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

Salesforce, Inc. (NYSE:CRM)’s stock price dropped 0.5% 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 changed hands 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 Salesforce stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $250.59, for a total transaction of $884,081.52. Following the sale, the insider now directly owns 117,581 shares in the company, valued at approximately $29,464,622.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Citigroup lifted their price objective on shares of Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a research report on Monday, August 26th. Bank of America reiterated a “buy” rating and issued a $325.00 price objective on shares of Salesforce in a research note on Friday. FBN Securities raised Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft dropped their price target on Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday, May 30th. Finally, Truist Financial reissued a “buy” rating and issued a $300.00 price objective on shares of Salesforce in a report on Friday, August 30th. Eight investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus price target of $304.41.

Salesforce Trading Down 0.9 %

The firm has a market capitalization of $236.41 billion, a PE ratio of 43.89, a price-to-earnings-growth ratio of 2.22 and a beta of 1.29. The firm’s 50-day simple moving average is $254.52 and its 200-day simple moving average is $269.79. The company has a quick ratio of 1.11, a current ratio of 1.04 and a debt-to-equity ratio of 0.15.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.20. The company had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. Salesforce’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.63 EPS. Equities analysts expect that Salesforce, Inc. will post 7.52 earnings per share for the current year.

Salesforce Dividend Announcement

The company also recently announced 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. This represents a $1.60 annualized dividend and a dividend yield of 0.66%. The ex-dividend date is Wednesday, September 18th. Salesforce’s payout ratio is 28.78%.

Institutional Investors Weigh In On Salesforce

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Salesforce by 1.2% during the first quarter. Vanguard Group Inc. now owns 84,635,254 shares of the CRM provider’s stock worth $25,490,446,000 after purchasing an additional 1,008,841 shares during the period. Capital World Investors raised its position in Salesforce by 2.4% during the 4th quarter. Capital World Investors now owns 19,561,325 shares of the CRM provider’s stock valued at $5,147,402,000 after purchasing an additional 457,463 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in Salesforce by 5.2% in the 4th quarter. Fisher Asset Management LLC now owns 14,905,462 shares of the CRM provider’s stock worth $3,922,223,000 after buying an additional 736,986 shares during the period. Capital Research Global Investors grew its position in shares of Salesforce by 26.9% in the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after buying an additional 3,044,611 shares during the last quarter. Finally, Capital International Investors increased its stake in shares of Salesforce by 3.0% during the first quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider’s stock valued at $4,251,592,000 after buying an additional 407,834 shares during the period. Hedge funds and other institutional investors own 80.43% of the company’s stock.

About Salesforce

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.