Salesforce (NYSE:CRM) Trading Down 0.4% on Insider Selling

Shares of Salesforce, Inc. (NYSE:CRMGet Free Report) were down 0.4% on Tuesday following insider selling activity. The stock traded as low as $254.11 and last traded at $255.23. Approximately 786,628 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 6,928,011 shares. The stock had previously closed at $256.21.

Specifically, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction on Friday, April 5th. The stock was sold at an average price of $300.14, for a total value of $4,502,100.00. Following the completion of the transaction, the chief executive officer now directly owns 12,951,166 shares in the company, valued at $3,887,162,963.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $300.14, for a total transaction of $4,502,100.00. Following the completion of the transaction, the chief executive officer now directly owns 12,951,166 shares in the company, valued at $3,887,162,963.24. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Srinivas Tallapragada sold 942 shares of the business’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $242.32, for a total value of $228,265.44. Following the transaction, the insider now owns 22,154 shares of the company’s stock, valued at $5,368,357.28. The disclosure for this sale can be found here. Over the last three months, insiders sold 494,952 shares of company stock worth $135,205,453. 3.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently commented on CRM shares. Argus boosted their target price on Salesforce from $290.00 to $354.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. Truist Financial reiterated a “buy” rating and issued a $300.00 price objective (down from $360.00) on shares of Salesforce in a report on Thursday, May 30th. Evercore ISI cut their price objective on Salesforce from $330.00 to $300.00 and set an “outperform” rating for the company in a report on Thursday, May 30th. Morgan Stanley cut their price objective on Salesforce from $350.00 to $320.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. Finally, Stifel Nicolaus cut their price objective on Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have assigned 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 a consensus target price of $292.79.

Read Our Latest Research Report on CRM

Salesforce Price Performance

The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market cap of $248.47 billion, a PE ratio of 46.13, a P/E/G ratio of 2.26 and a beta of 1.29. The firm has a 50 day moving average of $259.43 and a two-hundred day moving average of $276.46.

Salesforce (NYSE:CRMGet Free Report) last issued its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, beating the consensus estimate of $2.38 by $0.06. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The business had revenue of $9.13 billion for the quarter, compared to the consensus estimate of $9.15 billion. During the same period last year, the business posted $1.15 EPS. The company’s revenue was up 10.7% compared to the same quarter last year. Research analysts predict that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Tuesday, July 9th will be given a dividend of $0.40 per share. The ex-dividend date is Tuesday, July 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.62%. Salesforce’s payout ratio is 7.19%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRM. Graypoint LLC lifted its holdings in Salesforce by 0.3% in the fourth quarter. Graypoint LLC now owns 10,504 shares of the CRM provider’s stock worth $2,764,000 after purchasing an additional 36 shares during the period. Chase Investment Counsel Corp lifted its holdings in Salesforce by 0.3% in the fourth quarter. Chase Investment Counsel Corp now owns 10,377 shares of the CRM provider’s stock worth $2,730,000 after purchasing an additional 36 shares during the period. JFS Wealth Advisors LLC raised its position in Salesforce by 11.4% in the fourth quarter. JFS Wealth Advisors LLC now owns 353 shares of the CRM provider’s stock worth $93,000 after acquiring an additional 36 shares in the last quarter. Opes Wealth Management LLC raised its position in Salesforce by 2.9% in the fourth quarter. Opes Wealth Management LLC now owns 1,295 shares of the CRM provider’s stock worth $341,000 after acquiring an additional 37 shares in the last quarter. Finally, Prentice Wealth Management LLC raised its position in Salesforce by 1.7% in the fourth quarter. Prentice Wealth Management LLC now owns 2,294 shares of the CRM provider’s stock worth $604,000 after acquiring an additional 38 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Company Profile

(Get Free Report)

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.

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