Salesforce (NYSE:CRM) Shares Down 0% on Analyst Downgrade

Salesforce, Inc. (NYSE:CRM - Get Free Report) traded down 0% on Thursday after Mizuho lowered their price target on the stock from $425.00 to $380.00. Mizuho currently has an outperform rating on the stock. Salesforce traded as low as $287.95 and last traded at $290.68. 1,300,739 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 6,857,154 shares. The stock had previously closed at $290.74.

Other equities analysts also recently issued research reports about the company. Canaccord Genuity Group decreased their target price on Salesforce from $415.00 to $400.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Westpark Capital reaffirmed a "buy" rating and issued a $320.00 price target on shares of Salesforce in a report on Wednesday, April 30th. Macquarie reaffirmed a "neutral" rating and issued a $320.00 price target on shares of Salesforce in a report on Thursday, March 20th. Cantor Fitzgerald began coverage on Salesforce in a report on Wednesday, April 23rd. They issued an "overweight" rating and a $210.00 price target for the company. Finally, Piper Sandler cut their price target on Salesforce from $400.00 to $315.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-two have given a buy rating and five have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $352.62.

Insiders Place Their Bets

In related news, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $328.18, for a total transaction of $2,041,607.78. Following the completion of the sale, the chief financial officer now owns 46,750 shares in the company, valued at $15,342,415. This represents a 11.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 500 shares of the business's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $275.00, for a total value of $137,500.00. Following the completion of the transaction, the chief accounting officer now owns 11,711 shares in the company, valued at $3,220,525. This trade represents a 4.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold 45,830 shares of company stock valued at $12,907,361 in the last ninety days. Insiders own 3.20% of the company's stock.

Hedge Funds Weigh In On Salesforce

Institutional investors have recently added to or reduced their stakes in the stock. Nvest Financial LLC boosted its stake in shares of Salesforce by 1.1% during the 4th quarter. Nvest Financial LLC now owns 2,806 shares of the CRM provider's stock worth $938,000 after acquiring an additional 31 shares in the last quarter. OMC Financial Services LTD boosted its stake in shares of Salesforce by 0.3% during the 4th quarter. OMC Financial Services LTD now owns 11,390 shares of the CRM provider's stock worth $3,808,000 after acquiring an additional 31 shares in the last quarter. Capital Advisors Ltd. LLC boosted its stake in shares of Salesforce by 4.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider's stock worth $263,000 after acquiring an additional 31 shares in the last quarter. Sachetta LLC boosted its stake in shares of Salesforce by 0.3% during the 4th quarter. Sachetta LLC now owns 11,018 shares of the CRM provider's stock worth $3,684,000 after acquiring an additional 32 shares in the last quarter. Finally, Prossimo Advisors LLC lifted its stake in Salesforce by 1.0% in the 4th quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider's stock valued at $1,125,000 after buying an additional 32 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company's stock.

Salesforce Trading Up 0.1%

The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The business has a 50 day moving average of $267.47 and a 200-day moving average of $307.10. The stock has a market cap of $279.82 billion, a PE ratio of 47.80, a price-to-earnings-growth ratio of 2.58 and a beta of 1.42.

Salesforce Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 10th were paid a $0.42 dividend. The ex-dividend date was Thursday, April 10th. This represents a $1.68 dividend on an annualized basis and a yield of 0.58%. This is a positive change from Salesforce's previous quarterly dividend of $0.40. Salesforce's dividend payout ratio is presently 26.10%.

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.

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