Salesforce (NYSE:CRM) Shares Down 0.8% Following Insider Selling

Salesforce, Inc. (NYSE:CRM)’s stock price dropped 0.8% on Thursday following insider selling activity. The company traded as low as $272.81 and last traded at $274.17. Approximately 1,043,263 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 5,642,400 shares. The stock had previously closed at $276.32.

Specifically, CEO Marc Benioff sold 15,000 shares of the stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $276.83, for a total value of $4,152,450.00. Following the sale, the chief executive officer now directly owns 12,857,327 shares in the company, valued at approximately $3,559,293,833.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $276.83, for a total value of $4,152,450.00. Following the completion of the transaction, the chief executive officer now owns 12,857,327 shares of the company’s stock, valued at approximately $3,559,293,833.41. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Amy E. Weaver sold 5,864 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $274.77, for a total value of $1,611,251.28. Following the transaction, the chief financial officer now directly owns 45,231 shares in the company, valued at $12,428,121.87. The disclosure for this sale can be found here. Insiders sold 628,184 shares of company stock valued at $184,794,698 over the last three months. Company insiders own 3.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Canaccord Genuity Group reissued a “buy” rating and set a $350.00 price target on shares of Salesforce in a research report on Thursday, March 7th. Wedbush raised their price objective on shares of Salesforce from $280.00 to $325.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $345.00 price objective on shares of Salesforce in a research report on Monday. Oppenheimer increased their price target on Salesforce from $300.00 to $325.00 and gave the stock an “outperform” rating in a research note on Monday, February 12th. Finally, Wolfe Research reissued an “outperform” rating and issued a $365.00 target price on shares of Salesforce in a report on Tuesday. Nine analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus price target of $307.87.

Salesforce Stock Performance

The company has a market cap of $263.69 billion, a P/E ratio of 64.73, a P/E/G ratio of 2.13 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The business has a 50-day moving average of $297.70 and a two-hundred day moving average of $260.97.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. The firm had revenue of $9.29 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.01 EPS. On average, sell-side analysts predict that Salesforce, Inc. will post 7.45 EPS for the current fiscal year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 14th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.59%. The ex-dividend date was Wednesday, March 13th. Salesforce’s dividend payout ratio is currently 9.52%.

Institutional Investors Weigh In On Salesforce

Several institutional investors have recently added to or reduced their stakes in CRM. Bear Mountain Capital Inc. acquired a new position in Salesforce during the 4th quarter valued at approximately $26,000. Signature Resources Capital Management LLC purchased a new position in Salesforce in the 4th quarter valued at about $26,000. Aspect Partners LLC purchased a new stake in shares of Salesforce during the fourth quarter worth $29,000. Kathleen S. Wright Associates Inc. purchased a new position in Salesforce in the 4th quarter worth approximately $31,000. Finally, Main Street Group LTD acquired a new position in Salesforce during the fourth quarter worth $31,000. Institutional investors and hedge funds 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.