Salesforce (NYSE:CRM) Stock Price Down 1.4% After Insider Selling
Salesforce, Inc. (NYSE:CRM – Get Free Report)’s share price traded down 1.4% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $237.15 and last traded at $237.67. 3,140,785 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 6,582,765 shares. The stock had previously closed at $240.99.
Specifically, CFO Amy E. Weaver sold 942 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $305.46, for a total transaction of $287,743.32. Following the completion of the transaction, the chief financial officer now directly owns 39,416 shares in the company, valued at approximately $12,040,011.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Craig Conway sold 6,000 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $239.64, for a total transaction of $1,437,840.00. Following the completion of the transaction, the director now directly owns 6,855 shares in the company, valued at approximately $1,642,732.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Amy E. Weaver sold 942 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $305.46, for a total value of $287,743.32. Following the completion of the sale, the chief financial officer now owns 39,416 shares of the company’s stock, valued at $12,040,011.36. The disclosure for this sale can be found here. Insiders sold a total of 649,670 shares of company stock valued at $182,751,808 in the last three months. 3.20% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on the company. Robert W. Baird lowered their price target on Salesforce from $355.00 to $295.00 and set an “outperform” rating for the company in a research report on Thursday, May 30th. Bank of America raised their price target on Salesforce from $350.00 to $360.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Evercore ISI lowered their price target on Salesforce from $330.00 to $300.00 and set an “outperform” rating for the company in a research report on Thursday, May 30th. Sanford C. Bernstein raised their price target on Salesforce from $231.00 to $234.00 and gave the stock an “underperform” rating in a research report on Thursday, May 30th. Finally, BMO Capital Markets decreased their target price on Salesforce from $335.00 to $265.00 and set an “outperform” rating for the company in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and a consensus target price of $292.79.
Check Out Our Latest Report on Salesforce
Salesforce Price Performance
The firm has a 50 day simple moving average of $271.49 and a 200-day simple moving average of $276.86. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market cap of $228.40 billion, a PE ratio of 42.39, a price-to-earnings-growth ratio of 2.12 and a beta of 1.25.
Salesforce (NYSE:CRM – Get Free Report) last issued its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.06. The business had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.15 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The company’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the company earned $1.15 earnings per share. As a group, research analysts predict that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Salesforce
Institutional investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of 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 fourth quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock worth $3,607,493,000 after purchasing an additional 5,935,973 shares during the period. Cerity Partners LLC lifted its holdings in shares of Salesforce by 1,254.7% during the fourth quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock worth $916,693,000 after purchasing an additional 3,226,512 shares during the period. Capital Research Global Investors lifted its holdings in shares of Salesforce by 26.9% during the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after purchasing an additional 3,044,611 shares during the period. Finally, GQG Partners LLC acquired a new position in Salesforce in the first quarter valued at approximately $910,220,000. Institutional investors and hedge funds own 80.43% of the company’s stock.
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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