Salesforce (NYSE:CRM) Stock Price Down 0.7%
Salesforce, Inc. (NYSE:CRM – Get Free Report) dropped 0.7% during trading on Tuesday . The company traded as low as $234.70 and last traded at $234.89. Approximately 4,717,754 shares changed hands during mid-day trading, a decline of 27% from the average daily volume of 6,448,171 shares. The stock had previously closed at $236.62.
Wall Street Analysts Forecast Growth
CRM has been the subject of a number of analyst reports. Truist Financial reissued a “buy” rating and issued a $300.00 price target (down from $360.00) on shares of Salesforce in a research report on Thursday, May 30th. Argus increased their price target on Salesforce from $290.00 to $354.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Stifel Nicolaus cut their price target on Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. Wolfe Research reiterated an “outperform” rating and set a $365.00 price target on shares of Salesforce in a research note on Tuesday, April 16th. Finally, Raymond James reiterated a “strong-buy” rating and set a $325.00 price target (down previously from $380.00) on shares of Salesforce in a research note on Thursday, May 30th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $292.79.
Check Out Our Latest Analysis on CRM
Salesforce Trading Down 1.3 %
The company has a market capitalization of $226.41 billion, a PE ratio of 42.25, a PEG ratio of 2.03 and a beta of 1.26. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock has a fifty day moving average of $280.41 and a two-hundred day moving average of $276.47.
Salesforce (NYSE:CRM – Get Free Report) last announced its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.06. The company had revenue of $9.13 billion for the quarter, compared to analysts’ expectations of $9.15 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. Salesforce’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period last year, the firm posted $1.15 EPS. As a group, sell-side analysts anticipate that Salesforce, Inc. will post 7.46 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $216.66, for a total transaction of $3,249,900.00. Following the transaction, the chief executive officer now directly owns 12,407,327 shares in the company, valued at approximately $2,688,171,467.82. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $299.60, for a total value of $1,258,320.00. Following the sale, the insider now directly owns 104,904 shares in the company, valued at approximately $31,429,238.40. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $216.66, for a total value of $3,249,900.00. Following the completion of the sale, the chief executive officer now owns 12,407,327 shares in the company, valued at $2,688,171,467.82. The disclosure for this sale can be found here. Insiders have sold a total of 638,070 shares of company stock worth $182,912,726 in the last ninety days. 3.20% of the stock is owned by insiders.
Institutional Investors Weigh In On Salesforce
Large investors have recently made changes to their positions in the business. Ruedi Wealth Management Inc. grew its position in shares of Salesforce by 186.7% in the 1st 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 last quarter. Bear Mountain Capital Inc. bought a new stake in shares of Salesforce in the 4th quarter worth approximately $26,000. Signature Resources Capital Management LLC bought a new stake in shares of Salesforce in the 4th quarter worth approximately $26,000. Red Tortoise LLC bought a new stake in shares of Salesforce in the 1st quarter worth approximately $33,000. Finally, Kathleen S. Wright Associates Inc. bought a new stake in shares of Salesforce during the fourth quarter valued at approximately $31,000. 80.43% of the stock is currently owned by 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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