Salesforce (NYSE:CRM) Trading Down 1.4% on Insider Selling

Salesforce, Inc. (NYSE:CRM) traded down 1.4% on Tuesday after an insider sold shares in the company. The stock traded as low as $278.02 and last traded at $276.89. 1,455,012 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 6,337,876 shares. The stock had previously closed at $280.75.

Specifically, CFO Amy E. Weaver sold 6,221 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $277.37, for a total transaction of $1,725,518.77. Following the completion of the transaction, the chief financial officer now directly owns 46,750 shares of the company’s stock, valued at approximately $12,967,047.50. This represents a 11.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CRM. Truist Financial restated a “buy” rating and set a $400.00 price target (up previously from $380.00) on shares of Salesforce in a report on Wednesday, December 4th. Royal Bank of Canada upped their target price on Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Piper Sandler dropped their price target on Salesforce from $405.00 to $400.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. Needham & Company LLC reissued a “buy” rating and set a $400.00 price objective on shares of Salesforce in a research report on Thursday, February 27th. Finally, BMO Capital Markets dropped their target price on shares of Salesforce from $375.00 to $367.00 and set an “outperform” rating for the company in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, thirty-one have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $364.14.

Salesforce Trading Down 0.6 %

The stock has a market capitalization of $268.10 billion, a P/E ratio of 45.88, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. The company has a 50-day moving average price of $316.13 and a 200 day moving average price of $309.71. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

Hedge Funds Weigh In On Salesforce

Several institutional investors and hedge funds have recently bought and sold shares of CRM. Norges Bank acquired a new stake in Salesforce in the fourth quarter worth about $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of Salesforce by 926.4% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider’s stock worth $1,422,979,000 after purchasing an additional 3,841,521 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Salesforce during the fourth quarter worth about $1,173,564,000. Invesco Ltd. boosted its position in Salesforce by 42.5% in the fourth quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider’s stock valued at $2,604,770,000 after buying an additional 2,325,156 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in Salesforce by 18.3% in the 4th quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider’s stock worth $3,752,830,000 after buying an additional 1,736,667 shares during the period. 80.43% of the stock is owned by hedge funds and other 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.