Salesforce (NYSE:CRM) Stock Price Down 0.7% – Here’s Why

Salesforce, Inc. (NYSE:CRM) fell 0.7% on Thursday . The stock traded as low as $276.01 and last traded at $279.06. 831,545 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 6,852,848 shares. The stock had previously closed at $280.99.

Wall Street Analyst Weigh In

Several brokerages recently commented on CRM. DA Davidson decreased their price objective on shares of Salesforce from $300.00 to $275.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Loop Capital lowered their price objective on shares of Salesforce from $330.00 to $300.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Redburn Atlantic began coverage on Salesforce in a research report on Wednesday, February 19th. They issued a “buy” rating on the stock. JMP Securities reiterated a “market outperform” rating and set a $450.00 price target on shares of Salesforce in a research note on Wednesday, December 18th. Finally, Barclays raised their price objective on Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have issued a buy rating and five have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $362.74.

Salesforce Stock Performance

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 has a market capitalization of $267.59 billion, a PE ratio of 45.80, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. The firm’s fifty day moving average is $311.35 and its 200-day moving average is $310.74.

Insider Transactions at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $329.88, for a total value of $2,052,183.48. Following the completion of the transaction, the chief financial officer now directly owns 45,861 shares of the company’s stock, valued at $15,128,626.68. The trade was a 11.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Sundeep G. Reddy sold 436 shares of the stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $144,874.08. Following the sale, the chief accounting officer now directly owns 7,057 shares in the company, valued at $2,344,899.96. This represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,875 shares of company stock worth $13,580,649. 3.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Salesforce

A number of hedge funds have recently added to or reduced their stakes in the business. Fire Capital Management LLC acquired a new stake in shares of Salesforce in the fourth quarter valued at $1,326,000. Fairtree Asset Management Pty Ltd acquired a new stake in Salesforce in the 4th quarter valued at about $431,000. M1 Capital Management LLC acquired a new position in shares of Salesforce during the fourth quarter worth about $347,000. DSG Capital Advisors LLC acquired a new position in shares of Salesforce during the fourth quarter worth about $3,237,000. Finally, 111 Capital purchased a new stake in shares of Salesforce during the fourth quarter worth approximately $1,808,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

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.