Salesforce (NYSE:CRM) Shares Up 0.5%

Salesforce, Inc. (NYSE:CRM) shares traded up 0.5% during trading on Tuesday . The stock traded as high as $243.75 and last traded at $243.08. 2,622,429 shares changed hands during trading, a decline of 60% from the average session volume of 6,578,322 shares. The stock had previously closed at $241.84.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. KeyCorp initiated coverage on shares of Salesforce in a research note on Thursday, March 21st. They set a “sector weight” rating on the stock. Stifel Nicolaus cut their price objective on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a report on Thursday, May 30th. Morgan Stanley lowered their target price on Salesforce from $350.00 to $320.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Truist Financial reaffirmed a “buy” rating and issued a $300.00 price target (down previously from $360.00) on shares of Salesforce in a report on Thursday, May 30th. Finally, Oppenheimer reduced their price target on shares of Salesforce from $325.00 to $280.00 and set an “outperform” rating on the stock in a research report on Thursday, May 30th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $292.79.

Salesforce Stock Down 0.7 %

The company has a market capitalization of $232.72 billion, a PE ratio of 43.72, a P/E/G ratio of 2.12 and a beta of 1.26. 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 has a 50 day simple moving average of $274.13 and a two-hundred day simple moving average of $277.03.

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 the consensus estimate of $2.38 by $0.06. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The company had revenue of $9.13 billion for the quarter, compared to analysts’ expectations of $9.15 billion. During the same period in the previous year, the company posted $1.15 EPS. Salesforce’s revenue was up 10.7% compared to the same quarter last year. Research analysts expect that Salesforce, Inc. will post 7.47 EPS for the current year.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 2,425 shares of the stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total value of $662,388.75. Following the completion of the transaction, the chief accounting officer now owns 5,856 shares in the company, valued at approximately $1,599,566.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $306.23, for a total transaction of $4,593,450.00. Following the transaction, the chief executive officer now owns 13,191,166 shares in the company, valued at $4,039,530,764.18. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 2,425 shares of the firm’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total value of $662,388.75. Following the sale, the chief accounting officer now owns 5,856 shares in the company, valued at $1,599,566.40. The disclosure for this sale can be found here. Insiders sold 640,870 shares of company stock valued at $181,608,198 in the last three months. 3.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Salesforce

Several institutional investors and hedge funds have recently made changes to their positions in CRM. Graypoint LLC raised its position in Salesforce by 0.3% during the fourth quarter. Graypoint LLC now owns 10,504 shares of the CRM provider’s stock worth $2,764,000 after acquiring an additional 36 shares in the last quarter. Chase Investment Counsel Corp raised its holdings in shares of Salesforce by 0.3% in the 4th quarter. Chase Investment Counsel Corp now owns 10,377 shares of the CRM provider’s stock valued at $2,730,000 after purchasing an additional 36 shares during the period. JFS Wealth Advisors LLC lifted its stake in Salesforce by 11.4% in the 4th quarter. JFS Wealth Advisors LLC now owns 353 shares of the CRM provider’s stock valued at $93,000 after purchasing an additional 36 shares during the last quarter. Opes Wealth Management LLC increased its position in Salesforce by 2.9% during the fourth quarter. Opes Wealth Management LLC now owns 1,295 shares of the CRM provider’s stock worth $341,000 after buying an additional 37 shares during the last quarter. Finally, Prentice Wealth Management LLC raised its stake in Salesforce by 1.7% in the fourth quarter. Prentice Wealth Management LLC now owns 2,294 shares of the CRM provider’s stock valued at $604,000 after buying an additional 38 shares during the period. 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.