Salesforce (NYSE:CRM) Stock Price Down 0.4% - What's Next?

Salesforce, Inc. (NYSE:CRM - Get Free Report)'s share price dropped 0.4% on Wednesday . The company traded as low as $284.23 and last traded at $287.18. Approximately 504,068 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 6,433,883 shares. The stock had previously closed at $288.35.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Canaccord Genuity Group boosted their target price on Salesforce from $300.00 to $315.00 and gave the stock a "buy" rating in a research note on Thursday, August 29th. JMP Securities reaffirmed a "market outperform" rating and issued a $342.00 price objective on shares of Salesforce in a research report on Wednesday, August 28th. 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 report on Thursday, August 29th. Northland Securities raised shares of Salesforce from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $270.00 to $400.00 in a report on Wednesday, October 2nd. Finally, Citigroup lifted their price objective on shares of Salesforce from $260.00 to $290.00 and gave the stock a "neutral" rating in a research note on Monday, August 26th. Nine research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $310.74.

Salesforce Stock Performance

The stock has a market cap of $281.87 billion, a price-to-earnings ratio of 51.65, a P/E/G ratio of 2.61 and a beta of 1.30. The firm's 50-day moving average is $263.98 and its two-hundred day moving average is $263.46. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15.

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

Salesforce Announces Dividend

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

Insider Buying and Selling at Salesforce

In related news, Director Maynard G. Webb, Jr. sold 9,170 shares of the 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 completion of the sale, the director now owns 1,363 shares of the company's stock, valued at approximately $376,624.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $289.87, for a total transaction of $1,217,454.00. Following the sale, the insider now owns 118,514 shares of the company's stock, valued at approximately $34,353,653.18. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Maynard G. Webb, Jr. sold 9,170 shares of the 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 completion of the transaction, the director now owns 1,363 shares of the company's stock, valued at $376,624.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 80,612 shares of company stock worth $21,429,961. Insiders own 3.20% of the company's stock.

Hedge Funds Weigh In On Salesforce

A number of hedge funds have recently modified their holdings of CRM. Vanguard Group Inc. raised its stake in shares of Salesforce by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 84,635,254 shares of the CRM provider's stock valued at $25,490,446,000 after acquiring an additional 1,008,841 shares during the period. Capital Research Global Investors raised its position in Salesforce by 26.9% in the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider's stock valued at $4,329,925,000 after purchasing an additional 3,044,611 shares during the period. Capital International Investors raised its position in Salesforce by 3.0% in the first quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider's stock valued at $4,251,592,000 after purchasing an additional 407,834 shares during the period. Legal & General Group Plc lifted its stake in Salesforce by 2.2% during the second quarter. Legal & General Group Plc now owns 8,329,687 shares of the CRM provider's stock worth $2,141,562,000 after purchasing an additional 176,641 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of Salesforce by 48.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider's stock worth $1,518,658,000 after buying an additional 1,922,674 shares during the period. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

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.