Salesforce (NYSE:CRM) Trading 1% Higher After Insider Buying Activity

Salesforce, Inc. (NYSE:CRM) shares traded up 1% during trading on Tuesday following insider buying activity. The stock traded as high as $243.05 and last traded at $242.29. 912,471 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 6,867,389 shares. The stock had previously closed at $239.94.

Specifically, insider Parker Harris sold 4,200 shares of the stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $301.75, for a total value of $1,267,350.00. Following the completion of the transaction, the insider now directly owns 105,837 shares in the company, valued at $31,936,314.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $301.75, for a total transaction of $1,267,350.00. Following the completion of the sale, the insider now directly owns 105,837 shares in the company, valued at $31,936,314.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Amy E. Weaver sold 5,864 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $274.77, for a total transaction of $1,611,251.28. Following the sale, the chief financial officer now owns 45,231 shares of the company’s stock, valued at $12,428,121.87. The disclosure for this sale can be found here. Insiders sold 556,787 shares of company stock worth $154,295,433 over the last three months. Corporate insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

CRM has been the subject of several research analyst reports. Canaccord Genuity Group reduced their price target on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, May 30th. DA Davidson reduced their price target on shares of Salesforce from $300.00 to $230.00 and set a “neutral” rating for the company in a research report on Thursday, May 30th. Barclays cut their target price on shares of Salesforce from $355.00 to $305.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, May 30th. Finally, Morgan Stanley cut their target price on shares of Salesforce from $350.00 to $320.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $292.79.

Salesforce Stock Up 0.9 %

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 company has a market capitalization of $234.55 billion, a price-to-earnings ratio of 43.58, a price-to-earnings-growth ratio of 2.15 and a beta of 1.26. The firm’s 50-day simple moving average is $261.81 and its 200-day simple moving average is $276.63.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.06. The company had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.15 billion. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The business’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period last year, the business posted $1.15 EPS. Sell-side analysts forecast that Salesforce, Inc. will post 7.47 earnings per share for the current year.

Hedge Funds Weigh In On Salesforce

Hedge funds and other institutional investors have recently made changes to their positions in the business. Ruedi Wealth Management Inc. lifted its holdings in shares of Salesforce by 186.7% during the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after acquiring an additional 56 shares during the period. Bear Mountain Capital Inc. acquired a new position in Salesforce in the fourth quarter valued at about $26,000. Signature Resources Capital Management LLC acquired a new position in Salesforce in the fourth quarter valued at about $26,000. Red Tortoise LLC acquired a new position in Salesforce in the first quarter valued at about $33,000. Finally, Kathleen S. Wright Associates Inc. acquired a new position in Salesforce in the fourth quarter valued at about $31,000. 80.43% of the stock is owned by 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.