Salesforce (NYSE:CRM) Trading 4.6% Higher - Here's What Happened

Salesforce, Inc. (NYSE:CRM - Get Free Report)'s stock price rose 4.6% during mid-day trading on Wednesday . The stock traded as high as $257.79 and last traded at $254.65. Approximately 2,375,456 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 6,777,685 shares. The stock had previously closed at $243.39.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CRM. Jefferies Financial Group dropped their target price on Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Stifel Nicolaus lowered their target price on Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. Citigroup reaffirmed a "buy" rating on shares of Salesforce in a report on Wednesday, March 19th. Needham & Company LLC reissued a "buy" rating and set a $400.00 target price on shares of Salesforce in a research note on Friday. Finally, Bank of America decreased their price target on shares of Salesforce from $440.00 to $400.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have issued a buy rating and five have given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $351.37.

Salesforce Stock Up 1.2 %

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The business has a 50 day simple moving average of $273.75 and a 200 day simple moving average of $308.41. The company has a market capitalization of $257.42 billion, a price-to-earnings ratio of 44.06, a PEG ratio of 2.58 and a beta of 1.38.

Salesforce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th were given a $0.42 dividend. This is an increase from Salesforce's previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 0.63%. The ex-dividend date of this dividend was Thursday, April 10th. Salesforce's payout ratio is currently 26.10%.

Insider Transactions at Salesforce

In related news, CEO Brian Millham sold 3,937 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $284.58, for a total value of $1,120,391.46. Following the sale, the chief executive officer now owns 5,518 shares of the company's stock, valued at $1,570,312.44. This trade represents a 41.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the firm's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $335.94, for a total transaction of $2,089,882.74. Following the completion of the sale, the chief financial officer now owns 46,750 shares in the company, valued at $15,705,195. The trade was a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,051 shares of company stock valued at $15,027,714. 3.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Salesforce

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Nvest Financial LLC raised its holdings in Salesforce by 1.1% during the fourth quarter. Nvest Financial LLC now owns 2,806 shares of the CRM provider's stock worth $938,000 after purchasing an additional 31 shares in the last quarter. OMC Financial Services LTD raised its stake in 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 raised its stake in 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 lifted its position in Salesforce by 0.3% in the fourth quarter. Sachetta LLC now owns 11,018 shares of the CRM provider's stock valued at $3,684,000 after acquiring an additional 32 shares during the last quarter. Finally, Prossimo Advisors LLC boosted its stake in Salesforce by 1.0% in the fourth quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider's stock valued at $1,125,000 after acquiring an additional 32 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

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.