Salesforce (NYSE:CRM) Stock Price Down 1% - Here's What Happened

Salesforce, Inc. (NYSE:CRM - Get Free Report)'s stock price traded down 1% during trading on Tuesday . The company traded as low as $288.45 and last traded at $288.84. 834,909 shares traded hands during trading, a decline of 87% from the average session volume of 6,448,527 shares. The stock had previously closed at $291.64.

Analyst Ratings Changes

A number of research firms recently weighed in on CRM. Bank of America reiterated a "buy" rating and set a $325.00 price target on shares of Salesforce in a research report on Friday, September 6th. BMO Capital Markets increased their target price on Salesforce from $265.00 to $305.00 and gave the company an "outperform" rating in a research report on Thursday, August 29th. Piper Sandler lowered shares of Salesforce from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 10th. Northland Securities raised shares of Salesforce from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $270.00 to $400.00 in a report on Wednesday, October 2nd. Finally, Wells Fargo & Company boosted their target price on shares of Salesforce from $250.00 to $275.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $310.74.

Salesforce Stock Performance

The company has a market capitalization of $279.37 billion, a price-to-earnings ratio of 51.85, a P/E/G ratio of 2.61 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a 50-day simple moving average of $263.98 and a two-hundred day simple moving average of $263.46.

Salesforce (NYSE:CRM - Get Free Report) last announced its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.20. The firm had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm's revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.63 EPS. On average, sell-side analysts anticipate that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date was Wednesday, September 18th. Salesforce's dividend payout ratio is presently 28.78%.

Insider Buying and Selling

In other Salesforce news, insider Parker Harris sold 4,200 shares of the business's stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $288.42, for a total transaction of $1,211,364.00. Following the completion of the transaction, the insider now owns 118,514 shares in the company, valued at $34,181,807.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Parker Harris sold 4,200 shares of the stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $288.42, for a total value of $1,211,364.00. Following the transaction, the insider now owns 118,514 shares in the company, valued at approximately $34,181,807.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Maynard G. Webb, Jr. sold 9,170 shares of the business's stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $276.32, for a total value of $2,533,854.40. Following the sale, the director now owns 1,363 shares of the company's stock, valued at approximately $376,624.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 76,412 shares of company stock worth $20,212,507. Company insiders own 3.20% of the company's stock.

Institutional Investors Weigh In On Salesforce

Several hedge funds and other institutional investors have recently bought and sold shares of CRM. Ruedi Wealth Management Inc. boosted its holdings in shares of Salesforce by 186.7% in the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider's stock valued at $26,000 after acquiring an additional 56 shares during the period. Piscataqua Savings Bank increased its stake in Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider's stock valued at $26,000 after purchasing an additional 96 shares during the period. Clear Investment Research LLC raised its holdings in shares of Salesforce by 816.7% in the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider's stock valued at $28,000 after buying an additional 98 shares during the last quarter. Red Tortoise LLC acquired a new stake in shares of Salesforce during the first quarter worth about $33,000. Finally, Stephens Consulting LLC boosted its stake in shares of Salesforce by 3,125.0% during the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider's stock worth $33,000 after buying an additional 125 shares during the period. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Company Profile

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.