Salesforce (NYSE:CRM) Trading 0.7% Higher - Time to Buy?

Salesforce, Inc. (NYSE:CRM - Get Free Report) shares rose 0.7% on Thursday . The company traded as high as $284.95 and last traded at $284.31. Approximately 1,372,802 shares were traded during trading, a decline of 79% from the average daily volume of 6,609,611 shares. The stock had previously closed at $282.28.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CRM shares. Scotiabank reduced their price objective on Salesforce from $400.00 to $345.00 and set a "sector outperform" rating for the company in a research note on Monday, March 17th. 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 report 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 on the stock in a research report on Thursday, February 27th. Stephens initiated coverage on shares of Salesforce in a report on Wednesday, March 19th. They issued an "equal weight" rating and a $311.00 price target on the stock. Finally, Citigroup reissued a "buy" rating on shares of Salesforce in a report on Thursday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-two have issued a buy rating and five have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $351.59.

Salesforce Trading Up 0.8%

The company has a market cap of $273.57 billion, a P/E ratio of 46.78, a PEG ratio of 2.58 and a beta of 1.42. 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 stock's 50 day moving average is $268.53 and its 200-day moving average is $306.85.

Salesforce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th were issued a dividend of $0.42 per share. This is an increase from Salesforce's previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date of this dividend was Thursday, April 10th. Salesforce's dividend payout ratio is presently 26.10%.

Insider Activity

In other Salesforce news, insider Miguel Milano sold 458 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $307.97, for a total value of $141,050.26. Following the transaction, the insider now owns 5,864 shares of the company's stock, valued at approximately $1,805,936.08. This represents a 7.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Sundeep G. Reddy sold 1,909 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $284.58, for a total transaction of $543,263.22. Following the completion of the transaction, the chief accounting officer now owns 11,310 shares in the company, valued at $3,218,599.80. This trade represents a 14.44% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,306 shares of company stock valued at $12,841,368 over the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Salesforce

A number of institutional investors and hedge funds have recently bought and sold shares of CRM. MBL Wealth LLC raised its position in Salesforce by 55.2% during the first quarter. MBL Wealth LLC now owns 2,880 shares of the CRM provider's stock valued at $773,000 after purchasing an additional 1,024 shares during the period. Acadian Asset Management LLC increased its position in shares of Salesforce by 31.6% during the first quarter. Acadian Asset Management LLC now owns 107,844 shares of the CRM provider's stock worth $28,934,000 after acquiring an additional 25,882 shares during the period. Geneos Wealth Management Inc. increased its position in shares of Salesforce by 23.9% during the first quarter. Geneos Wealth Management Inc. now owns 17,520 shares of the CRM provider's stock worth $4,702,000 after acquiring an additional 3,376 shares during the period. Acorns Advisers LLC increased its holdings in Salesforce by 27.8% during the 1st quarter. Acorns Advisers LLC now owns 869 shares of the CRM provider's stock worth $233,000 after purchasing an additional 189 shares during the period. Finally, Belpointe Asset Management LLC increased its holdings in Salesforce by 91.4% during the 1st quarter. Belpointe Asset Management LLC now owns 7,735 shares of the CRM provider's stock worth $2,077,000 after purchasing an additional 3,694 shares during the period. 80.43% of the stock is currently owned by institutional investors.

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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