Salesforce (NYSE:CRM) Trading Down 1.4% After Insider Selling

Salesforce, Inc. (NYSE:CRM)’s share price was down 1.4% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $278.02 and last traded at $276.89. Approximately 1,455,012 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 6,337,876 shares. The stock had previously closed at $280.75.

Specifically, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $277.37, for a total transaction of $1,725,518.77. Following the completion of the sale, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $12,967,047.50. The trade was a 11.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

Several analysts have commented on CRM shares. Bank of America decreased their price objective on shares of Salesforce from $440.00 to $400.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Guggenheim restated a “sell” rating and set a $247.00 price objective on shares of Salesforce in a research note on Thursday, February 27th. Stifel Nicolaus decreased their price objective on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Robert W. Baird cut their target price 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. Finally, Scotiabank cut their target price on shares of Salesforce from $400.00 to $345.00 and set a “sector outperform” rating for the company in a report on Monday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-one have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $362.74.

Salesforce Price Performance

The firm has a market cap of $268.54 billion, a PE ratio of 45.96, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. The stock’s fifty day moving average price is $315.19 and its 200-day moving average price is $309.50. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Institutional Investors Weigh In On Salesforce

Large investors have recently modified their holdings of the business. United Bank boosted its position in shares of Salesforce by 1.1% during the 3rd quarter. United Bank now owns 7,303 shares of the CRM provider’s stock valued at $1,999,000 after acquiring an additional 76 shares during the last quarter. LMR Partners LLP acquired a new position in shares of Salesforce during the 3rd quarter valued at about $1,051,000. Meeder Asset Management Inc. boosted its position in shares of Salesforce by 67.3% during the 3rd quarter. Meeder Asset Management Inc. now owns 666 shares of the CRM provider’s stock valued at $182,000 after acquiring an additional 268 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Salesforce by 7.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 238,067 shares of the CRM provider’s stock valued at $65,161,000 after acquiring an additional 16,724 shares during the last quarter. Finally, Sachetta LLC boosted its position in shares of Salesforce by 5,505.1% during the 3rd quarter. Sachetta LLC now owns 10,986 shares of the CRM provider’s stock valued at $3,007,000 after acquiring an additional 10,790 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.