Salesforce (NYSE:CRM) Shares Down 0.2% – What’s Next?

Salesforce, Inc. (NYSE:CRM)’s share price was down 0.2% during trading on Friday . The company traded as low as $274.05 and last traded at $278.58. Approximately 1,734,962 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 6,342,629 shares. The stock had previously closed at $279.03.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CRM shares. BMO Capital Markets reaffirmed an “outperform” rating on shares of Salesforce in a report on Wednesday. Guggenheim reiterated a “sell” rating and issued a $247.00 price objective on shares of Salesforce in a research report on Thursday, February 27th. Citigroup reiterated a “buy” rating on shares of Salesforce in a research report on Wednesday. Oppenheimer lowered their price objective on Salesforce from $415.00 to $380.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $450.00 price objective on shares of Salesforce in a research report on Wednesday, December 18th. One equities research 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 given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $362.74.

Salesforce Stock Performance

The company has a 50-day simple moving average of $314.23 and a two-hundred day simple moving average of $309.29. 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 $269.27 billion, a P/E ratio of 46.14, a PEG ratio of 2.58 and a beta of 1.35.

Insider Transactions at Salesforce

In related news, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $343.00, for a total value of $2,133,803.00. Following the completion of the transaction, the chief financial officer now directly owns 53,861 shares in the company, valued at $18,474,323. The trade was a 10.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robin L. Washington acquired 1,695 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average price of $294.61 per share, with a total value of $499,363.95. Following the completion of the acquisition, the director now owns 43,445 shares in the company, valued at $12,799,331.45. The trade was a 4.06 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 60,256 shares of company stock valued at $19,692,357 in the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Salesforce

A number of hedge funds have recently added to or reduced their stakes in the company. United Bank raised its stake in Salesforce by 1.1% during the 3rd quarter. United Bank now owns 7,303 shares of the CRM provider’s stock valued at $1,999,000 after buying an additional 76 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in Salesforce by 7.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 238,067 shares of the CRM provider’s stock valued at $65,161,000 after buying an additional 16,724 shares during the last quarter. Howe & Rusling Inc. purchased a new stake in Salesforce during the 3rd quarter valued at $283,000. Advisors Asset Management Inc. raised its stake in Salesforce by 13.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 22,083 shares of the CRM provider’s stock valued at $6,044,000 after buying an additional 2,665 shares during the last quarter. Finally, First Horizon Advisors Inc. raised its stake in Salesforce by 1.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 18,830 shares of the CRM provider’s stock valued at $5,154,000 after buying an additional 181 shares during the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

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.