Salesforce (NYSE:CRM) Trading Down 0.1% After Insider Selling

Salesforce, Inc. (NYSE:CRM)’s stock price was down 0.1% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $329.60 and last traded at $332.17. Approximately 1,116,269 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 5,151,228 shares. The stock had previously closed at $332.62.

Specifically, COO Brian Millham sold 708 shares of the stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $235,254.24. Following the sale, the chief operating officer now owns 1,239 shares of the company’s stock, valued at approximately $411,694.92. This trade represents a 36.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Sundeep G. Reddy sold 436 shares of the company’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $144,874.08. Following the sale, the chief accounting officer now owns 7,057 shares of the company’s stock, valued at $2,344,899.96. This trade represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Salesforce news, insider Parker Harris sold 652 shares of Salesforce stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $216,646.56. Following the transaction, the insider now owns 121,467 shares in the company, valued at $40,361,054.76. The trade was a 0.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CRM. Erste Group Bank raised shares of Salesforce from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Loop Capital upped their price target on Salesforce from $340.00 to $360.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Barclays raised their price objective on Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. The Goldman Sachs Group upped their target price on Salesforce from $360.00 to $400.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, Macquarie reissued a “neutral” rating and issued a $370.00 price target on shares of Salesforce in a report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-one have given a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and an average price target of $377.63.

Salesforce Price Performance

The company has a 50-day moving average of $336.73 and a 200 day moving average of $294.01. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $319.13 billion, a PE ratio of 54.85, a PEG ratio of 3.01 and a beta of 1.30.

Salesforce (NYSE:CRM) last issued its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The business had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. Salesforce’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the company earned $1.62 earnings per share. Sell-side analysts predict that Salesforce, Inc. will post 7.48 EPS for the current year.

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th were given a $0.40 dividend. The ex-dividend date was Wednesday, December 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.48%. Salesforce’s dividend payout ratio (DPR) is presently 26.32%.

Institutional Investors Weigh In On Salesforce

Several hedge funds and other institutional investors have recently made changes to their positions in CRM. Gabelli Funds LLC grew its holdings in shares of Salesforce by 11.9% in the second quarter. Gabelli Funds LLC now owns 2,405 shares of the CRM provider’s stock valued at $618,000 after purchasing an additional 255 shares during the period. Deerfield Management Company L.P. Series C purchased a new stake in shares of Salesforce in the 2nd quarter valued at approximately $409,000. MBB Public Markets I LLC increased its holdings in shares of Salesforce by 2,742.4% during the 2nd quarter. MBB Public Markets I LLC now owns 68,929 shares of the CRM provider’s stock worth $17,722,000 after buying an additional 66,504 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Salesforce by 7.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,783,790 shares of the CRM provider’s stock valued at $715,709,000 after buying an additional 185,990 shares during the period. Finally, Makena Capital Management LLC lifted its holdings in Salesforce by 26.8% in the second quarter. Makena Capital Management LLC now owns 56,106 shares of the CRM provider’s stock valued at $14,425,000 after acquiring an additional 11,874 shares during the last quarter. 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.