Salesforce (NYSE:CRM) Shares Down 1.4% Following Analyst Downgrade

Salesforce, Inc. (NYSE:CRM - Get Free Report)'s share price dropped 1.4% during trading on Friday after Citigroup lowered their price target on the stock from $335.00 to $320.00. Citigroup currently has a neutral rating on the stock. Salesforce traded as low as $278.06 and last traded at $279.53. Approximately 1,550,590 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 6,890,426 shares. The stock had previously closed at $283.42.

Several other research analysts also recently issued reports on the stock. Loop Capital dropped their target price on shares of Salesforce from $330.00 to $300.00 and set a "hold" rating on the stock in a research note on Thursday, February 27th. Canaccord Genuity Group decreased their price objective on shares of Salesforce from $415.00 to $400.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Robert W. Baird reduced their target price on Salesforce from $430.00 to $400.00 and set an "outperform" rating for the company in a report on Thursday, February 27th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Salesforce in a report on Wednesday, March 19th. Finally, Guggenheim upgraded Salesforce from a "sell" rating to a "neutral" rating in a report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-one have given a buy rating and five have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Salesforce presently has an average rating of "Moderate Buy" and an average target price of $351.59.

Insider Transactions at Salesforce

In related news, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $301.00, for a total value of $1,872,521.00. Following the completion of the transaction, the chief financial officer now owns 46,750 shares of the company's stock, valued at approximately $14,071,750. This trade represents a 11.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Miguel Milano sold 458 shares of the business's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $307.97, for a total value of $141,050.26. Following the sale, the insider now directly owns 5,864 shares in the company, valued at $1,805,936.08. The trade was a 7.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,306 shares of company stock valued at $12,841,368 in the last ninety days. Corporate 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 modified their holdings of the stock. Bernard Wealth Management Corp. bought a new position in Salesforce during the fourth quarter valued at $25,000. Accredited Wealth Management LLC bought a new position in Salesforce during the 4th quarter valued at about $27,000. Arlington Trust Co LLC raised its position in Salesforce by 85.1% in the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider's stock worth $29,000 after purchasing an additional 40 shares during the period. Compass Financial Services Inc purchased a new stake in Salesforce in the 4th quarter worth about $30,000. Finally, Asset Planning Inc bought a new stake in Salesforce in the fourth quarter worth about $31,000. Hedge funds and other institutional investors own 80.43% of the company's stock.

Salesforce Stock Performance

The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The business has a 50 day moving average price of $268.58 and a 200 day moving average price of $306.75. The stock has a market cap of $269.07 billion, a P/E ratio of 46.05, a PEG 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. Stockholders of record on Thursday, April 10th were paid a dividend of $0.42 per share. This is a positive change from Salesforce's previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend was Thursday, April 10th. Salesforce's payout ratio is currently 26.10%.

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.

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