Salesforce (NYSE:CRM) Stock Price Down 0.4% After Analyst Downgrade

Salesforce, Inc. (NYSE:CRM)’s stock price fell 0.4% during mid-day trading on Wednesday after UBS Group lowered their price target on the stock from $340.00 to $320.00. UBS Group currently has a neutral rating on the stock. Salesforce traded as low as $283.71 and last traded at $286.78. 1,214,545 shares changed hands during trading, a decline of 82% from the average session volume of 6,867,251 shares. The stock had previously closed at $288.06.

CRM has been the subject of a number of other reports. Cantor Fitzgerald began coverage on Salesforce in a research note on Wednesday, April 23rd. They set an “overweight” rating and a $210.00 price objective for the company. Westpark Capital reiterated a “buy” rating and set a $320.00 price objective on shares of Salesforce in a research note on Wednesday, April 30th. DA Davidson reiterated an “underperform” rating and set a $200.00 price objective on shares of Salesforce in a research note on Monday, April 21st. Needham & Company LLC reiterated a “buy” rating and set a $400.00 price objective on shares of Salesforce in a research note on Friday, April 25th. Finally, Stephens initiated coverage on Salesforce in a research note on Wednesday, March 19th. They issued an “equal weight” rating and a $311.00 price target for the company. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-two have assigned a buy rating and five have given a strong buy rating to the company. According to MarketBeat.com, Salesforce currently has an average rating of “Moderate Buy” and a consensus target price of $351.59.

Insider Transactions at Salesforce

In related news, CAO Sundeep G. Reddy sold 1,909 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $284.58, for a total value of $543,263.22. Following the completion of the sale, the chief accounting officer now owns 11,310 shares in the company, valued at approximately $3,218,599.80. This trade represents a 14.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Miguel Milano sold 458 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $307.97, for a total transaction of $141,050.26. Following the transaction, the insider now owns 5,864 shares of the company’s stock, valued at approximately $1,805,936.08. This represents a 7.24% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 46,306 shares of company stock valued at $12,841,368. 3.20% of the stock is currently owned by insiders.

Institutional Trading of Salesforce

A number of institutional investors have recently bought and sold shares of CRM. Nvest Financial LLC grew its holdings in Salesforce by 1.1% in the 4th quarter. Nvest Financial LLC now owns 2,806 shares of the CRM provider’s stock valued at $938,000 after buying an additional 31 shares in the last quarter. OMC Financial Services LTD lifted its stake in Salesforce by 0.3% during the fourth quarter. OMC Financial Services LTD now owns 11,390 shares of the CRM provider’s stock worth $3,808,000 after purchasing an additional 31 shares during the last quarter. Capital Advisors Ltd. LLC increased its position in Salesforce by 4.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider’s stock worth $263,000 after buying an additional 31 shares during the period. Sachetta LLC increased its position in Salesforce by 0.3% during the fourth quarter. Sachetta LLC now owns 11,018 shares of the CRM provider’s stock worth $3,684,000 after buying an additional 32 shares during the period. Finally, Prossimo Advisors LLC grew its stake in shares of Salesforce by 1.0% in the 4th quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider’s stock valued at $1,125,000 after purchasing an additional 32 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Stock Down 2.0%

The firm has a 50 day simple moving average of $268.53 and a two-hundred day simple moving average of $306.85. The company has a market capitalization of $271.45 billion, a PE ratio of 46.44, a P/E/G ratio of 2.58 and a beta of 1.42. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 10th were issued a $0.42 dividend. The ex-dividend date was Thursday, April 10th. This represents a $1.68 dividend on an annualized basis and a yield of 0.60%. This is an increase from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s dividend payout ratio is currently 26.10%.

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.