CRM) CEO Sells 15,000 Shares of Stock
Salesforce, Inc. (NYSE:CRM – Get Free Report) CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $305.42, for a total value of $4,581,300.00. Following the completion of the transaction, the chief executive officer now directly owns 12,981,166 shares in the company, valued at $3,964,707,719.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Marc Benioff also recently made the following trade(s):
- On Monday, April 1st, Marc Benioff sold 15,000 shares of Salesforce stock. The shares were sold at an average price of $301.72, for a total value of $4,525,800.00.
- On Wednesday, March 27th, Marc Benioff sold 15,000 shares of Salesforce stock. The shares were sold at an average price of $301.45, for a total value of $4,521,750.00.
- On Monday, March 25th, Marc Benioff sold 15,000 shares of Salesforce stock. The shares were sold at an average price of $305.86, for a total value of $4,587,900.00.
- On Thursday, March 21st, Marc Benioff sold 15,000 shares of Salesforce stock. The stock was sold at an average price of $309.64, for a total value of $4,644,600.00.
- On Tuesday, March 19th, Marc Benioff sold 15,000 shares of Salesforce stock. The stock was sold at an average price of $299.59, for a total value of $4,493,850.00.
- On Friday, March 15th, Marc Benioff sold 15,000 shares of Salesforce stock. The stock was sold at an average price of $296.12, for a total value of $4,441,800.00.
- On Wednesday, March 13th, Marc Benioff sold 15,000 shares of Salesforce stock. The stock was sold at an average price of $306.23, for a total value of $4,593,450.00.
- On Monday, March 11th, Marc Benioff sold 15,000 shares of Salesforce stock. The shares were sold at an average price of $304.97, for a total value of $4,574,550.00.
- On Wednesday, March 6th, Marc Benioff sold 15,000 shares of Salesforce stock. The shares were sold at an average price of $304.25, for a total value of $4,563,750.00.
- On Friday, March 1st, Marc Benioff sold 15,000 shares of Salesforce stock. The shares were sold at an average price of $315.54, for a total value of $4,733,100.00.
Salesforce Price Performance
Shares of NYSE:CRM traded down $10.60 on Thursday, hitting $294.14. The company’s stock had a trading volume of 8,339,822 shares, compared to its average volume of 5,703,400. The company has a 50-day simple moving average of $296.66 and a 200 day simple moving average of $255.00. Salesforce, Inc. has a 1 year low of $187.31 and a 1 year high of $318.71. The company has a market capitalization of $285.32 billion, a PE ratio of 71.68, a PEG ratio of 2.34 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick 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 for the quarter, beating 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 firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter last year, the firm posted $1.01 EPS. The company’s revenue was up 10.8% compared to the same quarter last year. Sell-side analysts forecast that Salesforce, Inc. will post 7.45 EPS for the current fiscal year.
Salesforce Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Thursday, March 14th will be issued a dividend of $0.40 per share. The ex-dividend date is 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 is 9.52%.
Analysts Set New Price Targets
A number of research firms recently commented on CRM. JMP Securities increased their price target on Salesforce from $293.00 to $342.00 and gave the company a “market outperform” rating in a research report on Thursday, February 29th. Royal Bank of Canada upped their price objective on Salesforce from $285.00 to $325.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. JPMorgan Chase & Co. upped their price objective on Salesforce from $260.00 to $310.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. Piper Sandler restated a “neutral” rating and issued a $285.00 price objective on shares of Salesforce in a research note on Wednesday, February 28th. Finally, Morgan Stanley upgraded Salesforce from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $290.00 to $350.00 in a research note on Thursday, December 21st. Nine equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce currently has an average rating of “Moderate Buy” and a consensus price target of $304.97.
Hedge Funds Weigh In On Salesforce
A number of large investors have recently modified their holdings of CRM. Bear Mountain Capital Inc. purchased a new position in shares of Salesforce in the fourth quarter worth $26,000. Signature Resources Capital Management LLC bought a new stake in shares of Salesforce in the fourth quarter worth $26,000. Union Savings Bank bought a new stake in Salesforce during the second quarter valued at about $27,000. Aspect Partners LLC bought a new stake in Salesforce during the fourth quarter valued at about $29,000. Finally, Kathleen S. Wright Associates Inc. bought a new stake in Salesforce during the fourth quarter valued at about $31,000. 80.43% of the stock is owned by hedge funds and other institutional investors.
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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