Salesforce (NYSE:CRM) Shares Down 2.1% – Here’s Why

Shares of Salesforce, Inc. (NYSE:CRM) fell 2.1% during mid-day trading on Thursday . The stock traded as low as $330.95 and last traded at $334.51. 2,541,322 shares changed hands during trading, a decline of 60% from the average session volume of 6,293,202 shares. The stock had previously closed at $341.72.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CRM shares. Northland Securities raised shares of Salesforce from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $270.00 to $400.00 in a research report on Wednesday, October 2nd. Raymond James increased their price target on Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 29th. Truist Financial reaffirmed a “buy” rating and set a $315.00 target price (up from $300.00) on shares of Salesforce in a research report on Thursday, September 19th. BNP Paribas raised shares of Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Finally, JMP Securities reiterated a “market outperform” rating and set a $342.00 price target on shares of Salesforce in a report on Wednesday, August 28th. Nine investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, Salesforce presently has an average rating of “Moderate Buy” and an average target price of $320.23.

Salesforce Stock Performance

The company’s 50 day moving average is $283.28 and its 200 day moving average is $265.84. The firm has a market cap of $319.28 billion, a P/E ratio of 58.02, a P/E/G ratio of 3.09 and a beta of 1.29. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating the consensus estimate of $2.36 by $0.20. The firm had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business’s quarterly revenue was up 8.5% on a year-over-year basis. During the same period last year, the company earned $1.63 earnings per share. As a group, equities analysts predict that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.48%. The ex-dividend date was Wednesday, September 18th. Salesforce’s payout ratio is presently 27.83%.

Insider Buying and Selling at Salesforce

In related news, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $255,905.13. Following the sale, the chief financial officer now owns 52,930 shares in the company, valued at $15,100,399.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Salesforce news, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $255,905.13. Following the transaction, the chief financial officer now owns 52,930 shares in the company, valued at approximately $15,100,399.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Brian Millham sold 60,522 shares of the company’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $300.00, for a total transaction of $18,156,600.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 144,373 shares of company stock valued at $41,250,680. 3.20% of the stock is currently owned by insiders.

Institutional Trading of Salesforce

A number of large investors have recently bought and sold shares of CRM. Piscataqua Savings Bank grew its position in Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after buying an additional 96 shares in the last quarter. Infrastructure Capital Advisors LLC bought a new position in shares of Salesforce in the third quarter worth approximately $27,000. Clear Investment Research LLC lifted its position in Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after purchasing an additional 98 shares during the last quarter. Stephens Consulting LLC grew its stake in Salesforce by 3,125.0% in the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after buying an additional 125 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in shares of Salesforce during the 2nd quarter valued at $33,000. 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.