Salesforce (NYSE:CRM) Shares Up 4.2% - Here's What Happened

Shares of Salesforce, Inc. (NYSE:CRM - Get Free Report) were up 4.2% during trading on Thursday . The stock traded as high as $263.43 and last traded at $261.10. Approximately 2,330,697 shares traded hands during trading, a decline of 67% from the average daily volume of 7,003,519 shares. The stock had previously closed at $250.48.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Stifel Nicolaus reduced their target price on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a report on Thursday, February 27th. Scotiabank lowered their price objective on Salesforce from $400.00 to $345.00 and set a "sector outperform" rating for the company in a research note on Monday, March 17th. Piper Sandler cut their target price on Salesforce from $400.00 to $315.00 and set an "overweight" rating on the stock in a research report on Wednesday. Loop Capital lowered their price target on Salesforce from $330.00 to $300.00 and set a "hold" rating for the company in a research report on Thursday, February 27th. Finally, Guggenheim upgraded shares of Salesforce from a "sell" rating to a "neutral" rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have assigned a buy rating and five have assigned a strong buy rating to the company. According to data from MarketBeat, Salesforce currently has a consensus rating of "Moderate Buy" and an average target price of $355.19.

Salesforce Stock Up 5.4 %

The firm has a 50 day moving average price of $276.19 and a two-hundred day moving average price of $308.58. 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 market capitalization of $253.73 billion, a price-to-earnings ratio of 43.44, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38.

Salesforce Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th will be paid a dividend of $0.42 per share. This is a boost from Salesforce's previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a dividend yield of 0.64%. The ex-dividend date of this dividend is Thursday, April 10th. Salesforce's dividend payout ratio is 26.10%.

Insider Buying and Selling

In other news, CFO Amy E. Weaver sold 6,221 shares of the company's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $335.94, for a total transaction of $2,089,882.74. Following the completion of the sale, the chief financial officer now directly owns 46,750 shares of the company's stock, valued at $15,705,195. This represents a 11.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 500 shares of Salesforce stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $335.94, for a total transaction of $167,970.00. Following the transaction, the chief accounting officer now owns 6,557 shares in the company, valued at approximately $2,202,758.58. The trade was a 7.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 44,961 shares of company stock worth $13,229,264 over the last ninety days. 3.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Salesforce

Several hedge funds have recently bought and sold shares of CRM. Bernard Wealth Management Corp. bought a new stake in Salesforce in the 4th quarter valued at $25,000. Accredited Wealth Management LLC acquired a new stake in shares of Salesforce in the 4th quarter valued at approximately $27,000. Arlington Trust Co LLC lifted its holdings in Salesforce by 85.1% during the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider's stock worth $29,000 after acquiring an additional 40 shares in the last quarter. Compass Financial Services Inc acquired a new position in shares of Salesforce in the 4th quarter valued at approximately $30,000. Finally, Asset Planning Inc bought a new stake in shares of 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.

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