Salesforce (NYSE:CRM) Trading Up 1% Following Insider Buying Activity

Salesforce, Inc. (NYSE:CRM)’s stock price rose 1% during mid-day trading on Tuesday following insider buying activity. The company traded as high as $243.05 and last traded at $242.29. Approximately 912,471 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 6,867,389 shares. The stock had previously closed at $239.94.

Specifically, insider Srinivas Tallapragada sold 942 shares of Salesforce stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $242.32, for a total value of $228,265.44. Following the completion of the transaction, the insider now owns 22,154 shares of the company’s stock, valued at approximately $5,368,357.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Salesforce news, CFO Amy E. Weaver sold 5,864 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $274.77, for a total value of $1,611,251.28. Following the completion of the transaction, the chief financial officer now owns 45,231 shares of the company’s stock, valued at approximately $12,428,121.87. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Srinivas Tallapragada sold 942 shares of the business’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $242.32, for a total value of $228,265.44. Following the sale, the insider now owns 22,154 shares of the company’s stock, valued at $5,368,357.28. The disclosure for this sale can be found here. Insiders sold a total of 541,787 shares of company stock valued at $149,773,683 in the last quarter. 3.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Bank of America boosted their price objective on Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. StockNews.com downgraded Salesforce from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 19th. JPMorgan Chase & Co. cut their price objective on Salesforce from $310.00 to $300.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. UBS Group cut their price objective on Salesforce from $310.00 to $250.00 and set a “neutral” rating for the company in a research note on Thursday, May 30th. Finally, Piper Sandler cut their price objective on Salesforce from $300.00 to $250.00 and set a “neutral” rating for the company in a research note on Thursday, May 30th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $292.79.

Salesforce Trading Up 0.6 %

The firm has a market cap of $235.56 billion, a price-to-earnings ratio of 43.73, a PEG ratio of 2.12 and a beta of 1.25. 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 has a fifty day moving average of $261.10 and a two-hundred day moving average of $276.56.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Salesforce by 1.2% in the first quarter. Vanguard Group Inc. now owns 84,635,254 shares of the CRM provider’s stock valued at $25,490,446,000 after acquiring an additional 1,008,841 shares during the last quarter. Capital World Investors lifted its stake in shares of Salesforce by 2.4% during the fourth quarter. Capital World Investors now owns 19,561,325 shares of the CRM provider’s stock worth $5,147,402,000 after purchasing an additional 457,463 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of Salesforce by 5.3% during the fourth quarter. Fisher Asset Management LLC now owns 14,921,042 shares of the CRM provider’s stock worth $3,926,323,000 after purchasing an additional 752,566 shares in the last quarter. Capital Research Global Investors lifted its stake in shares of Salesforce by 26.9% during the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after purchasing an additional 3,044,611 shares in the last quarter. Finally, Capital International Investors lifted its stake in shares of Salesforce by 3.0% during the first quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider’s stock worth $4,251,592,000 after purchasing an additional 407,834 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

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.