Salesforce (NYSE:CRM) Stock Price Down 1.8% Following Insider Selling

Salesforce, Inc. (NYSE:CRM)’s share price traded down 1.8% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $282.07 and last traded at $283.37. 1,556,451 shares traded hands during trading, a decline of 76% from the average session volume of 6,365,167 shares. The stock had previously closed at $288.61.

Specifically, CEO Brian Millham sold 3,937 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $284.58, for a total transaction of $1,120,391.46. Following the completion of the transaction, the chief executive officer now owns 5,518 shares of the company’s stock, valued at $1,570,312.44. This represents a 41.64 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Sundeep G. Reddy sold 1,909 shares of Salesforce stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $284.58, for a total transaction of $543,263.22. Following the completion of the sale, the chief accounting officer now owns 11,310 shares in the company, valued at $3,218,599.80. This trade represents a 14.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, insider Parker Harris sold 3,273 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $284.58, for a total transaction of $931,430.34. Following the completion of the transaction, the insider now owns 125,146 shares in the company, valued at approximately $35,614,048.68. This represents a 2.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CRM shares. Guggenheim reissued a “sell” rating and set a $247.00 price target on shares of Salesforce in a research report on Thursday, February 27th. BMO Capital Markets reiterated an “outperform” rating on shares of Salesforce in a report on Wednesday, March 19th. Wells Fargo & Company decreased their price target on Salesforce from $345.00 to $310.00 and set an “equal weight” rating for the company in a research note on Thursday, February 27th. Loop Capital dropped their price objective on Salesforce from $330.00 to $300.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. Finally, JPMorgan Chase & Co. raised their target price on shares of Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. One investment 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $362.74.

Salesforce Stock Performance

The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market cap of $272.32 billion, a P/E ratio of 46.61, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. The company has a 50 day moving average price of $312.15 and a 200-day moving average price of $310.95.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CRM. Bernard Wealth Management Corp. acquired a new stake in shares of Salesforce in the 4th quarter valued at approximately $25,000. Infrastructure Capital Advisors LLC acquired a new stake in shares of Salesforce during the 3rd quarter valued at $27,000. Accredited Wealth Management LLC bought a new stake in Salesforce during the 4th quarter worth $27,000. Arlington Trust Co LLC increased its holdings in Salesforce by 85.1% in the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock worth $29,000 after purchasing an additional 40 shares in the last quarter. Finally, Compass Financial Services Inc bought a new position in Salesforce in the fourth quarter valued at about $30,000. 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.