Salesforce (NYSE:CRM) Shares Down 1.8% After Insider Selling

Shares of Salesforce, Inc. (NYSE:CRM) dropped 1.8% during trading on Wednesday following insider selling activity. The stock traded as low as $282.07 and last traded at $283.37. Approximately 1,556,451 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 6,365,167 shares. The stock had previously closed at $288.61.

Specifically, CEO Brian Millham sold 3,937 shares of Salesforce stock in a transaction on Monday, March 24th. The stock was sold at an average price of $284.58, for a total value of $1,120,391.46. Following the completion of the transaction, the chief executive officer now directly owns 5,518 shares in the company, valued at approximately $1,570,312.44. The trade was a 41.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Sundeep G. Reddy sold 1,909 shares of Salesforce stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $284.58, for a total value of $543,263.22. Following the transaction, the chief accounting officer now directly owns 11,310 shares of the company’s stock, valued at $3,218,599.80. The trade was a 14.44 % decrease in their position. The disclosure for this sale can be found here. In other news, insider Parker Harris sold 3,273 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $284.58, for a total value of $931,430.34. Following the completion of the transaction, the insider now directly owns 125,146 shares in the company, valued at approximately $35,614,048.68. This trade represents a 2.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CRM shares. BMO Capital Markets reaffirmed an “outperform” rating on shares of Salesforce in a report on Wednesday, March 19th. Barclays raised their price target on Salesforce from $415.00 to $425.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. TD Cowen upgraded shares of Salesforce from a “hold” rating to a “buy” rating and upped their price objective for the stock from $380.00 to $400.00 in a research report on Friday, January 17th. JMP Securities restated a “market outperform” rating and set a $450.00 price objective on shares of Salesforce in a research report on Wednesday, December 18th. Finally, Wedbush reiterated an “outperform” rating and issued a $425.00 target price on shares of Salesforce in a research report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have issued a buy rating and five have issued a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus price target of $362.74.

Salesforce Price Performance

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The business’s 50 day moving average price is $311.35 and its 200 day moving average price is $310.74. The stock has a market capitalization of $269.97 billion, a P/E ratio of 46.21, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35.

Hedge Funds Weigh In On Salesforce

Several hedge funds and other institutional investors have recently modified their holdings of CRM. United Bank lifted its stake in shares of Salesforce by 1.1% in the 3rd quarter. United Bank now owns 7,303 shares of the CRM provider’s stock worth $1,999,000 after purchasing an additional 76 shares during the period. Fernbridge Capital Management LP raised its position in Salesforce by 19.2% in the third quarter. Fernbridge Capital Management LP now owns 1,072,422 shares of the CRM provider’s stock worth $293,533,000 after acquiring an additional 172,534 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Salesforce by 130.7% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 431,492 shares of the CRM provider’s stock valued at $118,104,000 after acquiring an additional 244,420 shares during the period. CreativeOne Wealth LLC increased its stake in shares of Salesforce by 36.6% in the 3rd quarter. CreativeOne Wealth LLC now owns 9,935 shares of the CRM provider’s stock worth $2,719,000 after purchasing an additional 2,664 shares in the last quarter. Finally, RPg Family Wealth Advisory LLC bought a new position in Salesforce in the 3rd quarter worth $147,000. 80.43% of the stock is 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.