Salesforce (NYSE:CRM) Trading Up 0.3% – Here’s What Happened

Salesforce, Inc. (NYSE:CRM) rose 0.3% during mid-day trading on Wednesday . The stock traded as high as $246.44 and last traded at $244.72. Approximately 2,037,608 shares changed hands during mid-day 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

Several research analysts have commented on CRM shares. Stifel Nicolaus reduced their price target on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Citigroup reiterated a “buy” rating on shares of Salesforce in a research report on Wednesday, March 19th. Guggenheim reiterated a “sell” rating and issued a $247.00 target price on shares of Salesforce in a research report on Thursday, February 27th. Redburn Atlantic began coverage on Salesforce in a research report on Wednesday, February 19th. They set a “buy” rating on the stock. Finally, Loop Capital cut their price objective on Salesforce from $330.00 to $300.00 and set a “hold” rating for the company in a report on Thursday, February 27th. One 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 assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $361.42.

Salesforce Stock Performance

The company has a 50 day moving average of $291.07 and a two-hundred day moving average of $310.59. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market capitalization of $245.04 billion, a PE ratio of 41.94, a PEG ratio of 2.58 and a beta of 1.38.

Salesforce Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th will be given a $0.42 dividend. The ex-dividend date of this dividend is Thursday, April 10th. This is an increase from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.66%. Salesforce’s dividend payout ratio is currently 26.10%.

Insider Activity 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 completion of the transaction, the chief financial officer now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Oscar Munoz bought 3,882 shares of the business’s stock in a transaction dated Thursday, April 3rd. The stock was bought at an average cost of $257.28 per share, for a total transaction of $998,760.96. Following the completion of the purchase, the director now owns 11,843 shares of the company’s stock, valued at approximately $3,046,967.04. The trade was a 48.76 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 45,660 shares of company stock valued at $14,095,336 in the last three months. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Arete Wealth Advisors LLC purchased a new position in shares of Salesforce in the third quarter worth $1,144,000. Virtue Capital Management LLC increased its holdings in Salesforce by 19.2% in the 3rd quarter. Virtue Capital Management LLC now owns 2,456 shares of the CRM provider’s stock worth $672,000 after buying an additional 396 shares in the last quarter. TD Private Client Wealth LLC raised its position in Salesforce by 112.8% in the 3rd quarter. TD Private Client Wealth LLC now owns 16,883 shares of the CRM provider’s stock worth $4,621,000 after buying an additional 8,949 shares during the last quarter. M&T Bank Corp lifted its stake in Salesforce by 5.5% during the 3rd quarter. M&T Bank Corp now owns 193,314 shares of the CRM provider’s stock valued at $52,912,000 after acquiring an additional 10,084 shares during the period. Finally, Invst LLC boosted its holdings in shares of Salesforce by 4.2% during the 3rd quarter. Invst LLC now owns 17,003 shares of the CRM provider’s stock valued at $4,654,000 after acquiring an additional 685 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.