Salesforce (NYSE:CRM) Trading Down 3.4% – Here’s Why

Salesforce, Inc. (NYSE:CRM)’s share price traded down 3.4% on Friday . The company traded as low as $240.79 and last traded at $246.50. 2,963,425 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 6,666,458 shares. The stock had previously closed at $255.23.

Analyst Ratings Changes

A number of research analysts have recently issued reports on CRM shares. Piper Sandler reiterated an “overweight” rating on shares of Salesforce in a report on Wednesday, March 19th. TD Cowen upgraded Salesforce from a “hold” rating to a “buy” rating and lifted their price target for the company from $380.00 to $400.00 in a research note on Friday, January 17th. Loop Capital lowered their price objective on Salesforce from $330.00 to $300.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $400.00 target price on shares of Salesforce in a research report on Thursday, February 27th. Finally, Canaccord Genuity Group lowered their price target on Salesforce from $415.00 to $400.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have issued a buy rating and five have given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $361.42.

Salesforce Price Performance

The business’s 50-day moving average price is $304.32 and its 200 day moving average price is $311.11. The company has a market capitalization of $230.89 billion, a P/E ratio of 39.52, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th will be given a dividend of $0.42 per share. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.70%. The ex-dividend date is Thursday, April 10th. Salesforce’s payout ratio is 26.10%.

Insider Transactions at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 436 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $144,874.08. Following the completion of the transaction, the chief accounting officer now owns 7,057 shares of the company’s stock, valued at $2,344,899.96. The trade was a 5.82 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R David Schmaier sold 1,785 shares of the company’s stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $288.34, for a total transaction of $514,686.90. Following the completion of the transaction, the insider now owns 29,190 shares of the company’s stock, valued at $8,416,644.60. This trade represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 45,660 shares of company stock valued at $14,095,336. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Salesforce

A number of large investors have recently modified their holdings of the company. United Bank increased its stake in Salesforce by 1.1% in the 3rd quarter. United Bank now owns 7,303 shares of the CRM provider’s stock worth $1,999,000 after purchasing an additional 76 shares during the period. Royal London Asset Management Ltd. boosted its position in Salesforce by 40.0% during the 3rd quarter. Royal London Asset Management Ltd. now owns 564,917 shares of the CRM provider’s stock valued at $154,623,000 after buying an additional 161,373 shares during the period. Quantinno Capital Management LP grew its holdings in Salesforce by 22.3% in the 3rd quarter. Quantinno Capital Management LP now owns 85,853 shares of the CRM provider’s stock worth $23,499,000 after acquiring an additional 15,675 shares during the last quarter. Stevens Capital Management LP purchased a new position in shares of Salesforce in the third quarter valued at about $5,654,000. Finally, State Street Corp raised its stake in shares of Salesforce by 1.8% during the third quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock valued at $13,432,855,000 after acquiring an additional 864,193 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other 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.