Salesforce, Inc. (NYSE:CRM) Insider Srinivas Tallapragada Sells 6,697 Shares of Stock

Salesforce, Inc. (NYSE:CRM) insider Srinivas Tallapragada sold 6,697 shares of the stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $295.00, for a total transaction of $1,975,615.00. Following the completion of the transaction, the insider now owns 41,422 shares of the company’s stock, valued at approximately $12,219,490. The trade was a 13.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Salesforce Stock Down 0.1%

NYSE:CRM opened at $290.48 on Friday. The firm has a market cap of $279.26 billion, a PE ratio of 47.78, a price-to-earnings-growth ratio of 2.58 and a beta of 1.42. The company has a 50-day moving average of $267.83 and a 200 day moving average of $307.08. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $369.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Salesforce Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th were given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 0.58%. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Thursday, April 10th. Salesforce’s dividend payout ratio is presently 26.10%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CRM. Robert W. Baird reduced their price objective on shares of Salesforce from $430.00 to $400.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Piper Sandler dropped their price target on shares of Salesforce from $400.00 to $315.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. TD Cowen raised shares of Salesforce from a “hold” rating to a “buy” rating and raised their price target for the company from $380.00 to $400.00 in a report on Friday, January 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $400.00 price target on shares of Salesforce in a report on Friday, April 25th. Finally, Citigroup reaffirmed a “buy” rating on shares of Salesforce in a report on Wednesday, March 19th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirty-two have given a buy rating and five have issued a strong buy rating to the company’s stock. According to MarketBeat, Salesforce presently has an average rating of “Moderate Buy” and an average target price of $352.62.

Institutional Trading of Salesforce

Several hedge funds have recently modified their holdings of the company. Belmont Capital LLC lifted its position in shares of Salesforce by 31.4% during the first quarter. Belmont Capital LLC now owns 6,570 shares of the CRM provider’s stock valued at $1,763,000 after buying an additional 1,570 shares during the last quarter. Banque Transatlantique SA lifted its position in shares of Salesforce by 350.0% during the first quarter. Banque Transatlantique SA now owns 284,518 shares of the CRM provider’s stock valued at $70,560,000 after buying an additional 221,290 shares during the last quarter. Alliancebernstein L.P. lifted its position in shares of Salesforce by 63.0% during the first quarter. Alliancebernstein L.P. now owns 2,844,437 shares of the CRM provider’s stock valued at $763,333,000 after buying an additional 1,099,627 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Salesforce by 61.3% in the 1st quarter. AQR Capital Management LLC now owns 528,953 shares of the CRM provider’s stock valued at $139,369,000 after purchasing an additional 201,004 shares during the last quarter. Finally, Atalanta Sosnoff Capital LLC raised its position in shares of Salesforce by 3.5% in the 1st quarter. Atalanta Sosnoff Capital LLC now owns 190,438 shares of the CRM provider’s stock valued at $51,106,000 after purchasing an additional 6,491 shares during the last quarter. 80.43% of the stock is 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.