salesforce from $300.00 to $250.00 and set a “neutral” rating on the stock in a research note on Thursday, May 30th. Finally, BMO Capital Markets dropped their price target on Salesforce from $335.00 to $265.00 and set an “outperform” rating for the company in a research note on Thursday, May 30th. One equities 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’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $292.79.
Read Our Latest Research Report on Salesforce
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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