Salesforce (NYSE:CRM) Shares Down 0.2% – Time to Sell?

Salesforce, Inc. (NYSE:CRM)’s stock price was down 0.2% during mid-day trading on Friday . The stock traded as low as $274.05 and last traded at $278.58. Approximately 1,734,962 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 6,342,629 shares. The stock had previously closed at $279.03.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CRM shares. Robert W. Baird dropped their price objective on Salesforce from $430.00 to $400.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Truist Financial reissued a “buy” rating and issued a $400.00 price objective (up previously from $380.00) on shares of Salesforce in a research note on Wednesday, December 4th. Guggenheim reissued a “sell” rating and issued a $247.00 price objective on shares of Salesforce in a research note on Thursday, February 27th. Citigroup reissued a “buy” rating on shares of Salesforce in a research note on Wednesday. Finally, The Goldman Sachs Group increased their price objective on Salesforce from $360.00 to $400.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have assigned a buy rating and five have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $362.74.

Salesforce Price Performance

The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $270.58 billion, a price-to-earnings ratio of 46.31, a P/E/G ratio of 2.58 and a beta of 1.35. The firm has a 50-day simple moving average of $313.51 and a two-hundred day simple moving average of $309.92.

Insider Activity

In related news, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $277.37, for a total value of $1,725,518.77. Following the sale, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $12,967,047.50. The trade was a 11.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Robin L. Washington acquired 1,695 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average price of $294.61 per share, for a total transaction of $499,363.95. Following the completion of the acquisition, the director now owns 43,445 shares in the company, valued at $12,799,331.45. The trade was a 4.06 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 60,256 shares of company stock worth $19,692,357 in the last ninety days. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. State Street Corp lifted its stake in Salesforce by 1.8% in the 3rd quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock worth $13,432,855,000 after purchasing an additional 864,193 shares in the last quarter. Geode Capital Management LLC lifted its stake in Salesforce by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 19,955,353 shares of the CRM provider’s stock worth $6,656,078,000 after purchasing an additional 175,035 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Salesforce by 1.4% in the 4th quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider’s stock worth $4,163,703,000 after purchasing an additional 177,321 shares in the last quarter. Northern Trust Corp lifted its stake in Salesforce by 18.3% in the 4th quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider’s stock worth $3,752,830,000 after purchasing an additional 1,736,667 shares in the last quarter. Finally, Norges Bank purchased a new position in Salesforce in the 4th quarter worth approximately $3,599,867,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

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.