Salesforce (NYSE:CRM) Shares Down 1.8% on Insider Selling

Salesforce, Inc. (NYSE:CRM)’s share price fell 1.8% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $282.07 and last traded at $283.37. 1,556,451 shares changed 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 firm’s stock in a transaction on Monday, March 24th. The shares were 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 approximately $1,570,312.44. This trade represents a 41.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 1,909 shares of the business’s stock in a transaction on Monday, March 24th. The stock was 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 directly owns 11,310 shares in the company, valued at approximately $3,218,599.80. This represents a 14.44 % decrease in their position. The disclosure for this sale can be found here. In related news, insider Parker Harris sold 3,273 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was 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 directly owns 125,146 shares of the company’s stock, valued at $35,614,048.68. This trade represents a 2.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Analysts Set New Price Targets

CRM has been the subject of several recent research reports. Morgan Stanley increased their price target on Salesforce from $330.00 to $405.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Piper Sandler reaffirmed an “overweight” rating on shares of Salesforce in a research note on Wednesday, March 19th. Barclays lifted their target price on shares of Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Northland Securities reiterated an “outperform” rating and set a $440.00 price target (up from $400.00) on shares of Salesforce in a report on Wednesday, December 4th. Finally, Stifel Nicolaus dropped their price objective on Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have issued a buy rating and five have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Salesforce currently has an average rating of “Moderate Buy” and an average price target of $362.74.

Salesforce Price Performance

The firm has a market capitalization of $272.32 billion, a PE ratio of 46.61, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. The business’s 50 day moving average is $312.15 and its two-hundred day moving average is $310.95. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

Institutional Trading of Salesforce

A number of hedge funds and other institutional investors have recently made changes to their positions in CRM. Bernard Wealth Management Corp. bought a new stake in shares of Salesforce during the fourth quarter valued at about $25,000. Infrastructure Capital Advisors LLC purchased a new position in Salesforce during the third quarter valued at approximately $27,000. Accredited Wealth Management LLC bought a new stake in Salesforce during the 4th quarter worth approximately $27,000. Arlington Trust Co LLC lifted its stake 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 stake in Salesforce during the fourth quarter valued at $30,000. 80.43% of the stock is currently owned by institutional investors.

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.