Salesforce (NYSE:CRM) Trading Down 0.7%

Salesforce, Inc. (NYSE:CRM) was down 0.7% during trading on Tuesday . The stock traded as low as $259.40 and last traded at $263.45. Approximately 1,325,112 shares changed hands during trading, a decline of 80% from the average daily volume of 6,514,931 shares. The stock had previously closed at $265.28.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft dropped 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. Sanford C. Bernstein lifted their price target on Salesforce from $231.00 to $234.00 and gave the company an “underperform” rating in a report on Thursday, May 30th. Mizuho reduced their price objective on Salesforce from $345.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. Truist Financial reaffirmed a “buy” rating and set a $300.00 target price (down previously from $360.00) on shares of Salesforce in a research note on Thursday, May 30th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Salesforce from $310.00 to $300.00 and set an “overweight” rating on the stock in a research report 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 company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $292.38.

Salesforce Stock Performance

The firm has a fifty day moving average of $252.79 and a 200-day moving average of $271.82. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The firm has a market cap of $256.01 billion, a P/E ratio of 47.52, a PEG ratio of 2.22 and a beta of 1.29.

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

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Tuesday, July 9th were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $1.60 dividend on an annualized basis and a yield of 0.61%. Salesforce’s dividend payout ratio is presently 28.78%.

Insider Activity

In other Salesforce news, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $229,434.66. Following the completion of the sale, the chief financial officer now owns 51,109 shares of the company’s stock, valued at $13,072,660.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, COO Brian Millham sold 4,056 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $261.50, for a total transaction of $1,060,644.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Amy E. Weaver sold 897 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $229,434.66. Following the transaction, the chief financial officer now owns 51,109 shares of the company’s stock, valued at approximately $13,072,660.02. The disclosure for this sale can be found here. Insiders sold a total of 123,764 shares of company stock valued at $30,102,367 in the last ninety days. 3.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CRM. Valmark Advisers Inc. increased its position in Salesforce by 2.4% during the fourth quarter. Valmark Advisers Inc. now owns 2,190 shares of the CRM provider’s stock worth $576,000 after acquiring an additional 51 shares during the period. Principle Wealth Partners LLC boosted its position in Salesforce by 1.3% during the 4th quarter. Principle Wealth Partners LLC now owns 9,183 shares of the CRM provider’s stock worth $2,416,000 after buying an additional 115 shares during the period. Legacy Capital Wealth Partners LLC acquired a new position in shares of Salesforce in the 4th quarter worth approximately $239,000. Silver Oak Securities Incorporated lifted its position in shares of Salesforce by 140.3% in the 4th quarter. Silver Oak Securities Incorporated now owns 1,591 shares of the CRM provider’s stock worth $419,000 after purchasing an additional 929 shares during the period. Finally, Red Wave Investments LLC bought a new stake in shares of Salesforce in the 4th quarter valued at $285,000. 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.