Salesforce (NYSE:CRM) Stock Price Down 0.9% Following Insider Selling

Salesforce, Inc. (NYSE:CRM)’s stock price dropped 0.9% on Monday following insider selling activity. The company traded as low as $303.53 and last traded at $307.10. Approximately 2,047,005 shares traded hands during trading, a decline of 67% from the average daily volume of 6,117,325 shares. The stock had previously closed at $309.80.

Specifically, insider Miguel Milano sold 458 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $307.97, for a total transaction of $141,050.26. Following the transaction, the insider now owns 5,864 shares of the company’s stock, valued at approximately $1,805,936.08. This represents a 7.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $328.18, for a total value of $2,041,607.78. Following the transaction, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $15,342,415. This represents a 11.74 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

CRM has been the topic of several research reports. JPMorgan Chase & Co. upped their price objective on Salesforce from $340.00 to $380.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. KeyCorp raised Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 price objective on the stock in a report on Friday, December 13th. Canaccord Genuity Group upped their price objective on Salesforce from $315.00 to $415.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Citigroup increased their price target on Salesforce from $368.00 to $390.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Finally, Northland Securities reissued an “outperform” rating and issued a $440.00 price target (up previously from $400.00) on shares of Salesforce in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, thirty-two have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $375.53.

Salesforce Trading Down 0.5 %

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 has a 50-day moving average of $332.36 and a 200-day moving average of $306.60. The firm has a market cap of $295.01 billion, a price-to-earnings ratio of 50.70, a P/E/G ratio of 2.58 and a beta of 1.31.

Salesforce (NYSE:CRM) last released its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The company had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. Salesforce’s revenue was up 8.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.62 EPS. Research analysts anticipate that Salesforce, Inc. will post 7.46 EPS for the current year.

Salesforce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date of this dividend was Wednesday, December 18th. Salesforce’s payout ratio is currently 26.32%.

Hedge Funds Weigh In On Salesforce

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Ameriflex Group Inc. bought a new position in Salesforce during the fourth quarter worth about $362,000. United Advisor Group LLC grew its holdings in Salesforce by 11.4% during the fourth quarter. United Advisor Group LLC now owns 1,911 shares of the CRM provider’s stock worth $639,000 after purchasing an additional 196 shares during the period. Challenger Wealth Management bought a new position in Salesforce during the fourth quarter worth about $284,000. Ascent Group LLC grew its holdings in Salesforce by 1.2% during the fourth quarter. Ascent Group LLC now owns 16,187 shares of the CRM provider’s stock worth $5,412,000 after purchasing an additional 185 shares during the period. Finally, Putney Financial Group LLC bought a new position in Salesforce during the fourth quarter worth about $1,394,000. Institutional investors own 80.43% of the company’s stock.

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.