Salesforce (NYSE:CRM) Shares Down 1.7% After Insider Selling

Salesforce, Inc. (NYSE:CRM)’s share price fell 1.7% on Thursday after an insider sold shares in the company. The stock traded as low as $271.07 and last traded at $274.19. 1,586,510 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 5,457,792 shares. The stock had previously closed at $278.97.

Specifically, CFO Amy E. Weaver sold 7,075 shares of the business’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $309.32, for a total transaction of $2,188,439.00. Following the transaction, the chief financial officer now owns 38,483 shares in the company, valued at approximately $11,903,561.56. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CAO Sundeep G. Reddy sold 2,425 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the sale, the chief accounting officer now owns 5,856 shares of the company’s stock, valued at $1,599,566.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Amy E. Weaver sold 7,075 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $309.32, for a total value of $2,188,439.00. Following the transaction, the chief financial officer now directly owns 38,483 shares in the company, valued at $11,903,561.56. The disclosure for this sale can be found here. Insiders sold 624,193 shares of company stock valued at $182,212,898 in the last quarter. Company insiders own 3.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CRM shares. Stifel Nicolaus restated a “buy” rating and set a $350.00 price objective on shares of Salesforce in a research report on Wednesday, April 3rd. Argus lifted their price objective on Salesforce from $290.00 to $354.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. UBS Group raised their target price on Salesforce from $285.00 to $310.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. Robert W. Baird increased their price objective on shares of Salesforce from $310.00 to $355.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $350.00 target price (up from $325.00) on shares of Salesforce in a research report on Friday, April 12th. Nine equities research 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, the company presently has an average rating of “Moderate Buy” and a consensus price target of $310.61.

Salesforce Price Performance

The stock has a market capitalization of $265.60 billion, a PE ratio of 65.28, a PEG ratio of 2.10 and a beta of 1.30. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm’s 50-day moving average price is $293.29 and its 200-day moving average price is $267.99.

Salesforce (NYSE:CRM) last issued its quarterly earnings results 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. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The company had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period last year, the company earned $1.01 earnings per share. Salesforce’s revenue was up 10.8% on a year-over-year basis. On average, equities analysts forecast that Salesforce, Inc. will post 7.45 EPS for the current fiscal year.

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 14th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $1.60 dividend on an annualized basis and a yield of 0.58%. Salesforce’s payout ratio is 9.52%.

Institutional Investors Weigh In On Salesforce

Large investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Salesforce in the fourth quarter worth approximately $2,762,331,000. Capital International Investors grew its position in shares of Salesforce by 76.4% during the 4th quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock worth $3,607,493,000 after buying an additional 5,935,973 shares in the last quarter. Cerity Partners LLC increased its stake in shares of Salesforce by 1,254.7% during the fourth quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock valued at $916,693,000 after buying an additional 3,226,512 shares during the period. Coatue Management LLC bought a new stake in shares of Salesforce in the fourth quarter valued at about $564,188,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in Salesforce by 110.3% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,394,912 shares of the CRM provider’s stock worth $893,336,000 after acquiring an additional 1,780,421 shares during the period. 80.43% of the stock is owned by hedge funds and other institutional investors.

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.