Salesforce (NYSE:CRM) Trading 3.2% Higher - Here's What Happened

Salesforce, Inc. (NYSE:CRM - Get Free Report) was up 3.2% on Tuesday . The company traded as high as $257.39 and last traded at $251.92. Approximately 2,814,734 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 6,698,544 shares. The stock had previously closed at $244.21.

Analyst Ratings Changes

A number of brokerages have recently commented on CRM. TD Cowen upgraded Salesforce from a "hold" rating to a "buy" rating and boosted their price target for the company from $380.00 to $400.00 in a report on Friday, January 17th. Bank of America reduced their target price on shares of Salesforce from $440.00 to $400.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Citigroup reissued a "buy" rating on shares of Salesforce in a research report on Wednesday, March 19th. Redburn Atlantic began coverage on Salesforce in a report on Wednesday, February 19th. They issued a "buy" rating for the company. Finally, JMP Securities reissued a "market outperform" rating and set a $450.00 price target on shares of Salesforce in a research report on Wednesday, December 18th. One 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 given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $361.42.

Salesforce Trading Down 0.1 %

The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market capitalization of $245.04 billion, a P/E ratio of 41.94, a PEG ratio of 2.58 and a beta of 1.38. The firm has a 50 day simple moving average of $289.29 and a two-hundred day simple moving average of $310.46.

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Salesforce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 10th will be issued a dividend of $0.42 per share. The ex-dividend date is Thursday, April 10th. This is a boost from Salesforce's previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 0.66%. Salesforce's payout ratio is 26.10%.

Insider Buying and Selling at Salesforce

In related news, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $329.88, for a total transaction of $2,052,183.48. Following the sale, the chief financial officer now directly owns 45,861 shares in the company, valued at approximately $15,128,626.68. This trade represents a 11.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Oscar Munoz bought 3,882 shares of the firm's stock in a transaction dated Thursday, April 3rd. The shares were acquired at an average cost of $257.28 per share, with a total value of $998,760.96. Following the completion of the transaction, the director now owns 11,843 shares in the company, valued at approximately $3,046,967.04. The trade was a 48.76 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 45,660 shares of company stock worth $14,095,336. Insiders own 3.20% of the company's stock.

Institutional Trading of Salesforce

A number of hedge funds and other institutional investors have recently made changes to their positions in CRM. Bernard Wealth Management Corp. bought a new stake in Salesforce in the 4th quarter worth approximately $25,000. Accredited Wealth Management LLC purchased a new position in shares of Salesforce during the fourth quarter valued at about $27,000. Arlington Trust Co LLC raised its position in shares of Salesforce by 85.1% in the 4th 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 bought a new position in shares of Salesforce in the 4th quarter worth about $30,000. Finally, Asset Planning Inc bought a new stake in shares of Salesforce in the 4th quarter worth approximately $31,000. 80.43% of the stock is currently owned by 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.