Salesforce (NYSE:CRM) Shares Up 0.3% – Here’s Why

Salesforce, Inc. (NYSE:CRM)’s stock price was up 0.3% during trading on Wednesday . The stock traded as high as $246.44 and last traded at $244.72. Approximately 2,037,608 shares traded hands during trading, a decline of 70% from the average daily volume of 6,719,605 shares. The stock had previously closed at $243.99.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CRM shares. Scotiabank reduced their price objective on Salesforce from $400.00 to $345.00 and set a “sector outperform” rating for the company in a research report on Monday, March 17th. Canaccord Genuity Group reduced their price target on Salesforce from $415.00 to $400.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Bank of America dropped their price target on shares of Salesforce from $440.00 to $400.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Robert W. Baird dropped their price objective on Salesforce from $430.00 to $400.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Salesforce in a research report on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have assigned a buy rating and five have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $361.42.

Salesforce Trading Up 6.6 %

The company’s 50 day simple moving average is $295.86 and its 200-day simple moving average is $311.01. The firm has a market cap of $249.90 billion, a P/E ratio of 42.77, a P/E/G 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 paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $1.68 annualized dividend and a dividend yield of 0.65%. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s dividend payout ratio (DPR) is currently 26.10%.

Insider Transactions at Salesforce

In other Salesforce news, Director Oscar Munoz purchased 3,882 shares of Salesforce stock in a transaction that occurred on Thursday, April 3rd. The stock was bought at an average price of $257.28 per share, with a total value of $998,760.96. Following the acquisition, the director now owns 11,843 shares of the company’s stock, valued at $3,046,967.04. This trade represents a 48.76 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Amy E. Weaver sold 6,221 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $329.88, for a total value of $2,052,183.48. Following the completion of the sale, the chief financial officer now directly owns 45,861 shares in the company, valued at approximately $15,128,626.68. The trade was a 11.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 45,660 shares of company stock valued at $14,095,336. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

Several institutional investors have recently modified their holdings of the stock. Foundations Investment Advisors LLC increased its stake in Salesforce by 15.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock worth $12,194,000 after buying an additional 4,752 shares in the last quarter. Athena Investment Management acquired a new stake in Salesforce during the 4th quarter worth $236,000. Highland Capital Management LLC purchased a new position in shares of Salesforce in the fourth quarter worth about $4,321,000. Geode Capital Management LLC grew its stake in Salesforce by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock valued at $5,395,132,000 after acquiring an additional 257,501 shares in the last quarter. Finally, Nordea Investment Management AB boosted its holdings in shares of Salesforce by 11.9% during the 4th quarter. Nordea Investment Management AB now owns 2,288,803 shares of the CRM provider’s stock worth $766,566,000 after purchasing an additional 243,008 shares during the last quarter. Institutional investors and hedge funds 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.