Salesforce (NYSE:CRM) Trading Down 1.2% Following Insider Selling

Salesforce, Inc. (NYSE:CRM)’s share price fell 1.2% on Friday following insider selling activity. The company traded as low as $246.80 and last traded at $246.93. 5,564,231 shares were traded during mid-day trading, a decline of 18% from the average session volume of 6,772,298 shares. The stock had previously closed at $249.84.

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

Analyst Upgrades and Downgrades

CRM has been the subject of a number of analyst reports. DA Davidson decreased their price target on Salesforce from $275.00 to $250.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Morgan Stanley decreased their target price on shares of Salesforce from $405.00 to $393.00 and set an “overweight” rating for the company in a research note on Wednesday. Scotiabank dropped their price target on shares of Salesforce from $400.00 to $345.00 and set a “sector outperform” rating on the stock in a research report on Monday, March 17th. Redburn Atlantic started coverage on shares of Salesforce in a research report on Wednesday, February 19th. They issued a “buy” rating for the company. Finally, Stephens began coverage on Salesforce in a research report on Wednesday, March 19th. They set an “equal weight” rating and a $311.00 target price on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty have issued a buy rating and five have assigned a strong buy rating to the company’s stock. According to MarketBeat, Salesforce presently has an average rating of “Moderate Buy” and an average price target of $360.32.

Salesforce Price Performance

The firm has a market cap of $237.30 billion, a price-to-earnings ratio of 40.61, a P/E/G ratio of 2.58 and a beta of 1.38. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock’s fifty day moving average price is $281.23 and its 200-day moving average price is $309.60.

Salesforce Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th will be given a $0.42 dividend. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $1.68 dividend on an annualized basis and a yield of 0.68%. This is an increase from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s payout ratio is currently 26.10%.

Hedge Funds Weigh In On Salesforce

A number of hedge funds have recently modified their holdings of CRM. Norges Bank acquired a new position in shares of Salesforce in the 4th quarter worth approximately $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in Salesforce by 926.4% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider’s stock valued at $1,422,979,000 after purchasing an additional 3,841,521 shares during the period. GAMMA Investing LLC lifted its stake in Salesforce by 30,456.9% during the first quarter. GAMMA Investing LLC now owns 3,801,588 shares of the CRM provider’s stock worth $1,020,194,000 after purchasing an additional 3,789,147 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Salesforce during the fourth quarter worth $1,173,564,000. Finally, Invesco Ltd. grew its stake in shares of Salesforce by 42.5% in the fourth quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider’s stock valued at $2,604,770,000 after buying an additional 2,325,156 shares in the last quarter. 80.43% of the stock is currently 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.