Salesforce (NYSE:CRM) Stock Price Down 3.4% - Here's What Happened

Shares of Salesforce, Inc. (NYSE:CRM - Get Free Report) traded down 3.4% during mid-day trading on Friday . The company traded as low as $240.79 and last traded at $246.50. 2,963,425 shares were traded during mid-day trading, a decline of 56% from the average session volume of 6,666,458 shares. The stock had previously closed at $255.23.

Analyst Ratings Changes

Several equities analysts have weighed in on CRM shares. Macquarie reissued a "neutral" rating and set a $320.00 price target on shares of Salesforce in a research report on Thursday, March 20th. Redburn Atlantic initiated coverage on shares of Salesforce in a research note on Wednesday, February 19th. They issued a "buy" rating for the company. Robert W. Baird reduced their target price on shares of Salesforce from $430.00 to $400.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. KeyCorp upgraded shares of Salesforce from a "sector weight" rating to an "overweight" rating and set a $440.00 price target for the company in a report on Friday, December 13th. Finally, Canaccord Genuity Group reduced their price objective on shares of Salesforce from $415.00 to $400.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have given a buy rating and five have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $361.42.

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Salesforce Stock Down 5.9 %

The firm has a market capitalization of $230.89 billion, a PE ratio of 39.52, a P/E/G ratio of 2.58 and a beta of 1.38. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The firm's 50 day moving average price is $302.46 and its two-hundred day moving average price is $311.39.

Salesforce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 10th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.70%. The ex-dividend date is Thursday, April 10th. This is a positive change from Salesforce's previous quarterly dividend of $0.40. Salesforce's payout ratio is 26.10%.

Insider Transactions at Salesforce

In other Salesforce news, insider Parker Harris sold 652 shares of Salesforce stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $216,646.56. Following the completion of the transaction, the insider now owns 121,467 shares of the company's stock, valued at $40,361,054.76. The trade was a 0.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Amy E. Weaver sold 6,221 shares of the 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 $15,128,626.68. This trade represents a 11.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 45,660 shares of company stock valued at $14,095,336. Insiders own 3.20% of the company's stock.

Institutional Investors Weigh In On Salesforce

Institutional investors and hedge funds have recently bought and sold shares of the business. Bernard Wealth Management Corp. acquired a new stake in shares of Salesforce during the 4th quarter worth approximately $25,000. Accredited Wealth Management LLC bought a new stake in Salesforce in the fourth quarter valued at $27,000. Arlington Trust Co LLC boosted its holdings in shares of Salesforce by 85.1% during the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider's stock valued at $29,000 after acquiring an additional 40 shares during the period. Compass Financial Services Inc bought a new position in shares of Salesforce during the fourth quarter worth about $30,000. Finally, Asset Planning Inc acquired a new stake in shares of Salesforce in the 4th quarter worth about $31,000. Institutional investors and hedge funds own 80.43% of the company's stock.

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.