Insider Selling: Salesforce, Inc. (NYSE:CRM) CAO Sells 66 Shares of Stock
Salesforce, Inc. (NYSE:CRM – Get Free Report) CAO Sundeep G. Reddy sold 66 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $305.46, for a total value of $20,160.36. Following the transaction, the chief accounting officer now directly owns 5,911 shares in the company, valued at $1,805,574.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Salesforce Price Performance
Shares of CRM opened at $305.84 on Wednesday. The company has a market capitalization of $296.66 billion, a P/E ratio of 72.82, a price-to-earnings-growth ratio of 2.37 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. The firm has a 50 day moving average of $292.85 and a 200 day moving average of $251.18. Salesforce, Inc. has a twelve month low of $187.31 and a twelve month high of $318.71.
Salesforce (NYSE:CRM – Get Free Report) last announced 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. The company had revenue of $9.29 billion during 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 firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.01 earnings per share. As a group, equities research analysts anticipate that Salesforce, Inc. will post 7.45 earnings per share for the current fiscal year.
Salesforce Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Thursday, March 14th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.52%. The ex-dividend date is Wednesday, March 13th. Salesforce’s dividend payout ratio (DPR) is currently 9.52%.
Institutional Investors Weigh In On Salesforce
Several institutional investors and hedge funds have recently made changes to their positions in the company. HighPoint Advisor Group LLC bought a new stake in Salesforce in the 4th quarter worth approximately $4,856,000. Quadrature Capital Ltd bought a new stake in Salesforce in the 4th quarter worth approximately $37,128,000. PNC Financial Services Group Inc. grew its position in Salesforce by 11.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 201,936 shares of the CRM provider’s stock worth $53,137,000 after purchasing an additional 20,317 shares during the period. Grayhawk Investment Strategies Inc. bought a new stake in Salesforce in the 4th quarter worth approximately $1,497,000. Finally, Warren Street Wealth Advisors LLC bought a new stake in Salesforce in the 4th quarter worth approximately $203,000. Institutional investors own 80.43% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts have recently issued reports on CRM shares. Wedbush raised their price objective on Salesforce from $280.00 to $325.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $350.00 price objective on shares of Salesforce in a research note on Thursday, March 7th. Oppenheimer raised their target price on Salesforce from $300.00 to $325.00 and gave the stock an “outperform” rating in a research note on Monday, February 12th. TheStreet raised Salesforce from a “c+” rating to a “b-” rating in a research note on Friday, January 19th. Finally, Needham & Company LLC raised their target price on Salesforce from $275.00 to $345.00 and gave the stock a “buy” rating in a research note on Thursday, February 29th. Nine analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $304.32.
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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