Salesforce (NYSE:CRM) Shares Down 2.7% – What’s Next?

Salesforce, Inc. (NYSE:CRM) traded down 2.7% during trading on Wednesday . The stock traded as low as $333.47 and last traded at $334.00. 682,021 shares traded hands during trading, a decline of 89% from the average session volume of 6,271,541 shares. The stock had previously closed at $343.18.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Raymond James upped their price objective on shares of Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a report on Thursday, August 29th. BNP Paribas upgraded Salesforce to a “strong-buy” rating in a report on Thursday, August 29th. Needham & Company LLC reaffirmed a “buy” rating and issued a $345.00 price target on shares of Salesforce in a research note on Friday, September 20th. JPMorgan Chase & Co. raised their price objective on Salesforce from $310.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. Finally, Canaccord Genuity Group upped their target price on shares of Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and four 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 an average target price of $341.89.

Salesforce Stock Down 3.6 %

The firm has a fifty day moving average price of $298.02 and a 200 day moving average price of $269.44. The firm has a market capitalization of $316.36 billion, a price-to-earnings ratio of 57.55, a PEG ratio of 3.07 and a beta of 1.29. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping the consensus estimate of $2.36 by $0.20. The business had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The company’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.63 EPS. As a group, sell-side analysts expect that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date was Wednesday, September 18th. Salesforce’s payout ratio is currently 27.83%.

Insider Buying and Selling

In related news, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $255,905.13. Following the completion of the sale, the chief financial officer now directly owns 52,930 shares of the company’s stock, valued at approximately $15,100,399.70. This represents a 1.67 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the completion of the sale, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at $1,998,741.74. The trade was a 5.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 144,510 shares of company stock worth $42,475,538 in the last ninety days. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Piscataqua Savings Bank lifted its holdings in Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after buying an additional 96 shares in the last quarter. Infrastructure Capital Advisors LLC acquired a new position in shares of Salesforce in the third quarter worth about $27,000. Clear Investment Research LLC boosted its holdings in Salesforce by 816.7% in the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after purchasing an additional 98 shares during the last quarter. Godsey & Gibb Inc. grew its stake in Salesforce by 300.0% during the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 90 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL acquired a new position in shares of Salesforce in the 2nd quarter valued at approximately $33,000. Hedge funds and other institutional investors 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.