Salesforce, Inc. (NYSE:CRM – Get Free Report) shot up 3.9% during trading on Thursday following insider buying activity. The stock traded as high as $246.75 and last traded at $245.75. 4,726,809 shares were traded during trading, a decline of 28% from the average session volume of 6,533,895 shares. The stock had previously closed at $236.53.
Specifically, CAO Sundeep G. Reddy sold 2,425 shares of the stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total value of $662,388.75. Following the sale, the chief accounting officer now directly owns 5,856 shares in the company, valued at $1,599,566.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Parker Harris sold 2,800 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $235.99, for a total transaction of $660,772.00. Following the sale, the insider now directly owns 115,762 shares in the company, valued at $27,318,674.38. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Sundeep G. Reddy sold 2,425 shares of the company’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the transaction, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at $1,599,566.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 640,870 shares of company stock valued at $182,545,398. 3.20% of the stock is currently owned by insiders.
Analyst Ratings Changes
CRM has been the subject of several recent research reports. UBS Group reduced their target price on shares of Salesforce from $310.00 to $250.00 and set a “neutral” rating for the company in a report on Thursday, May 30th. Morgan Stanley lowered their price target on shares of Salesforce from $350.00 to $320.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Canaccord Genuity Group decreased their target price on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday, May 30th. Citigroup reduced their price target on shares of Salesforce from $323.00 to $260.00 and set a “neutral” rating on the stock in a research report on Thursday, May 30th. Finally, KeyCorp initiated coverage on shares of Salesforce in a research note on Thursday, March 21st. They set a “sector weight” rating on the stock. One 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $292.79.
Get Our Latest Research Report on Salesforce
Salesforce Price Performance
The stock has a market cap of $234.23 billion, a P/E ratio of 43.47, a P/E/G ratio of 2.08 and a beta of 1.25. The business has a 50 day simple moving average of $275.34 and a 200-day simple moving average of $276.17. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.
Salesforce (NYSE:CRM – Get Free Report) last posted its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.06. The company had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.15 billion. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.15 earnings per share. On average, sell-side analysts forecast that Salesforce, Inc. will post 7.47 EPS for the current year.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in CRM. Vanguard Group Inc. raised its stake in shares of Salesforce by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 84,635,254 shares of the CRM provider’s stock valued at $25,490,446,000 after purchasing an additional 1,008,841 shares during the period. Capital World Investors lifted its stake in Salesforce by 2.4% during the fourth quarter. Capital World Investors now owns 19,561,325 shares of the CRM provider’s stock worth $5,147,402,000 after purchasing an additional 457,463 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Salesforce by 5.3% in the 4th quarter. Fisher Asset Management LLC now owns 14,921,042 shares of the CRM provider’s stock worth $3,926,323,000 after purchasing an additional 752,566 shares in the last quarter. Capital Research Global Investors increased its position in shares of Salesforce by 26.9% during the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after purchasing an additional 3,044,611 shares during the last quarter. Finally, Capital International Investors raised its holdings in shares of Salesforce by 3.0% during the 1st quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider’s stock valued at $4,251,592,000 after buying an additional 407,834 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.
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.
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