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S&P 500   3,655.04
DOW   29,260.81
QQQ   274.37
This Device Makes Creating Voice Memos Easy
The 3-Stock Retirement Blueprint (Ad)
Three Consumer Stocks That Could Outperform In Q4 
Will Synthetic Biology Firm Amyris Post Net Income In 2024?
The 3-Stock Retirement Blueprint (Ad)
Comcast is an Asset Bonanza Priced Cheap
US stocks slip deeper into a slump as recession fears grow
'A Gold Storm Is Coming' (Ad)
British pound plunges to new low as tax cuts spark concern
Lights out, ovens off: Europe preps for winter energy crisis
S&P 500   3,655.04
DOW   29,260.81
QQQ   274.37
This Device Makes Creating Voice Memos Easy
The 3-Stock Retirement Blueprint (Ad)
Three Consumer Stocks That Could Outperform In Q4 
Will Synthetic Biology Firm Amyris Post Net Income In 2024?
The 3-Stock Retirement Blueprint (Ad)
Comcast is an Asset Bonanza Priced Cheap
US stocks slip deeper into a slump as recession fears grow
'A Gold Storm Is Coming' (Ad)
British pound plunges to new low as tax cuts spark concern
Lights out, ovens off: Europe preps for winter energy crisis
S&P 500   3,655.04
DOW   29,260.81
QQQ   274.37
This Device Makes Creating Voice Memos Easy
The 3-Stock Retirement Blueprint (Ad)
Three Consumer Stocks That Could Outperform In Q4 
Will Synthetic Biology Firm Amyris Post Net Income In 2024?
The 3-Stock Retirement Blueprint (Ad)
Comcast is an Asset Bonanza Priced Cheap
US stocks slip deeper into a slump as recession fears grow
'A Gold Storm Is Coming' (Ad)
British pound plunges to new low as tax cuts spark concern
Lights out, ovens off: Europe preps for winter energy crisis

Salesforce (NYSE:CRM) Hits New 52-Week Low on Insider Selling

Salesforce, Inc. (NYSE:CRM - Get Rating) shares hit a new 52-week low on Friday after an insider sold shares in the company. The company traded as low as $145.22 and last traded at $145.40, with a volume of 100481 shares changing hands. The stock had previously closed at $150.15.Specifically, CEO Marc Benioff sold 2,300 shares of the firm's stock in a transaction on Wednesday, June 29th. The shares were sold at an average price of $170.50, for a total transaction of $392,150.00. Following the completion of the transaction, the chief executive officer now owns 28,061,368 shares of the company's stock, valued at $4,784,463,244. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Parker Harris sold 568 shares of the business's stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $177.87, for a total value of $101,030.16. Following the completion of the sale, the insider now owns 93,650 shares of the company's stock, valued at approximately $16,657,525.50. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Marc Benioff sold 2,300 shares of the company's stock in a transaction that occurred on Wednesday, June 29th. The stock was sold at an average price of $170.50, for a total value of $392,150.00. Following the sale, the chief executive officer now directly owns 28,061,368 shares of the company's stock, valued at approximately $4,784,463,244. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 71,246 shares of company stock worth $12,337,917. Company insiders own 3.60% of the company's stock.

Wall Street Analyst Weigh In


Several research firms recently issued reports on CRM. Loop Capital decreased their price target on Salesforce from $225.00 to $175.00 and set a "hold" rating on the stock in a report on Thursday, June 2nd. Credit Suisse Group lowered their price target on Salesforce from $315.00 to $250.00 and set an "outperform" rating on the stock in a research report on Thursday, August 25th. Robert W. Baird reduced their target price on Salesforce from $260.00 to $230.00 and set an "outperform" rating for the company in a research note on Thursday, August 25th. Truist Financial reduced their price target on Salesforce from $330.00 to $240.00 and set a "buy" rating for the company in a research note on Thursday, August 25th. Finally, Oppenheimer reaffirmed a "buy" rating and issued a $240.00 price objective on shares of Salesforce in a report on Thursday. Five analysts have rated the stock with a hold rating, thirty-two have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $242.12.

Salesforce Stock Down 3.3 %

The firm has a 50-day moving average price of $171.85 and a two-hundred day moving average price of $178.69. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $145.21 billion, a P/E ratio of 278.06, a PEG ratio of 4.01 and a beta of 1.12.

Salesforce (NYSE:CRM - Get Rating) last announced its earnings results on Wednesday, August 24th. The CRM provider reported $0.52 earnings per share for the quarter, beating analysts' consensus estimates of $0.37 by $0.15. Salesforce had a return on equity of 3.32% and a net margin of 1.83%. The company had revenue of $7.72 billion during the quarter, compared to analyst estimates of $7.70 billion. During the same period last year, the company posted $0.87 earnings per share. The firm's quarterly revenue was up 21.8% compared to the same quarter last year. Equities research analysts anticipate that Salesforce, Inc. will post 2.2 EPS for the current fiscal year.

Salesforce announced that its Board of Directors has authorized a stock repurchase program on Wednesday, August 24th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the CRM provider to purchase up to 6.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Salesforce

Several large investors have recently bought and sold shares of CRM. Price T Rowe Associates Inc. MD lifted its holdings in Salesforce by 40.6% during the second quarter. Price T Rowe Associates Inc. MD now owns 46,707,038 shares of the CRM provider's stock worth $7,708,529,000 after acquiring an additional 13,483,854 shares during the period. Norges Bank bought a new position in shares of Salesforce during the 4th quarter valued at $2,689,030,000. Aaron Wealth Advisors LLC raised its holdings in Salesforce by 76,897.5% during the first quarter. Aaron Wealth Advisors LLC now owns 2,727,250 shares of the CRM provider's stock valued at $12,845,000 after acquiring an additional 2,723,708 shares during the period. Public Investment Fund purchased a new position in shares of Salesforce during the second quarter valued at about $437,393,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in Salesforce by 114.9% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,881,056 shares of the CRM provider's stock worth $640,566,000 after acquiring an additional 2,074,938 shares in the last quarter. 77.02% of the stock is currently owned by institutional investors.

Salesforce Company Profile

(Get Rating)

Salesforce, Inc provides customer relationship management technology that brings companies and customers together worldwide. Its Customer 360 platform empowers its customers to work together to deliver connected experiences for their customers. The company's service offerings include Sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and relationship intelligence, and deliver quotes, contracts, and invoices; and Service that enables companies to deliver trusted and highly personalized customer service and support at scale.

Further Reading

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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