Salesforce (NYSE:CRM) Shares Down 1.6% Following Insider Selling

Shares of Salesforce, Inc. (NYSE:CRM) dropped 1.6% on Monday following insider selling activity. The stock traded as low as $331.61 and last traded at $333.11. Approximately 669,699 shares traded hands during trading, a decline of 90% from the average daily volume of 6,381,534 shares. The stock had previously closed at $338.45.

Specifically, insider R David Schmaier sold 1,785 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $344.00, for a total value of $614,040.00. Following the completion of the transaction, the insider now owns 19,116 shares in the company, valued at $6,575,904. This trade represents a 8.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Amy E. Weaver sold 6,221 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $343.00, for a total value of $2,133,803.00. Following the completion of the transaction, the chief financial officer now owns 53,861 shares of the company’s stock, valued at approximately $18,474,323. The trade was a 10.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CRM shares. BMO Capital Markets increased their price target on shares of Salesforce from $385.00 to $425.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Northland Securities reissued an “outperform” rating and set a $440.00 target price (up previously from $400.00) on shares of Salesforce in a report on Wednesday, December 4th. Cfra set a $343.00 price target on shares of Salesforce in a report on Thursday, October 17th. Citigroup increased their price target on Salesforce from $368.00 to $390.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Finally, Oppenheimer reissued an “outperform” rating and issued a $415.00 price objective (up previously from $385.00) on shares of Salesforce in a report on Wednesday, December 4th. Eight analysts have rated the stock with a hold rating, thirty have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $378.86.

Salesforce Stock Down 1.3 %

The stock has a market capitalization of $319.55 billion, a price-to-earnings ratio of 54.92, a PEG ratio of 3.21 and a beta of 1.30. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The business has a fifty day moving average of $328.28 and a 200 day moving average of $283.20.

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

Salesforce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.48%. The ex-dividend date is Wednesday, December 18th. Salesforce’s payout ratio is 26.32%.

Hedge Funds Weigh In On Salesforce

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. IFG Advisory LLC acquired a new position in Salesforce during the 2nd quarter worth approximately $569,000. Confluence Wealth Services Inc. grew its stake in shares of Salesforce by 19.4% during the second quarter. Confluence Wealth Services Inc. now owns 2,512 shares of the CRM provider’s stock worth $646,000 after purchasing an additional 408 shares in the last quarter. Aptus Capital Advisors LLC increased its holdings in Salesforce by 8.1% in the second quarter. Aptus Capital Advisors LLC now owns 7,193 shares of the CRM provider’s stock valued at $1,849,000 after buying an additional 538 shares during the last quarter. Essex Financial Services Inc. lifted its holdings in Salesforce by 14.0% during the 2nd quarter. Essex Financial Services Inc. now owns 3,248 shares of the CRM provider’s stock worth $835,000 after buying an additional 400 shares during the last quarter. Finally, Berry Wealth Group LP increased its stake in Salesforce by 10.8% in the second quarter. Berry Wealth Group LP now owns 1,849 shares of the CRM provider’s stock valued at $475,000 after purchasing an additional 180 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

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.