Salesforce (NYSE:CRM) Stock Price Down 2.2% After Insider Selling

Shares of Salesforce, Inc. (NYSE:CRM) were down 2.2% on Friday after an insider sold shares in the company. The stock traded as low as $271.48 and last traded at $271.77. Approximately 1,037,279 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 6,372,324 shares. The stock had previously closed at $277.81.

Specifically, insider R David Schmaier sold 1,785 shares of the firm’s stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $288.34, for a total value of $514,686.90. Following the transaction, the insider now owns 29,190 shares in the company, valued at $8,416,644.60. This trade represents a 5.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $1,120,391.46. Following the transaction, the chief executive officer now directly owns 5,518 shares in the company, valued at $1,570,312.44. This represents a 41.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, CAO Sundeep G. Reddy sold 1,909 shares of the 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 completion of the sale, the chief accounting officer now owns 11,310 shares in the company, valued at $3,218,599.80. This represents a 14.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CRM. JPMorgan Chase & Co. upped their price objective on Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Citigroup restated a “buy” rating on shares of Salesforce in a research report on Wednesday, March 19th. Stifel Nicolaus lowered their price objective on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Jefferies Financial Group boosted their target price on shares of Salesforce from $400.00 to $425.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, Macquarie restated a “neutral” rating and set a $320.00 price target on shares of Salesforce in a research note on Thursday, March 20th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have given a buy rating and five have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $362.74.

Salesforce Trading Down 2.8 %

The stock has a 50-day moving average of $309.39 and a two-hundred day moving average of $310.68. The company has a market cap of $259.51 billion, a P/E ratio of 44.42, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

Salesforce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 10th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $1.68 annualized dividend and a dividend yield of 0.62%. This is an increase from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s dividend payout ratio (DPR) is 25.16%.

Institutional Trading of Salesforce

Several institutional investors have recently added to or reduced their stakes in CRM. Fire Capital Management LLC bought a new position in shares of Salesforce during the fourth quarter valued at $1,326,000. Fairtree Asset Management Pty Ltd purchased a new position in Salesforce in the 4th quarter worth about $431,000. M1 Capital Management LLC bought a new position in Salesforce during the 4th quarter valued at about $347,000. DSG Capital Advisors LLC purchased a new stake in shares of Salesforce during the 4th quarter valued at about $3,237,000. Finally, 111 Capital bought a new stake in shares of Salesforce in the fourth quarter worth approximately $1,808,000. 80.43% of the stock is currently 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.