Salesforce (NYSE:CRM) Trading Down 0.6% After Insider Selling
Salesforce, Inc. (NYSE:CRM – Get Free Report) dropped 0.6% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $298.45 and last traded at $300.70. Approximately 632,322 shares were traded during trading, a decline of 89% from the average daily volume of 5,541,161 shares. The stock had previously closed at $302.37.Specifically, CAO Sundeep G. Reddy sold 216 shares of the business’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $278.71, for a total transaction of $60,201.36. Following the completion of the transaction, the chief accounting officer now owns 2,869 shares of the company’s stock, valued at $799,618.99. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Salesforce news, CFO Amy E. Weaver sold 7,074 shares of the business’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $284.00, for a total value of $2,009,016.00. Following the completion of the transaction, the chief financial officer now owns 38,993 shares of the company’s stock, valued at approximately $11,074,012. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Sundeep G. Reddy sold 216 shares of the business’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $278.71, for a total transaction of $60,201.36. Following the completion of the transaction, the chief accounting officer now directly owns 2,869 shares of the company’s stock, valued at approximately $799,618.99. The disclosure for this sale can be found here. Insiders have sold a total of 903,175 shares of company stock valued at $260,851,046 over the last quarter. Company insiders own 3.70% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts have recently issued reports on the company. BMO Capital Markets raised their price objective on Salesforce from $325.00 to $335.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. Wolfe Research upgraded Salesforce from a “peer perform” rating to an “outperform” rating and set a $315.00 price objective for the company in a research report on Monday, December 18th. Truist Financial reiterated a “buy” rating and issued a $360.00 price objective (up previously from $275.00) on shares of Salesforce in a research report on Thursday, February 29th. Bank of America boosted their price objective on Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Finally, UBS Group boosted their price objective on Salesforce from $285.00 to $310.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $304.97.
Check Out Our Latest Research Report on CRM
Salesforce Trading Down 0.9 %
The stock has a market cap of $290.77 billion, a P/E ratio of 71.60, a price-to-earnings-growth ratio of 2.32 and a beta of 1.28. The stock’s 50-day moving average is $297.97 and its two-hundred day moving average is $257.79. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.
Salesforce (NYSE:CRM – Get Free Report) last issued its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. The firm had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.01 earnings per share. Equities research analysts anticipate that Salesforce, Inc. will post 7.45 EPS for the current year.
Salesforce Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Thursday, March 14th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date of this dividend is Wednesday, March 13th. Salesforce’s dividend payout ratio (DPR) is presently 9.52%.
Institutional Trading of Salesforce
Several hedge funds have recently made changes to their positions in the business. Fairfield Bush & CO. lifted its position in Salesforce by 8.7% in the first quarter. Fairfield Bush & CO. now owns 4,468 shares of the CRM provider’s stock worth $949,000 after buying an additional 357 shares during the last quarter. Roundview Capital LLC lifted its position in Salesforce by 18.8% in the first quarter. Roundview Capital LLC now owns 24,037 shares of the CRM provider’s stock worth $5,104,000 after buying an additional 3,809 shares during the last quarter. Covestor Ltd lifted its position in Salesforce by 42.8% in the first quarter. Covestor Ltd now owns 621 shares of the CRM provider’s stock worth $132,000 after buying an additional 186 shares during the last quarter. Ergoteles LLC bought a new stake in Salesforce in the first quarter worth $455,000. Finally, Mackenzie Financial Corp lifted its position in Salesforce by 21.3% in the first quarter. Mackenzie Financial Corp now owns 860,950 shares of the CRM provider’s stock worth $182,797,000 after buying an additional 151,440 shares during the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.
Salesforce Company Profile
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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