Salesforce (NYSE:CRM) Shares Down 0.9% After Insider Selling

Salesforce, Inc. (NYSE:CRM)’s share price fell 0.9% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $272.35 and last traded at $273.14. 1,169,548 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 5,581,461 shares. The stock had previously closed at $275.74.

Specifically, CFO Amy E. Weaver sold 7,075 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $309.32, for a total transaction of $2,188,439.00. Following the transaction, the chief financial officer now owns 38,483 shares of the company’s stock, valued at $11,903,561.56. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Salesforce news, CFO Amy E. Weaver sold 7,075 shares of the stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $309.32, for a total transaction of $2,188,439.00. Following the transaction, the chief financial officer now directly owns 38,483 shares of the company’s stock, valued at $11,903,561.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Amy E. Weaver sold 942 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $305.46, for a total value of $287,743.32. Following the completion of the sale, the chief financial officer now directly owns 39,416 shares of the company’s stock, valued at approximately $12,040,011.36. The disclosure for this sale can be found here. Insiders sold a total of 610,793 shares of company stock worth $179,197,018 in the last three months. 3.70% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on CRM. Robert W. Baird upped their price objective on shares of Salesforce from $310.00 to $355.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Jefferies Financial Group upped their price target on shares of Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a report on Monday, April 22nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $350.00 price objective (up from $325.00) on shares of Salesforce in a research note on Friday, April 12th. Piper Sandler restated a “neutral” rating and set a $300.00 target price on shares of Salesforce in a research note on Monday, April 15th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $342.00 price target on shares of Salesforce in a research report on Monday, April 15th. Nine analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Salesforce presently has an average rating of “Moderate Buy” and a consensus price target of $310.61.

Salesforce Price Performance

The company’s 50 day moving average price is $295.69 and its 200 day moving average price is $265.20. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The company has a market cap of $264.12 billion, a price-to-earnings ratio of 65.03, a P/E/G ratio of 2.11 and a beta of 1.28.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. The firm had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.01 earnings per share. On average, equities research analysts predict that Salesforce, Inc. will post 7.45 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 14th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $1.60 dividend on an annualized basis and a yield of 0.59%. Salesforce’s dividend payout ratio is 9.52%.

Hedge Funds Weigh In On Salesforce

Several institutional investors have recently bought and sold shares of CRM. Bear Mountain Capital Inc. bought a new stake in Salesforce during the 4th quarter worth about $26,000. Signature Resources Capital Management LLC bought a new stake in shares of Salesforce during the fourth quarter valued at approximately $26,000. Red Tortoise LLC acquired a new stake in shares of Salesforce in the first quarter valued at approximately $33,000. Kathleen S. Wright Associates Inc. bought a new position in Salesforce in the 4th quarter worth approximately $31,000. Finally, BKM Wealth Management LLC acquired a new position in Salesforce during the 4th quarter worth $34,000. 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.