Salesforce (NYSE:CRM) Stock Price Down 0.5% After Insider Selling

Salesforce, Inc. (NYSE:CRM)’s stock price dropped 0.5% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $245.75 and last traded at $246.47. Approximately 895,199 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 6,586,178 shares. The stock had previously closed at $247.68.

Specifically, insider Parker Harris sold 3,528 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $250.59, for a total value of $884,081.52. Following the completion of the sale, the insider now directly owns 117,581 shares in the company, valued at approximately $29,464,622.79. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Wall Street Analyst Weigh In

CRM has been the subject of several research reports. Piper Sandler raised their target price on Salesforce from $250.00 to $268.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Macquarie reduced their target price on Salesforce from $330.00 to $275.00 and set an “outperform” rating for the company in a research note on Friday, May 31st. Canaccord Genuity Group lifted their price target on Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Phillip Securities reiterated an “accumulate” rating and set a $305.00 price target on shares of Salesforce in a research note on Friday, August 30th. Finally, Robert W. Baird lifted their price target on Salesforce from $295.00 to $315.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Eight analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $304.41.

Salesforce Price Performance

The company has a current ratio of 1.04, a quick ratio of 1.11 and a debt-to-equity ratio of 0.15. The company has a market cap of $236.41 billion, a P/E ratio of 43.89, a PEG ratio of 2.22 and a beta of 1.29. The business’s fifty day moving average is $254.52 and its 200 day moving average is $269.79.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company had revenue of $9.33 billion for the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter in the previous year, the firm posted $1.63 EPS. Salesforce’s revenue was up 8.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Salesforce, Inc. will post 7.52 EPS for the current year.

Salesforce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th will be paid a $0.40 dividend. The ex-dividend date is Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.66%. Salesforce’s dividend payout ratio is 28.78%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Sanctuary Advisors LLC purchased a new position in Salesforce in the 2nd quarter valued at approximately $42,800,000. Coronation Fund Managers Ltd. grew its position in shares of Salesforce by 22.3% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 82,585 shares of the CRM provider’s stock valued at $21,233,000 after purchasing an additional 15,067 shares in the last quarter. Clear Rock Advisors LLC purchased a new position in shares of Salesforce during the 2nd quarter valued at $3,076,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Salesforce during the 2nd quarter valued at $33,000. Finally, Souders Financial Advisors grew its position in shares of Salesforce by 435.0% during the 2nd quarter. Souders Financial Advisors now owns 4,018 shares of the CRM provider’s stock valued at $1,033,000 after purchasing an additional 3,267 shares in the last quarter. 80.43% of the stock is currently 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.