Salesforce (NYSE:CRM) Shares Down 0.7% After Insider Selling

Shares of Salesforce, Inc. (NYSE:CRM) were down 0.7% during trading on Thursday after an insider sold shares in the company. The company traded as low as $276.01 and last traded at $279.06. Approximately 831,545 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 6,852,848 shares. The stock had previously closed at $280.99.

Specifically, insider R David Schmaier sold 1,785 shares of the firm’s stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $288.34, for a total transaction of $514,686.90. Following the transaction, the insider now directly owns 29,190 shares of the company’s stock, valued at approximately $8,416,644.60. This trade represents a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Brian Millham sold 3,937 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $284.58, for a total value of $1,120,391.46. Following the sale, the chief executive officer now owns 5,518 shares of the company’s stock, valued at $1,570,312.44. This represents a 41.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Salesforce news, CAO Sundeep G. Reddy sold 1,909 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $284.58, for a total value of $543,263.22. Following the completion of the sale, the chief accounting officer now owns 11,310 shares in the company, valued at approximately $3,218,599.80. The trade was a 14.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Robert W. Baird lowered their price target on shares of Salesforce from $430.00 to $400.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. The Goldman Sachs Group boosted their price target on Salesforce from $360.00 to $400.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Canaccord Genuity Group dropped their price objective on Salesforce from $415.00 to $400.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Macquarie restated a “neutral” rating and set a $320.00 target price on shares of Salesforce in a report on Thursday, March 20th. Finally, DA Davidson cut their price target on shares of Salesforce from $300.00 to $275.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have assigned a buy rating and five have given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $362.74.

Salesforce Stock Performance

The firm has a market cap of $259.51 billion, a P/E ratio of 44.42, a P/E/G ratio of 2.58 and a beta of 1.35. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The business’s 50-day simple moving average is $309.39 and its 200 day simple moving average is $310.68.

Salesforce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 10th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date of this dividend is Thursday, April 10th. This is a boost from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s dividend payout ratio is 25.16%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bernard Wealth Management Corp. bought a new stake in Salesforce during the fourth quarter valued at approximately $25,000. Infrastructure Capital Advisors LLC bought a new position in shares of Salesforce during the 3rd quarter valued at approximately $27,000. Accredited Wealth Management LLC purchased a new stake in Salesforce in the 4th quarter worth approximately $27,000. Arlington Trust Co LLC increased its holdings in Salesforce by 85.1% in the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock worth $29,000 after acquiring an additional 40 shares in the last quarter. Finally, Compass Financial Services Inc purchased a new position in Salesforce during the fourth quarter valued at approximately $30,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

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.