Insider Selling: Salesforce, Inc. (NYSE:CRM) Director Sells 6,000 Shares of Stock

Salesforce, Inc. (NYSE:CRM) Director Craig Conway sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $239.64, for a total transaction of $1,437,840.00. Following the sale, the director now owns 6,855 shares in the company, valued at $1,642,732.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Salesforce Stock Performance

NYSE:CRM traded down $5.28 during trading on Wednesday, reaching $235.71. The company’s stock had a trading volume of 10,255,033 shares, compared to its average volume of 6,651,904. The firm has a market cap of $228.40 billion, a price-to-earnings ratio of 42.39, a price-to-earnings-growth ratio of 2.12 and a beta of 1.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a 50 day moving average of $271.49 and a 200-day moving average of $276.86. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.38 by $0.06. The firm had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.15 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.15 EPS. Research analysts expect that Salesforce, Inc. will post 7.47 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CRM. Piper Sandler decreased their price target on shares of Salesforce from $300.00 to $250.00 and set a “neutral” rating for the company in a research note on Thursday, May 30th. UBS Group decreased their price target on shares of Salesforce from $310.00 to $250.00 and set a “neutral” rating for the company in a research note on Thursday, May 30th. Morgan Stanley decreased their target price on shares of Salesforce from $350.00 to $320.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. Bank of America raised their target price on shares of Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Finally, Wells Fargo & Company decreased their target price on shares of Salesforce from $300.00 to $250.00 and set an “equal weight” rating for the company in a research note on Thursday, May 30th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $292.79.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Marks Group Wealth Management Inc lifted its position in Salesforce by 0.7% in the 4th quarter. Marks Group Wealth Management Inc now owns 35,220 shares of the CRM provider’s stock worth $9,268,000 after buying an additional 257 shares during the last quarter. Roman Butler Fullerton & Co. lifted its position in Salesforce by 1.4% in the 4th quarter. Roman Butler Fullerton & Co. now owns 7,881 shares of the CRM provider’s stock worth $2,206,000 after buying an additional 105 shares during the last quarter. Parnassus Investments LLC lifted its position in Salesforce by 0.3% in the 4th quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock worth $1,566,055,000 after buying an additional 18,397 shares during the last quarter. TD Asset Management Inc lifted its position in Salesforce by 32.6% in the 4th quarter. TD Asset Management Inc now owns 789,525 shares of the CRM provider’s stock worth $207,756,000 after buying an additional 194,224 shares during the last quarter. Finally, Pure Financial Advisors LLC bought a new stake in Salesforce in the 4th quarter worth approximately $214,000. Institutional investors own 80.43% of the company’s stock.

About Salesforce

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.