Salesforce (NYSE:CRM) Stock Price Down 1.1% Following Insider Selling

Salesforce Inc. (NYSE:CRM) shares were down 1.1% during trading on Thursday following insider selling activity. The stock traded as low as $232.87 and last traded at $234.34. Approximately 2,041,120 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 7,153,141 shares. The stock had previously closed at $237.03.

Specifically, CEO Marc Benioff sold 2,250 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $234.64, for a total transaction of $527,940.00. Following the completion of the sale, the chief executive officer owned 11,911,571 shares of the company’s stock, valued at $2,794,931,019.44. This represents a 0.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Marc Benioff sold 2,250 shares of the firm’s stock in a transaction on Monday, August 11th. The stock was sold at an average price of $236.45, for a total transaction of $532,012.50. Following the sale, the chief executive officer owned 11,911,571 shares in the company, valued at approximately $2,816,490,962.95. The trade was a 0.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CEO Marc Benioff sold 2,250 shares of the company’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $240.34, for a total value of $540,765.00. Following the completion of the transaction, the chief executive officer directly owned 11,911,571 shares of the company’s stock, valued at approximately $2,862,826,974.14. This represents a 0.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Analysts Set New Price Targets

CRM has been the subject of several recent research reports. BMO Capital Markets reduced their target price on shares of Salesforce from $350.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, July 10th. Westpark Capital restated a “buy” rating and set a $320.00 price objective on shares of Salesforce in a research note on Wednesday, May 28th. Oppenheimer restated an “outperform” rating and issued a $370.00 price objective on shares of Salesforce in a report on Tuesday, June 10th. Stephens dropped their target price on Salesforce from $311.00 to $309.00 and set an “equal weight” rating on the stock in a report on Friday, May 30th. Finally, Erste Group Bank cut Salesforce from a “buy” rating to a “hold” rating in a research report on Thursday, June 5th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $347.50.

Salesforce Trading Up 4.0%

The business’s fifty day moving average is $260.41 and its 200-day moving average is $275.84. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market cap of $232.10 billion, a P/E ratio of 37.99, a price-to-earnings-growth ratio of 2.12 and a beta of 1.37.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.55 by $0.03. The business had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. Salesforce’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the business posted $2.44 earnings per share. Analysts predict that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Wednesday, June 18th were issued a $0.416 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $1.66 annualized dividend and a yield of 0.7%. Salesforce’s payout ratio is presently 25.98%.

Institutional Trading of Salesforce

Large investors have recently bought and sold shares of the business. Coign Capital Advisors LLC increased its stake in Salesforce by 1.7% in the first quarter. Coign Capital Advisors LLC now owns 2,183 shares of the CRM provider’s stock valued at $586,000 after purchasing an additional 37 shares in the last quarter. Staley Capital Advisers Inc. grew its stake in shares of Salesforce by 1.1% in the 1st quarter. Staley Capital Advisers Inc. now owns 3,343 shares of the CRM provider’s stock valued at $897,000 after buying an additional 38 shares during the period. KDT Advisors LLC increased its position in Salesforce by 4.1% in the 1st quarter. KDT Advisors LLC now owns 967 shares of the CRM provider’s stock valued at $260,000 after buying an additional 38 shares in the last quarter. Liberty One Investment Management LLC raised its stake in Salesforce by 1.2% during the 1st quarter. Liberty One Investment Management LLC now owns 3,165 shares of the CRM provider’s stock worth $849,000 after buying an additional 39 shares during the period. Finally, First Command Advisory Services Inc. raised its stake in Salesforce by 7.3% during the 1st quarter. First Command Advisory Services Inc. now owns 572 shares of the CRM provider’s stock worth $154,000 after buying an additional 39 shares during the period. 80.43% of the stock is currently owned by institutional investors and hedge funds.

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.