Salesforce (NYSE:CRM) Stock Price Down 1.4% Following Insider Selling
Salesforce, Inc. (NYSE:CRM – Get Free Report) shares dropped 1.4% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $237.15 and last traded at $237.67. Approximately 3,140,785 shares changed hands during trading, a decline of 52% from the average daily volume of 6,582,765 shares. The stock had previously closed at $240.99.Specifically, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $241.74, for a total value of $3,626,100.00. Following the completion of the transaction, the chief executive officer now directly owns 12,162,457 shares of the company’s stock, valued at $2,940,152,355.18. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Marc Benioff sold 15,000 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $241.74, for a total value of $3,626,100.00. Following the sale, the chief executive officer now owns 12,162,457 shares in the company, valued at $2,940,152,355.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director G Mason Morfit acquired 428,000 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was bought at an average price of $233.17 per share, for a total transaction of $99,796,760.00. Following the completion of the transaction, the director now owns 3,914,309 shares of the company’s stock, valued at approximately $912,699,429.53. The disclosure for this purchase can be found here. Insiders have sold 640,870 shares of company stock worth $180,640,848 in the last quarter. Insiders own 3.20% of the company’s stock.
Analyst Ratings Changes
A number of brokerages recently issued reports on CRM. Jefferies Financial Group reduced their price target on Salesforce from $360.00 to $350.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. Truist Financial reaffirmed a “buy” rating and issued a $300.00 target price (down from $360.00) on shares of Salesforce in a research report on Thursday, May 30th. Citigroup dropped their price objective on shares of Salesforce from $323.00 to $260.00 and set a “neutral” rating on the stock in a research note on Thursday, May 30th. Wells Fargo & Company reduced their price objective on Salesforce from $300.00 to $250.00 and set an “equal weight” rating for the company in a report on Thursday, May 30th. Finally, Bank of America raised their target price on Salesforce from $350.00 to $360.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. One research 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 issued a strong buy rating to the stock. Based on data from MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus target price of $292.79.
Get Our Latest Stock Analysis on CRM
Salesforce Trading Down 1.4 %
The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The stock’s fifty day moving average price is $272.87 and its 200 day moving average price is $277.15. The stock has a market capitalization of $230.30 billion, a P/E ratio of 42.75, a PEG ratio of 2.12 and a beta of 1.25.
Salesforce (NYSE:CRM – Get Free Report) last posted its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.06. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The firm had revenue of $9.13 billion for the quarter, compared to analysts’ expectations of $9.15 billion. During the same period last year, the firm earned $1.15 EPS. The company’s quarterly revenue was up 10.7% on a year-over-year basis. Research analysts forecast that Salesforce, Inc. will post 7.47 earnings per share for the current year.
Institutional Investors Weigh In On Salesforce
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. OMC Financial Services LTD purchased a new position in shares of Salesforce during the 1st quarter worth approximately $3,415,000. Objective Capital Management LLC grew its position in Salesforce by 10.7% in the 1st quarter. Objective Capital Management LLC now owns 1,035 shares of the CRM provider’s stock valued at $312,000 after acquiring an additional 100 shares in the last quarter. Maxwell Wealth Strategies Inc. increased its stake in Salesforce by 569.1% during the first quarter. Maxwell Wealth Strategies Inc. now owns 9,448 shares of the CRM provider’s stock worth $2,846,000 after purchasing an additional 8,036 shares during the period. Motiv8 Investments LLC lifted its position in shares of Salesforce by 20.1% during the first quarter. Motiv8 Investments LLC now owns 2,448 shares of the CRM provider’s stock worth $737,000 after purchasing an additional 409 shares in the last quarter. Finally, Cetera Advisor Networks LLC boosted its stake in shares of Salesforce by 7.1% in the first quarter. Cetera Advisor Networks LLC now owns 132,020 shares of the CRM provider’s stock valued at $39,762,000 after purchasing an additional 8,730 shares during the period. 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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