Salesforce (NYSE:CRM) Trading Down 2.7% on Analyst Downgrade

Salesforce, Inc. (NYSE:CRM)’s stock price was down 2.7% on Monday after Jefferies Financial Group lowered their price target on the stock from $425.00 to $375.00. Jefferies Financial Group currently has a buy rating on the stock. Salesforce traded as low as $259.19 and last traded at $262.67. Approximately 1,857,690 shares changed hands during trading, a decline of 72% from the average daily volume of 6,624,547 shares. The stock had previously closed at $269.97.

Several other research analysts have also recently issued reports on the stock. Stifel Nicolaus decreased their target price on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Royal Bank of Canada upped their price objective on Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Canaccord Genuity Group reduced their target price on Salesforce from $415.00 to $400.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Piper Sandler reaffirmed an “overweight” rating on shares of Salesforce in a report on Wednesday, March 19th. Finally, Stephens started coverage on Salesforce in a report on Wednesday, March 19th. They issued an “equal weight” rating and a $311.00 price objective for the company. One equities research 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 company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $361.42.

Insiders Place Their Bets

In other news, CFO Amy E. Weaver sold 897 shares of the stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $298,055.16. Following the completion of the transaction, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $15,534,090. This represents a 1.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Parker Harris sold 3,273 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $284.58, for a total transaction of $931,430.34. Following the sale, the insider now directly owns 125,146 shares in the company, valued at approximately $35,614,048.68. The trade was a 2.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 45,660 shares of company stock worth $14,095,336 in the last 90 days. 3.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Salesforce

Institutional investors and hedge funds have recently modified their holdings of the stock. Bernard Wealth Management Corp. purchased a new position in Salesforce during the fourth quarter worth $25,000. Accredited Wealth Management LLC purchased a new position in shares of Salesforce during the 4th quarter worth about $27,000. Arlington Trust Co LLC grew its holdings in Salesforce by 85.1% during the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after purchasing an additional 40 shares during the last quarter. Compass Financial Services Inc purchased a new stake in Salesforce in the 4th quarter worth about $30,000. Finally, Asset Planning Inc purchased a new stake in shares of Salesforce in the fourth quarter worth approximately $31,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Trading Down 0.7 %

The stock has a fifty day moving average of $308.26 and a 200-day moving average of $311.67. The company has a market cap of $257.60 billion, a PE ratio of 44.09, a PEG 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 business also recently declared a quarterly dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th will be issued a $0.42 dividend. The ex-dividend date is Thursday, April 10th. This is a boost from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.63%. Salesforce’s dividend payout ratio is presently 26.10%.

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.