Salesforce (NYSE:CRM) Shares Down 0.5%

Salesforce, Inc. (NYSE:CRM)’s share price was down 0.5% during trading on Thursday . The stock traded as low as $245.75 and last traded at $246.47. Approximately 895,199 shares were traded during trading, a decline of 86% from the average daily volume of 6,586,178 shares. The stock had previously closed at $247.68.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Evercore ISI reaffirmed an “outperform” rating and issued a $300.00 target price on shares of Salesforce in a research report on Monday, August 26th. Wells Fargo & Company upped their price objective on shares of Salesforce from $250.00 to $275.00 and gave the stock an “equal weight” rating in a report on Thursday, August 29th. Sanford C. Bernstein lifted their target price on shares of Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Wedbush restated an “outperform” rating and issued a $315.00 price target on shares of Salesforce in a research note on Thursday, August 29th. Finally, Piper Sandler raised their price objective on Salesforce from $250.00 to $268.00 and gave the company a “neutral” 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 issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $304.41.

Salesforce Price Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.11. The company has a market capitalization of $238.25 billion, a P/E ratio of 44.33, a price-to-earnings-growth ratio of 2.22 and a beta of 1.29. The firm’s 50-day moving average is $254.92 and its 200-day moving average is $270.28.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. The business had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company’s revenue was up 8.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.63 earnings per share. Analysts predict that Salesforce, Inc. will post 7.52 EPS for the current fiscal year.

Salesforce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Tuesday, July 9th were issued a dividend of $0.40 per share. The ex-dividend date was Tuesday, July 9th. This represents a $1.60 dividend on an annualized basis and a yield of 0.65%. Salesforce’s dividend payout ratio is presently 28.78%.

Insider Transactions at Salesforce

In related news, insider Parker Harris sold 2,800 shares of Salesforce stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $240.40, for a total transaction of $673,120.00. Following the sale, the insider now owns 115,762 shares of the company’s stock, valued at approximately $27,829,184.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Parker Harris sold 2,800 shares of Salesforce stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $240.40, for a total value of $673,120.00. Following the sale, the insider now directly owns 115,762 shares of the company’s stock, valued at $27,829,184.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Marc Benioff sold 15,000 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $241.74, for a total value of $3,626,100.00. Following the transaction, the chief executive officer now owns 12,162,457 shares of the company’s stock, valued at $2,940,152,355.18. The disclosure for this sale can be found here. Insiders sold a total of 95,164 shares of company stock valued at $23,760,225 over the last 90 days. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

Large investors have recently added to or reduced their stakes in the stock. Ruedi Wealth Management Inc. boosted its holdings in shares of Salesforce by 186.7% in the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 56 shares during the period. Piscataqua Savings Bank lifted its position in Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after buying an additional 96 shares during the last quarter. Clear Investment Research LLC boosted its stake in Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after buying an additional 98 shares during the period. Red Tortoise LLC bought a new position in Salesforce during the first quarter valued at $33,000. Finally, Stephens Consulting LLC raised its stake in shares of Salesforce by 3,125.0% in the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after acquiring an additional 125 shares during the period. 80.43% of the stock is owned by institutional investors.

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.