Salesforce (NYSE:CRM) Trading Down 0.8%

Salesforce, Inc. (NYSE:CRM)’s stock price fell 0.8% on Monday . The stock traded as low as $229.61 and last traded at $230.11. 1,245,038 shares were traded during mid-day trading, a decline of 81% from the average session volume of 6,683,788 shares. The stock had previously closed at $231.94.

Analysts Set New Price Targets

CRM has been the topic of a number of recent research reports. Canaccord Genuity Group cut their price target on Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. JPMorgan Chase & Co. cut their price target on Salesforce from $310.00 to $300.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. DA Davidson cut their price target on Salesforce from $300.00 to $230.00 and set a “neutral” rating on the stock in a research note on Thursday, May 30th. Truist Financial reissued a “buy” rating and set a $300.00 price target (down from $360.00) on shares of Salesforce in a research note on Thursday, May 30th. Finally, Piper Sandler cut their price target on Salesforce from $300.00 to $250.00 and set a “neutral” rating on the stock in a research note on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $292.79.

Salesforce Stock Performance

The stock has a market cap of $224.61 billion, a P/E ratio of 41.69, a P/E/G ratio of 2.02 and a beta of 1.25. The company has a fifty day moving average price of $265.95 and a 200 day moving average price of $276.92. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, beating the consensus estimate of $2.38 by $0.06. The firm had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.15 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The company’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.15 earnings per share. On average, equities analysts expect that Salesforce, Inc. will post 7.47 EPS for the current year.

Insider Activity

In other news, Director G Mason Morfit acquired 428,000 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was purchased at an average price of $233.17 per share, for a total transaction of $99,796,760.00. Following the completion of the acquisition, the director now directly owns 3,914,309 shares in the company, valued at approximately $912,699,429.53. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director G Mason Morfit purchased 428,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were purchased at an average price of $233.17 per share, with a total value of $99,796,760.00. Following the transaction, the director now directly owns 3,914,309 shares of the company’s stock, valued at $912,699,429.53. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $309.64, for a total value of $4,644,600.00. Following the transaction, the chief executive officer now directly owns 13,101,166 shares in the company, valued at approximately $4,056,645,040.24. The disclosure for this sale can be found here. Insiders sold a total of 615,470 shares of company stock worth $172,557,838 over the last quarter. 3.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Bear Mountain Capital Inc. bought a new stake in shares of Salesforce during the 4th quarter valued at $26,000. Signature Resources Capital Management LLC bought a new stake in shares of Salesforce during the 4th quarter valued at $26,000. Ruedi Wealth Management Inc. raised its stake in shares of Salesforce by 186.7% during the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 56 shares during the period. Kathleen S. Wright Associates Inc. bought a new stake in shares of Salesforce during the 4th quarter valued at $31,000. Finally, Pacifica Partners Inc. raised its stake in shares of Salesforce by 333.3% during the 4th quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 100 shares during the period. 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.