Salesforce (NYSE:CRM) Stock Price Down 1.7% on Insider Selling

Salesforce, Inc. (NYSE:CRM)’s share price dropped 1.7% on Monday after an insider sold shares in the company. The company traded as low as $270.34 and last traded at $271.98. Approximately 1,027,957 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 6,539,597 shares. The stock had previously closed at $276.64.

Specifically, Director Maynard G. Webb, Jr. sold 9,170 shares of Salesforce stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $276.32, for a total transaction of $2,533,854.40. Following the completion of the sale, the director now directly owns 1,363 shares of the company’s stock, valued at $376,624.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CRM shares. JMP Securities restated a “market outperform” rating and issued a $342.00 price target on shares of Salesforce in a report on Wednesday, August 28th. Citigroup boosted their price target on Salesforce from $260.00 to $290.00 and gave the company a “neutral” rating in a report on Monday, August 26th. Erste Group Bank reiterated a “hold” rating on shares of Salesforce in a report on Wednesday, September 11th. UBS Group boosted their price target on Salesforce from $250.00 to $275.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Finally, Sanford C. Bernstein boosted their price target on Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Eight analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus price target of $308.03.

Salesforce Trading Down 1.5 %

The stock has a market capitalization of $264.16 billion, a P/E ratio of 48.92, a P/E/G ratio of 2.39 and a beta of 1.29. The firm’s 50 day moving average price is $256.26 and its 200 day moving average price is $265.02. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the prior year, the firm earned $1.63 earnings per share. Salesforce’s revenue was up 8.5% on a year-over-year basis. As a group, equities research analysts expect that Salesforce, Inc. will post 7.54 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th will be given a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.59%. Salesforce’s payout ratio is presently 28.78%.

Hedge Funds Weigh In On Salesforce

Several institutional investors have recently bought and sold shares of the stock. Spartan Planning & Wealth Management lifted its holdings in Salesforce by 66.3% during the 4th quarter. Spartan Planning & Wealth Management now owns 1,567 shares of the CRM provider’s stock valued at $412,000 after buying an additional 625 shares in the last quarter. Chicago Partners Investment Group LLC lifted its stake in shares of Salesforce by 1.3% in the 4th quarter. Chicago Partners Investment Group LLC now owns 7,160 shares of the CRM provider’s stock valued at $1,983,000 after purchasing an additional 95 shares during the period. XN LP raised its position in Salesforce by 24.2% during the second quarter. XN LP now owns 464,489 shares of the CRM provider’s stock worth $119,420,000 after acquiring an additional 90,616 shares during the period. M&G Plc acquired a new stake in shares of Salesforce in the first quarter valued at about $2,178,000. Finally, First Foundation Advisors raised its position in shares of Salesforce by 38.0% in the first quarter. First Foundation Advisors now owns 828 shares of the CRM provider’s stock valued at $249,000 after buying an additional 228 shares during the last quarter. 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.