Salesforce (NYSE:CRM) Trading Down 0% After Insider Selling
Salesforce, Inc. (NYSE:CRM – Get Free Report) dropped 0% on Monday after an insider sold shares in the company. The company traded as low as $275.19 and last traded at $276.64. 531,042 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 5,410,271 shares. The stock had previously closed at $276.67.
Specifically, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $276.59, for a total transaction of $4,148,850.00. Following the sale, the chief executive officer now owns 12,602,327 shares of the company’s stock, valued at approximately $3,485,677,624.93. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Marc Benioff sold 15,000 shares of the stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $276.59, for a total transaction of $4,148,850.00. Following the completion of the transaction, the chief executive officer now directly owns 12,602,327 shares of the company’s stock, valued at approximately $3,485,677,624.93. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Srinivas Tallapragada sold 10,000 shares of Salesforce stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $287.50, for a total value of $2,875,000.00. Following the completion of the sale, the insider now owns 60,416 shares in the company, valued at $17,369,600. The disclosure for this sale can be found here. Insiders have sold a total of 614,193 shares of company stock worth $178,936,148 in the last quarter. Company insiders own 3.70% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts have weighed in on CRM shares. Jefferies Financial Group upped their target price on Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a report on Monday, April 22nd. Oppenheimer increased their price target on shares of Salesforce from $300.00 to $325.00 and gave the company an “outperform” rating in a research report on Monday, February 12th. JPMorgan Chase & Co. upped their target price on Salesforce from $260.00 to $310.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. Needham & Company LLC reissued a “buy” rating and set a $345.00 price target on shares of Salesforce in a research report on Monday, April 15th. Finally, UBS Group upped 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 investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus target price of $310.61.
Check Out Our Latest Stock Report on CRM
Salesforce Stock Performance
The company has a market capitalization of $268.70 billion, a price-to-earnings ratio of 66.09, a price-to-earnings-growth ratio of 2.13 and a beta of 1.30. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a 50-day simple moving average of $291.39 and a 200-day simple moving average of $269.59.
Salesforce (NYSE:CRM – Get Free Report) last issued its quarterly earnings results 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. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the previous year, the business earned $1.01 EPS. The business’s quarterly revenue was up 10.8% on a year-over-year basis. On average, analysts anticipate that Salesforce, Inc. will post 7.45 earnings per share for the current year.
Salesforce Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 14th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.58%. The ex-dividend date of this dividend was Wednesday, March 13th. Salesforce’s dividend payout ratio is currently 9.52%.
Institutional Investors Weigh In On Salesforce
Hedge funds and other institutional investors have recently modified their holdings of the stock. RB Capital Management LLC boosted its holdings in shares of Salesforce by 1.0% in the first quarter. RB Capital Management LLC now owns 21,237 shares of the CRM provider’s stock valued at $6,396,000 after acquiring an additional 201 shares in the last quarter. Lake Street Advisors Group LLC lifted its stake in Salesforce by 88.6% during the first quarter. Lake Street Advisors Group LLC now owns 11,189 shares of the CRM provider’s stock valued at $3,374,000 after purchasing an additional 5,256 shares during the last quarter. Bessemer Group Inc. boosted its holdings in Salesforce by 103.5% during the first quarter. Bessemer Group Inc. now owns 54,761 shares of the CRM provider’s stock worth $16,494,000 after buying an additional 27,850 shares in the last quarter. Atlanta Consulting Group Advisors LLC bought a new position in shares of Salesforce in the first quarter valued at $969,000. Finally, Capitolis Liquid Global Markets LLC grew its holdings in shares of Salesforce by 186.2% in the 1st quarter. Capitolis Liquid Global Markets LLC now owns 457,900 shares of the CRM provider’s stock worth $137,910,000 after acquiring an additional 297,900 shares during the last quarter. 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.
Featured Stories
Receive News & Ratings for Salesforce Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Salesforce and related companies with MarketBeat.com’s FREE daily email newsletter.
