Salesforce Inc. (NYSE:CRM) Insider Parker Harris Sells 1,142 Shares

Salesforce Inc. (NYSE:CRM) insider Parker Harris sold 1,142 shares of the stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $262.35, for a total transaction of $299,603.70. Following the completion of the sale, the insider now directly owns 136,824 shares in the company, valued at approximately $35,895,776.40. This represents a 0.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Salesforce Stock Down 1.1%

NYSE:CRM opened at $268.11 on Thursday. The company’s 50-day simple moving average is $269.39 and its 200-day simple moving average is $295.75. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07. Salesforce Inc. has a fifty-two week low of $230.00 and a fifty-two week high of $369.00. The stock has a market capitalization of $256.31 billion, a P/E ratio of 41.96, a P/E/G ratio of 2.46 and a beta of 1.38.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.55 by $0.03. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The company had revenue of $9.83 billion during the quarter, compared to analysts’ expectations of $9.74 billion. During the same quarter in the prior year, the company posted $2.44 earnings per share. Salesforce’s revenue for the quarter was up 7.6% compared to the same quarter last year. On average, equities analysts anticipate that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be given a $0.416 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.62%. Salesforce’s payout ratio is 25.98%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bernard Wealth Management Corp. acquired a new stake in Salesforce in the fourth quarter worth about $25,000. Accredited Wealth Management LLC purchased a new position in shares of Salesforce in the 4th quarter valued at approximately $27,000. Capital A Wealth Management LLC boosted its stake in Salesforce by 450.0% in the 1st quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider’s stock worth $30,000 after purchasing an additional 90 shares in the last quarter. CBIZ Investment Advisory Services LLC grew its position in Salesforce by 314.8% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider’s stock worth $30,000 after purchasing an additional 85 shares during the last quarter. Finally, Abound Financial LLC acquired a new position in Salesforce during the 1st quarter valued at approximately $31,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CRM has been the topic of several analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $325.00 price target on shares of Salesforce in a report on Friday, June 20th. Macquarie restated a “neutral” rating and set a $320.00 target price on shares of Salesforce in a research report on Thursday, March 20th. Westpark Capital reaffirmed a “buy” rating and issued a $320.00 price objective on shares of Salesforce in a research report on Wednesday, May 28th. Sanford C. Bernstein lifted their target price on Salesforce from $243.00 to $255.00 and gave the stock an “underperform” rating in a research report on Thursday, May 29th. Finally, Jefferies Financial Group cut their price target on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have given a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $349.08.

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.