Salesforce (NYSE:CRM) Trading Down 1.8% After Insider Selling

Salesforce, Inc. (NYSE:CRM) shares fell 1.8% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $282.07 and last traded at $283.37. 1,556,451 shares changed hands during trading, a decline of 76% from the average session volume of 6,365,167 shares. The stock had previously closed at $288.61.

Specifically, CEO Brian Millham sold 3,937 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer now directly 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Sundeep G. Reddy sold 1,909 shares of Salesforce stock in a transaction on Monday, March 24th. The shares were sold at an average price of $284.58, for a total transaction of $543,263.22. Following the transaction, the chief accounting officer now owns 11,310 shares in the company, valued at approximately $3,218,599.80. This trade represents a 14.44 % decrease in their position. The disclosure for this sale can be found here. In related news, insider Parker Harris sold 3,273 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $284.58, for a total transaction of $931,430.34. Following the completion of the sale, the insider now owns 125,146 shares in the company, valued at approximately $35,614,048.68. This trade represents a 2.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analysts Set New Price Targets

CRM has been the subject of several recent analyst reports. Canaccord Genuity Group dropped their price target on Salesforce from $415.00 to $400.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. 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 research note on Monday, March 17th. DA Davidson decreased their price target on shares of Salesforce from $300.00 to $275.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. BMO Capital Markets reissued an “outperform” rating on shares of Salesforce in a report on Wednesday, March 19th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $400.00 target price (up from $380.00) on shares of Salesforce in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have assigned a buy rating and five have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and an average price target of $362.74.

Salesforce Trading Down 2.7 %

The stock has a market cap of $269.97 billion, a PE ratio of 46.21, a PEG ratio of 2.58 and a beta of 1.35. The company’s fifty day moving average is $311.35 and its 200-day moving average is $310.74. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Hedge Funds Weigh In On Salesforce

Several institutional investors and hedge funds have recently modified their holdings of CRM. Bernard Wealth Management Corp. acquired a new position in Salesforce in the fourth quarter valued at approximately $25,000. Accredited Wealth Management LLC purchased a new stake in Salesforce during the fourth quarter worth $27,000. Arlington Trust Co LLC increased its holdings in Salesforce by 85.1% in the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after buying an additional 40 shares in the last quarter. Compass Financial Services Inc acquired a new stake in shares of Salesforce during the 4th quarter valued at about $30,000. Finally, Asset Planning Inc purchased a new position in shares of Salesforce in the 4th quarter valued at about $31,000. Institutional investors and hedge funds 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.