Salesforce (NYSE:CRM) Shares Down 2.5% Following Insider Selling

Salesforce, Inc. (NYSE:CRM)’s stock price traded down 2.5% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $269.28 and last traded at $269.37. 1,390,767 shares traded hands during trading, a decline of 75% from the average session volume of 5,642,232 shares. The stock had previously closed at $276.19.

Specifically, COO Brian Millham sold 24,453 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $302.08, for a total transaction of $7,386,762.24. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Salesforce news, CFO Amy E. Weaver sold 942 shares of the company’s stock in a transaction 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 transaction, the chief financial officer now owns 39,416 shares of the company’s stock, valued at approximately $12,040,011.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Brian Millham sold 24,453 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $302.08, for a total value of $7,386,762.24. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 620,793 shares of company stock worth $182,177,918. Company insiders own 3.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Robert W. Baird increased their price target on Salesforce from $310.00 to $355.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. Piper Sandler reaffirmed a “neutral” rating and set a $300.00 price objective on shares of Salesforce in a research note on Monday, April 15th. Jefferies Financial Group raised their price objective on Salesforce from $350.00 to $360.00 and gave the stock a “buy” rating in a research note on Monday, April 22nd. Canaccord Genuity Group reaffirmed a “buy” rating and set a $350.00 price objective on shares of Salesforce in a research note on Thursday, March 7th. Finally, Mizuho reaffirmed a “buy” rating and set a $345.00 price objective (up previously from $325.00) on shares of Salesforce in a research note on Thursday, February 29th. 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $310.61.

Salesforce Price Performance

The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a market cap of $265.98 billion, a P/E ratio of 65.29, a PEG ratio of 2.10 and a beta of 1.28. The business has a fifty day moving average of $295.97 and a 200 day moving average of $263.90.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. The business had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. Salesforce’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the company posted $1.01 earnings per share. On average, sell-side analysts anticipate that Salesforce, Inc. will post 7.45 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $1.60 annualized dividend and a yield of 0.58%. Salesforce’s dividend payout ratio (DPR) is presently 9.52%.

Institutional Investors Weigh In On Salesforce

Several hedge funds have recently bought and sold shares of CRM. Graypoint LLC raised its position in shares of Salesforce by 0.3% in the fourth quarter. Graypoint LLC now owns 10,504 shares of the CRM provider’s stock valued at $2,764,000 after buying an additional 36 shares in the last quarter. Chase Investment Counsel Corp raised its position in shares of Salesforce by 0.3% in the fourth quarter. Chase Investment Counsel Corp now owns 10,377 shares of the CRM provider’s stock valued at $2,730,000 after buying an additional 36 shares in the last quarter. JFS Wealth Advisors LLC raised its position in shares of Salesforce by 11.4% in the fourth quarter. JFS Wealth Advisors LLC now owns 353 shares of the CRM provider’s stock valued at $93,000 after buying an additional 36 shares in the last quarter. Opes Wealth Management LLC raised its position in shares of Salesforce by 2.9% in the fourth quarter. Opes Wealth Management LLC now owns 1,295 shares of the CRM provider’s stock valued at $341,000 after buying an additional 37 shares in the last quarter. Finally, Prentice Wealth Management LLC raised its position in shares of Salesforce by 1.7% in the fourth quarter. Prentice Wealth Management LLC now owns 2,294 shares of the CRM provider’s stock valued at $604,000 after buying an additional 38 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

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.