Salesforce (NYSE:CRM) Stock Price Down 1.2% on Insider Selling

Salesforce, Inc. (NYSE:CRM)’s share price traded down 1.2% during trading on Friday after an insider sold shares in the company. The stock traded as low as $246.80 and last traded at $246.93. Approximately 5,564,231 shares traded hands during mid-day trading, a decline of 18% from the average daily volume of 6,772,298 shares. The stock had previously closed at $249.84.

Specifically, CAO Sundeep G. Reddy sold 1,256 shares of the company’s stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $253.31, for a total transaction of $318,157.36. Following the completion of the sale, the chief accounting officer now directly owns 12,826 shares in the company, valued at approximately $3,248,954.06. This represents a 8.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider R David Schmaier sold 6,959 shares of the stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $253.31, for a total transaction of $1,762,784.29. Following the sale, the insider now owns 36,090 shares in the company, valued at $9,141,957.90. The trade was a 16.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

CRM has been the subject of several research analyst reports. Needham & Company LLC restated a “buy” rating and set a $400.00 price objective on shares of Salesforce in a research report on Thursday, February 27th. Loop Capital dropped their price objective on Salesforce from $330.00 to $300.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Piper Sandler reissued an “overweight” rating on shares of Salesforce in a research note on Wednesday, March 19th. Bank of America decreased their price target on shares of Salesforce from $440.00 to $400.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, Oppenheimer dropped their price objective on shares of Salesforce from $415.00 to $380.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirty have issued a buy rating and five have issued a strong buy rating to the company. According to MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and a consensus price target of $360.32.

Salesforce Stock Down 1.2 %

The stock has a market cap of $237.30 billion, a price-to-earnings ratio of 40.61, a PEG ratio of 2.58 and a beta of 1.38. The stock has a 50 day simple moving average of $281.23 and a 200 day simple moving average of $309.39. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 10th will be given a dividend of $0.42 per share. This is a boost from Salesforce’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $1.68 annualized dividend and a dividend yield of 0.68%. Salesforce’s payout ratio is presently 26.10%.

Institutional Trading of Salesforce

Institutional investors and hedge funds have recently made changes to their positions in the company. Wells Trecaso Financial Group LLC bought a new stake in Salesforce in the 1st quarter worth about $5,809,000. Broderick Brian C boosted its stake in shares of Salesforce by 58.1% in the 1st quarter. Broderick Brian C now owns 10,696 shares of the CRM provider’s stock worth $2,870,000 after buying an additional 3,932 shares during the last quarter. Cornerstone Wealth Management LLC grew its holdings in shares of Salesforce by 9.6% in the first quarter. Cornerstone Wealth Management LLC now owns 4,211 shares of the CRM provider’s stock valued at $1,130,000 after acquiring an additional 370 shares in the last quarter. Shepherd Financial Partners LLC increased its position in shares of Salesforce by 0.7% during the first quarter. Shepherd Financial Partners LLC now owns 8,392 shares of the CRM provider’s stock valued at $2,252,000 after acquiring an additional 62 shares during the last quarter. Finally, Clarius Group LLC lifted its holdings in Salesforce by 15.5% during the first quarter. Clarius Group LLC now owns 11,451 shares of the CRM provider’s stock worth $3,073,000 after acquiring an additional 1,540 shares during the period. Hedge funds and other 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.