CRM

Salesforce (NYSE:CRM) Shares Down 0.5% on Insider Selling

June 1, 2024

50 4 minutes read

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Salesforce, Inc. (NYSE:CRM – Get Free Report) shares were down 0.5% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $216.06 and last traded at $217.00. Approximately 9,976,037 shares traded hands during mid-day trading, an increase of 64% from the average daily volume of 6,078,805 shares. The stock had previously closed at $218.01.

Specifically, CFO Amy E. Weaver sold 7,075 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $309.32, for a total value of $2,188,439.00. Following the completion of the sale, the chief financial officer now directly owns 38,483 shares of the company’s stock, valued at approximately $11,903,561.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Salesforce news, CFO Amy E. Weaver sold 7,075 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $309.32, for a total transaction of $2,188,439.00. Following the completion of the sale, the chief financial officer now directly owns 38,483 shares of the company’s stock, valued at $11,903,561.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $299.60, for a total transaction of $1,258,320.00. Following the sale, the insider now directly owns 104,904 shares of the company’s stock, valued at $31,429,238.40. The disclosure for this sale can be found here. In the last three months, insiders sold 638,070 shares of company stock valued at $182,912,726. 3.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CRM has been the topic of a number of research reports. Argus increased their price objective on Salesforce from $290.00 to $354.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Sanford C. Bernstein increased their price target on Salesforce from $231.00 to $234.00 and gave the company an “underperform” rating in a report on Thursday. Barclays lowered their price target on Salesforce from $355.00 to $305.00 and set an “overweight” rating on the stock in a report on Thursday. Stifel Nicolaus lowered their price target on Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Salesforce currently has an average rating of “Moderate Buy” and an average target price of $292.79.

Read Our Latest Research Report on Salesforce

Salesforce Stock Performance

The stock has a 50-day moving average of $281.80 and a 200 day moving average of $275.59. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a market capitalization of $227.02 billion, a price-to-earnings ratio of 42.18, a price-to-earnings-growth ratio of 2.40 and a beta of 1.30.

Salesforce (NYSE:CRM – Get Free Report) last announced its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.06. The firm had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.15 billion. Salesforce had a return on equity of 11.62% and a net margin of 15.30%. The company’s revenue was up 10.7% on a year-over-year basis. During the same period last year, the company earned $1.15 earnings per share. On average, analysts expect that Salesforce, Inc. will post 7.45 EPS for the current year.

Hedge Funds Weigh In On Salesforce

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRM. Norges Bank bought a new position in Salesforce during the fourth quarter worth about $2,762,331,000. Capital International Investors lifted its holdings in shares of Salesforce by 76.4% during the 4th quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock valued at $3,607,493,000 after purchasing an additional 5,935,973 shares in the last quarter. Cerity Partners LLC lifted its holdings in shares of Salesforce by 1,254.7% during the 4th quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock valued at $916,693,000 after purchasing an additional 3,226,512 shares in the last quarter. Capital Research Global Investors lifted its holdings in shares of Salesforce by 26.9% during the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after purchasing an additional 3,044,611 shares in the last quarter. Finally, GQG Partners LLC bought a new position in shares of Salesforce during the 1st quarter valued at about $910,220,000. Institutional investors own 80.43% of the company’s stock.

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.