Sundeep G. Reddy Sells 413 Shares of Salesforce, Inc. (NYSE:CRM) Stock

Salesforce, Inc. (NYSE:CRM) CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $117,824.77. Following the transaction, the chief accounting officer now directly owns 7,006 shares in the company, valued at approximately $1,998,741.74. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Salesforce Stock Performance

Shares of NYSE CRM traded down $3.96 during mid-day trading on Wednesday, hitting $284.37. The company had a trading volume of 3,225,595 shares, compared to its average volume of 6,364,500. The company has a market capitalization of $275.55 billion, a price-to-earnings ratio of 51.15, a P/E/G ratio of 2.61 and a beta of 1.30. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The stock’s 50-day moving average price is $268.70 and its 200-day moving average price is $263.24.

Salesforce (NYSE:CRM) last posted its 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. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same period in the previous year, the business earned $1.63 earnings per share. The firm’s revenue was up 8.5% on a year-over-year basis. On average, sell-side analysts forecast that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.56%. The ex-dividend date was Wednesday, September 18th. Salesforce’s payout ratio is 28.78%.

Analyst Upgrades and Downgrades

CRM has been the topic of several analyst reports. BNP Paribas raised Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $345.00 target price on shares of Salesforce in a research report on Friday, September 20th. Bank of America reaffirmed a “buy” rating and set a $325.00 target price on shares of Salesforce in a research report on Friday, September 6th. Wells Fargo & Company lifted their target price on Salesforce from $250.00 to $275.00 and gave the company an “equal weight” rating in a research report on Thursday, August 29th. Finally, Truist Financial reiterated a “buy” rating and set a $315.00 price target (up from $300.00) on shares of Salesforce in a report on Thursday, September 19th. Nine investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $311.66.

Hedge Funds Weigh In On Salesforce

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRM. Hoxton Planning & Management LLC purchased a new position in shares of Salesforce in the 1st quarter worth about $220,000. Sound Income Strategies LLC lifted its stake in shares of Salesforce by 44.5% in the 1st quarter. Sound Income Strategies LLC now owns 815 shares of the CRM provider’s stock valued at $245,000 after acquiring an additional 251 shares during the last quarter. Brookstone Capital Management lifted its stake in shares of Salesforce by 1.6% in the 1st quarter. Brookstone Capital Management now owns 39,088 shares of the CRM provider’s stock valued at $11,773,000 after acquiring an additional 622 shares during the last quarter. Sovereign Financial Group Inc. lifted its stake in shares of Salesforce by 5.2% in the 1st quarter. Sovereign Financial Group Inc. now owns 1,147 shares of the CRM provider’s stock valued at $345,000 after acquiring an additional 57 shares during the last quarter. Finally, GoalVest Advisory LLC raised its position in Salesforce by 200.6% during the 1st quarter. GoalVest Advisory LLC now owns 932 shares of the CRM provider’s stock valued at $281,000 after purchasing an additional 622 shares during the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

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.