Salesforce (NYSE:CRM) Stock Price Down 2.9% – Here’s What Happened

Salesforce, Inc. (NYSE:CRM)’s share price traded down 2.9% during trading on Monday . The stock traded as low as $272.00 and last traded at $274.64. 2,610,587 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 6,879,868 shares. The stock had previously closed at $282.89.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CRM shares. BMO Capital Markets decreased their price target on shares of Salesforce from $375.00 to $367.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. Truist Financial restated a “buy” rating and issued a $400.00 target price (up previously from $380.00) on shares of Salesforce in a research note on Wednesday, December 4th. DA Davidson dropped their price target on Salesforce from $300.00 to $275.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Barclays lifted their target price on Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Finally, Loop Capital reduced their price target on shares of Salesforce from $330.00 to $300.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-one have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $365.62.

Salesforce Stock Performance

The firm has a fifty day simple moving average of $323.68 and a 200-day simple moving average of $308.84. 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 company has a market cap of $261.76 billion, a PE ratio of 44.80, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35.

Insider Activity

In other Salesforce news, Director Robin L. Washington acquired 1,695 shares of the company’s stock in a transaction on Friday, February 28th. The shares were bought at an average cost of $294.61 per share, for a total transaction of $499,363.95. Following the completion of the purchase, the director now owns 43,445 shares in the company, valued at $12,799,331.45. This trade represents a 4.06 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $301.00, for a total value of $1,872,521.00. Following the completion of the transaction, the chief financial officer now owns 46,750 shares in the company, valued at $14,071,750. This trade represents a 11.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,108,793 shares of company stock valued at $383,156,227 in the last ninety days. 3.20% of the stock is currently owned by company insiders.

Institutional Trading of Salesforce

Several hedge funds and other institutional investors have recently made changes to their positions in CRM. Bernard Wealth Management Corp. acquired a new position in Salesforce during the 4th quarter worth approximately $25,000. Infrastructure Capital Advisors LLC acquired a new position in Salesforce during the third quarter worth $27,000. Accredited Wealth Management LLC purchased a new position in Salesforce in the fourth quarter worth $27,000. Arlington Trust Co LLC lifted its holdings in Salesforce by 85.1% in 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. Finally, Compass Financial Services Inc purchased a new stake in shares of Salesforce during the 4th quarter worth $30,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

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.