Salesforce (NYSE:CRM) Shares Down 2.5% After Insider Selling

Salesforce, Inc. (NYSE:CRM)’s stock price was down 2.5% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $269.28 and last traded at $269.37. Approximately 1,390,767 shares traded hands during trading, a decline of 75% from the average daily volume of 5,642,232 shares. The stock had previously closed at $276.19.

Specifically, COO Brian Millham sold 24,453 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $302.08, for a total transaction of $7,386,762.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CAO Sundeep G. Reddy sold 2,425 shares of the firm’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the transaction, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at approximately $1,599,566.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Brian Millham sold 24,453 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $302.08, for a total value of $7,386,762.24. The disclosure for this sale can be found here. Insiders have sold 620,793 shares of company stock valued at $182,177,918 over the last ninety days. 3.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on CRM. Robert W. Baird increased their target price on shares of Salesforce from $310.00 to $355.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Needham & Company LLC restated a “buy” rating and issued a $345.00 target price on shares of Salesforce in a report on Monday, April 15th. Truist Financial restated a “buy” rating and set a $360.00 target price (up previously from $275.00) on shares of Salesforce in a research report on Thursday, February 29th. Royal Bank of Canada reiterated an “outperform” rating and issued a $350.00 target price (up from $325.00) on shares of Salesforce in a report on Friday, April 12th. Finally, Bank of America boosted their price target on Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Nine analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $310.61.

Salesforce Trading Up 0.4 %

The firm has a 50-day moving average price of $295.97 and a 200-day moving average price of $263.90. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $265.98 billion, a PE ratio of 65.29, a price-to-earnings-growth ratio of 2.10 and a beta of 1.28.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share 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 analysts’ expectations of $9.22 billion. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The company’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.01 earnings per share. As a group, equities analysts forecast that Salesforce, Inc. will post 7.45 EPS for the current fiscal year.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 14th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.58%. The ex-dividend date was Wednesday, March 13th. Salesforce’s dividend payout ratio (DPR) is currently 9.52%.

Hedge Funds Weigh In On Salesforce

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bear Mountain Capital Inc. purchased a new stake in shares of Salesforce during the fourth quarter worth $26,000. Signature Resources Capital Management LLC bought a new stake in Salesforce during the 4th quarter worth approximately $26,000. Kathleen S. Wright Associates Inc. purchased a new stake in Salesforce in the 4th quarter worth approximately $31,000. Pacifica Partners Inc. boosted its holdings in Salesforce by 333.3% in the 4th quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 100 shares during the period. Finally, Red Tortoise LLC bought a new position in shares of Salesforce in the first quarter worth $33,000. 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.