CRM

Salesforce (NYSE:CRM) Shares Down 0.7% on Insider Selling

June 4, 2024

32 4 minutes read

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Salesforce, Inc. (NYSE:CRM – Get Free Report)’s share price was down 0.7% during mid-day trading on Monday following insider selling activity. The company traded as low as $231.52 and last traded at $232.91. Approximately 8,988,978 shares were traded during mid-day trading, an increase of 41% from the average daily volume of 6,357,791 shares. The stock had previously closed at $234.44.

Specifically, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $216.66, for a total transaction of $3,249,900.00. Following the completion of the transaction, the chief executive officer now owns 12,407,327 shares of the company’s stock, valued at $2,688,171,467.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Parker Harris sold 4,200 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $269.26, for a total transaction of $1,130,892.00. Following the sale, the insider now owns 115,762 shares in the company, valued at $31,170,076.12. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Marc Benioff sold 15,000 shares of the stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $216.66, for a total transaction of $3,249,900.00. Following the sale, the chief executive officer now owns 12,407,327 shares in the company, valued at approximately $2,688,171,467.82. The disclosure for this sale can be found here. Insiders sold a total of 638,070 shares of company stock valued at $182,912,726 over the last three months. Corporate insiders own 3.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Mizuho dropped their target price on shares of Salesforce from $345.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. StockNews.com downgraded shares of Salesforce from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 19th. Robert W. Baird reduced their target price on shares of Salesforce from $355.00 to $295.00 and set an “outperform” rating on the stock in a report on Thursday, May 30th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. Finally, TD Cowen dropped their price target on shares of Salesforce from $330.00 to $285.00 and set a “hold” rating for the company in a research note on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $292.79.

View Our Latest Research Report on Salesforce

Salesforce Trading Up 0.9 %

The stock has a market capitalization of $229.28 billion, a price-to-earnings ratio of 42.56, a PEG ratio of 2.03 and a beta of 1.30. The company’s 50-day moving average is $280.41 and its 200-day moving average is $276.47. 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 released its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.06. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The firm had revenue of $9.13 billion during the quarter, compared to analysts’ expectations of $9.15 billion. During the same period last year, the business earned $1.15 earnings per share. Salesforce’s revenue was up 10.7% compared to the same quarter last year. Research analysts anticipate that Salesforce, Inc. will post 7.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Salesforce

Several hedge funds and other institutional investors have recently bought and sold shares of CRM. Bear Mountain Capital Inc. purchased a new position in Salesforce during the fourth quarter worth about $26,000. Signature Resources Capital Management LLC purchased a new position in Salesforce during the fourth quarter worth about $26,000. Ruedi Wealth Management Inc. boosted its stake in Salesforce by 186.7% during the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after buying an additional 56 shares during the period. Kathleen S. Wright Associates Inc. purchased a new position in Salesforce during the fourth quarter worth about $31,000. Finally, Pacifica Partners Inc. boosted its stake in Salesforce by 333.3% during the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after buying an additional 100 shares during the period. 80.43% of the stock is currently owned by institutional investors and hedge funds.

About Salesforce

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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.