Salesforce (NYSE:CRM) Shares Down 2.7% Following Analyst Downgrade

Salesforce, Inc. (NYSE:CRM) fell 2.7% during mid-day trading on Monday after Jefferies Financial Group lowered their price target on the stock from $425.00 to $375.00. Jefferies Financial Group currently has a buy rating on the stock. Salesforce traded as low as $259.19 and last traded at $262.67. 1,857,690 shares traded hands during trading, a decline of 72% from the average session volume of 6,624,547 shares. The stock had previously closed at $269.97.

A number of other equities research analysts also recently issued reports on the company. Guggenheim reissued a “sell” rating and set a $247.00 price target on shares of Salesforce in a research report on Thursday, February 27th. Barclays lifted their price objective on Salesforce from $415.00 to $425.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. The Goldman Sachs Group increased their target price on shares of Salesforce from $360.00 to $400.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. JMP Securities reaffirmed a “market outperform” rating and set a $450.00 price target on shares of Salesforce in a research report on Wednesday, December 18th. Finally, Canaccord Genuity Group decreased their price objective on shares of Salesforce from $415.00 to $400.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have issued a buy rating and five have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $361.42.

Insider Transactions at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $329.88, for a total transaction of $2,052,183.48. Following the sale, the chief financial officer now owns 45,861 shares of the company’s stock, valued at $15,128,626.68. The trade was a 11.94 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Parker Harris sold 652 shares of the stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $216,646.56. Following the completion of the transaction, the insider now directly owns 121,467 shares of the company’s stock, valued at approximately $40,361,054.76. The trade was a 0.53 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 45,660 shares of company stock valued at $14,095,336. Insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

A number of institutional investors have recently made changes to their positions in CRM. Foundations Investment Advisors LLC lifted its position in Salesforce by 15.0% in the fourth 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 during the period. Nabity Jensen Investment Management Inc bought a new stake in shares of Salesforce in the 3rd quarter worth $1,215,000. Athena Investment Management acquired a new stake in shares of Salesforce in the fourth quarter valued at $236,000. Highland Capital Management LLC bought a new position in Salesforce during the fourth quarter valued at about $4,321,000. Finally, Geode Capital Management LLC grew its holdings in Salesforce by 1.3% during the third quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock worth $5,395,132,000 after acquiring an additional 257,501 shares during the period. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Trading Up 0.7 %

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’s 50-day simple moving average is $307.13 and its 200 day simple moving average is $311.78. The stock has a market capitalization of $259.64 billion, a P/E ratio of 44.44, a PEG ratio of 2.58 and a beta of 1.35.

Salesforce Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 10th will be paid a dividend of $0.42 per share. The ex-dividend date is Thursday, April 10th. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 0.62%. Salesforce’s dividend payout ratio is currently 26.10%.

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.