Salesforce (NYSE:CRM) Trading Down 2.9% – Here’s Why

Salesforce, Inc. (NYSE:CRM) shares dropped 2.9% during mid-day trading on Monday . The company traded as low as $272.00 and last traded at $274.64. Approximately 2,610,587 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 6,879,868 shares. The stock had previously closed at $282.89.

Analysts Set New Price Targets

Several analysts recently issued reports on CRM shares. Wedbush restated an “outperform” rating and set a $425.00 target price on shares of Salesforce in a research report on Wednesday, December 18th. Bank of America reduced their price objective on Salesforce from $440.00 to $400.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Northland Securities reiterated an “outperform” rating and set a $440.00 target price (up from $400.00) on shares of Salesforce in a research report on Wednesday, December 4th. Loop Capital reduced their price target on Salesforce from $330.00 to $300.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Finally, Jefferies Financial Group boosted their price objective on Salesforce from $400.00 to $425.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-one have given a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and an average target price of $365.62.

Salesforce Price Performance

The firm has a market capitalization of $261.76 billion, a P/E ratio of 44.80, a P/E/G ratio of 2.58 and a beta of 1.35. The stock’s 50 day simple moving average is $323.68 and its 200 day simple moving average is $308.84. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

Insiders Place Their Bets

In other Salesforce news, Director Robin L. Washington acquired 1,695 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were bought at an average cost of $294.61 per share, with a total value of $499,363.95. Following the completion of the acquisition, the director now directly owns 43,445 shares in the company, valued at $12,799,331.45. This represents a 4.06 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Parker Harris sold 942 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $339.78, for a total value of $320,072.76. Following the sale, the insider now owns 120,333 shares of the company’s stock, valued at approximately $40,886,746.74. This represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,108,793 shares of company stock worth $383,156,227 in the last ninety days. 3.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CRM. Capstone Triton Financial Group LLC boosted its holdings in shares of Salesforce by 0.8% in the 4th quarter. Capstone Triton Financial Group LLC now owns 5,736 shares of the CRM provider’s stock valued at $1,918,000 after buying an additional 47 shares in the last quarter. Mattson Financial Services LLC increased its position in shares of Salesforce by 43,625.0% during the fourth quarter. Mattson Financial Services LLC now owns 3,498 shares of the CRM provider’s stock worth $1,169,000 after purchasing an additional 3,490 shares in the last quarter. Alpha Wealth Funds LLC purchased a new stake in shares of Salesforce during the 4th quarter valued at $869,000. IronOak Wealth LLC. acquired a new stake in shares of Salesforce in the 4th quarter worth $1,271,000. Finally, Wood Tarver Financial Group LLC purchased a new position in Salesforce during the 4th quarter worth $35,000. 80.43% of the stock is owned by 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.