Salesforce (NYSE:CRM) Trading Down 4.6% – Here’s What Happened

Shares of Salesforce, Inc. (NYSE:CRM) were down 4.6% on Monday . The company traded as low as $234.48 and last traded at $236.00. Approximately 2,342,826 shares traded hands during trading, a decline of 66% from the average daily volume of 6,987,056 shares. The stock had previously closed at $247.26.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. DA Davidson restated an “underperform” rating and issued a $200.00 target price on shares of Salesforce in a report on Monday. Redburn Atlantic began coverage on shares of Salesforce in a research note on Wednesday, February 19th. They issued a “buy” rating for the company. Stephens started coverage on Salesforce in a research note on Wednesday, March 19th. They set an “equal weight” rating and a $311.00 target price on the stock. Robert W. Baird reduced their price target on Salesforce from $430.00 to $400.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Finally, Loop Capital dropped 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. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty have assigned a buy rating and five have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $358.97.

Salesforce Price 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 firm’s fifty day moving average price is $281.23 and its 200 day moving average price is $309.80. The firm has a market capitalization of $225.10 billion, a PE ratio of 38.52, a P/E/G ratio of 2.58 and a beta of 1.38.

Salesforce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 0.72%. The ex-dividend date is Thursday, April 10th. This is a boost from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s payout ratio is 26.10%.

Insider Buying and Selling at Salesforce

In related news, CAO Sundeep G. Reddy sold 1,256 shares of the company’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total transaction of $318,157.36. Following the completion of the transaction, the chief accounting officer now owns 12,826 shares in the company, valued at $3,248,954.06. This represents a 8.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Parker Harris sold 652 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $216,646.56. Following the completion of the transaction, the insider now owns 121,467 shares in the company, valued at approximately $40,361,054.76. This trade represents a 0.53 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 47,654 shares of company stock valued at $14,124,094. 3.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CRM. Bernard Wealth Management Corp. acquired a new position in Salesforce during the fourth quarter worth about $25,000. Accredited Wealth Management LLC acquired a new position in shares of Salesforce during the 4th quarter worth approximately $27,000. Arlington Trust Co LLC grew its position in shares of Salesforce by 85.1% in the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after purchasing an additional 40 shares in the last quarter. Compass Financial Services Inc acquired a new stake in shares of Salesforce in the fourth quarter valued at approximately $30,000. Finally, Asset Planning Inc acquired a new position in Salesforce during the fourth quarter worth $31,000. 80.43% of the stock is owned by institutional investors and hedge funds.

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.