Salesforce (NYSE:CRM) Trading Down 1.1% After Insider Selling

Salesforce, Inc. (NYSE:CRM) shares were down 1.1% on Wednesday following insider selling activity. The company traded as low as $288.14 and last traded at $288.40. Approximately 1,064,710 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 6,499,645 shares. The stock had previously closed at $291.57.

Specifically, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $288.42, for a total transaction of $1,211,364.00. Following the transaction, the insider now owns 118,514 shares in the company, valued at $34,181,807.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Brian Millham sold 8,427 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $280.00, for a total value of $2,359,560.00. The disclosure for this sale can be found here.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. BNP Paribas raised Salesforce to a “strong-buy” rating in a report on Thursday, August 29th. Morgan Stanley lifted their price target on shares of Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Bank of America restated a “buy” rating and issued a $325.00 price target on shares of Salesforce in a research report on Friday, September 6th. Phillip Securities restated an “accumulate” rating and issued a $305.00 price target on shares of Salesforce in a research report on Friday, August 30th. Finally, Piper Sandler upgraded shares of Salesforce from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $268.00 to $325.00 in a research report on Tuesday, September 24th. Eight investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus target price of $310.74.

Salesforce Trading Down 0.7 %

The company’s 50-day moving average is $261.04 and its 200-day moving average is $264.29. The firm has a market cap of $275.42 billion, a price-to-earnings ratio of 50.14, a P/E/G ratio of 2.61 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same period in the previous year, the firm earned $1.63 earnings per share. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. On average, research analysts predict that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.56%. The ex-dividend date was Wednesday, September 18th. Salesforce’s dividend payout ratio is 27.83%.

Institutional Trading of Salesforce

Several hedge funds and other institutional investors have recently modified their holdings of CRM. Ruedi Wealth Management Inc. grew its holdings 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 valued at $26,000 after acquiring an additional 56 shares in the last quarter. Piscataqua Savings Bank grew its holdings in shares of Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 96 shares in the last quarter. Clear Investment Research LLC grew its holdings in shares of Salesforce by 816.7% in the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after acquiring an additional 98 shares in the last quarter. Red Tortoise LLC bought a new position in shares of Salesforce in the 1st quarter valued at about $33,000. Finally, Stephens Consulting LLC grew its holdings in shares of Salesforce by 3,125.0% in the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after acquiring an additional 125 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

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.