Salesforce (NYSE:CRM) Stock Price Down 0.7% After Insider Selling

Salesforce, Inc. (NYSE:CRM) fell 0.7% on Wednesday after an insider sold shares in the company. The company traded as low as $252.22 and last traded at $252.94. 1,013,195 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 6,504,472 shares. The stock had previously closed at $254.79.

Specifically, insider Parker Harris sold 4,200 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $257.04, for a total value of $1,079,568.00. Following the completion of the sale, the insider now owns 117,581 shares in the company, valued at approximately $30,223,020.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Sabastian Niles sold 2,484 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $244.81, for a total value of $608,108.04. Following the completion of the transaction, the insider now directly owns 828 shares of the company’s stock, valued at approximately $202,702.68. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Bank of America restated a “buy” rating and issued a $325.00 price target on shares of Salesforce in a research note on Friday, September 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $345.00 target price on shares of Salesforce in a research note on Friday, September 6th. Citigroup boosted their price target on shares of Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. Piper Sandler raised their price objective on Salesforce from $250.00 to $268.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Finally, DA Davidson boosted their target price on Salesforce from $230.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Nine analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus target price of $306.00.

Salesforce Stock Performance

The firm has a 50 day moving average price of $253.90 and a 200 day moving average price of $267.00. The stock has a market cap of $257.63 billion, a PE ratio of 47.82, a price-to-earnings-growth ratio of 2.26 and a beta of 1.29. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15.

Salesforce (NYSE:CRM) last posted its quarterly 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. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. The company’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.63 EPS. As a group, research analysts forecast that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

The business 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 dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date is Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is currently 28.78%.

Institutional Investors Weigh In On Salesforce

A number of institutional investors have recently added to or reduced their stakes in CRM. Ruedi Wealth Management Inc. grew its stake in Salesforce by 186.7% during the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after buying an additional 56 shares during the last quarter. Piscataqua Savings Bank increased its holdings in shares of Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 96 shares in the last quarter. Clear Investment Research LLC raised its position in shares of Salesforce by 816.7% in the 2nd 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. Red Tortoise LLC acquired a new stake in Salesforce in the 1st quarter worth approximately $33,000. Finally, Stephens Consulting LLC grew its position in Salesforce by 3,125.0% during the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 125 shares during the last quarter. Institutional investors own 80.43% of the company’s stock.

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.