Salesforce (NYSE:CRM) Stock Price Up 1.9% - Here's Why

Salesforce, Inc. (NYSE:CRM - Get Free Report)'s share price traded up 1.9% during mid-day trading on Friday . The stock traded as high as $275.26 and last traded at $274.51. 1,170,784 shares changed hands during trading, a decline of 83% from the average session volume of 6,865,282 shares. The stock had previously closed at $269.33.

Analyst Ratings Changes

A number of analysts have weighed in on CRM shares. Robert W. Baird cut their price target on Salesforce from $430.00 to $400.00 and set an "outperform" rating on the stock in a research note on Thursday, February 27th. Needham & Company LLC reissued a "buy" rating and set a $400.00 target price on shares of Salesforce in a research report on Friday, April 25th. Piper Sandler dropped their price target on shares of Salesforce from $400.00 to $315.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Scotiabank cut their price target on shares of Salesforce from $400.00 to $345.00 and set a "sector outperform" rating on the stock in a research note on Monday, March 17th. Finally, Oppenheimer cut their target price on Salesforce from $415.00 to $380.00 and set an "outperform" rating on the stock in a research report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-two have assigned a buy rating and five have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $350.56.

Salesforce Stock Up 0.4 %

The company has a market cap of $263.19 billion, a PE ratio of 45.04, a P/E/G ratio of 2.58 and a beta of 1.42. The firm has a 50-day simple moving average of $268.64 and a two-hundred day simple moving average of $307.67. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Salesforce Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th were paid a dividend of $0.42 per share. This is a boost from Salesforce's previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a dividend yield of 0.61%. The ex-dividend date was Thursday, April 10th. Salesforce's dividend payout ratio (DPR) is currently 26.10%.

Insider Transactions at Salesforce

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

Hedge Funds Weigh In On Salesforce

Several hedge funds and other institutional investors have recently modified their holdings of the company. Nordea Investment Management AB lifted its holdings in Salesforce by 11.9% in the 4th quarter. Nordea Investment Management AB now owns 2,288,803 shares of the CRM provider's stock worth $766,566,000 after buying an additional 243,008 shares in the last quarter. CWA Asset Management Group LLC increased its stake in Salesforce by 14.1% during the fourth quarter. CWA Asset Management Group LLC now owns 15,708 shares of the CRM provider's stock valued at $5,252,000 after purchasing an additional 1,936 shares during the last quarter. Neville Rodie & Shaw Inc. boosted its holdings in shares of Salesforce by 4.2% in the 4th quarter. Neville Rodie & Shaw Inc. now owns 53,311 shares of the CRM provider's stock valued at $17,823,000 after buying an additional 2,160 shares during the period. Capital Market Strategies LLC acquired a new position in Salesforce in the fourth quarter valued at approximately $230,000. Finally, Canandaigua National Bank & Trust Co. boosted its position in Salesforce by 3.1% during the 4th quarter. Canandaigua National Bank & Trust Co. now owns 11,332 shares of the CRM provider's stock valued at $3,789,000 after purchasing an additional 344 shares during the period. 80.43% of the stock is owned by institutional investors and hedge funds.

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.