Salesforce (NYSE:CRM) Trading Down 1.4% After Insider Selling

Salesforce, Inc. (NYSE:CRM)’s stock price dropped 1.4% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $278.02 and last traded at $276.89. Approximately 1,455,012 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 6,337,876 shares. The stock had previously closed at $280.75.

Specifically, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $277.37, for a total transaction of $1,725,518.77. Following the completion of the sale, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $12,967,047.50. The trade was a 11.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Wells Fargo & Company dropped their price target on shares of Salesforce from $345.00 to $310.00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. Robert W. Baird dropped their price target on shares of Salesforce from $430.00 to $400.00 and set an “outperform” rating for the company in a research report on Thursday, February 27th. JMP Securities reissued a “market outperform” rating and issued a $450.00 target price on shares of Salesforce in a report on Wednesday, December 18th. UBS Group upped their price target on shares of Salesforce from $275.00 to $360.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Salesforce in a research report on Wednesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-one have issued a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus price target of $362.74.

Salesforce Stock Up 0.3 %

The firm has a market capitalization of $268.54 billion, a P/E ratio of 45.96, a PEG ratio of 2.58 and a beta of 1.35. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The business’s fifty day moving average price is $315.19 and its two-hundred day moving average price is $309.50.

Institutional Trading of Salesforce

Institutional investors have recently modified their holdings of the company. Foundations Investment Advisors LLC boosted its stake in Salesforce by 15.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock worth $12,194,000 after purchasing an additional 4,752 shares in the last quarter. Nabity Jensen Investment Management Inc acquired a new stake in Salesforce in the 3rd quarter worth approximately $1,215,000. Athena Investment Management acquired a new stake in Salesforce in the 4th quarter worth approximately $236,000. Highland Capital Management LLC acquired a new stake in Salesforce in the 4th quarter worth approximately $4,321,000. Finally, Geode Capital Management LLC boosted its stake in Salesforce by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock worth $5,395,132,000 after purchasing an additional 257,501 shares in the last quarter. 80.43% of the stock is currently owned by 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.