Salesforce (NYSE:CRM) Stock Price Down 0.7% - Here's What Happened

Salesforce, Inc. (NYSE:CRM - Get Free Report)'s share price dropped 0.7% on Monday . The stock traded as low as $266.62 and last traded at $266.02. Approximately 1,149,230 shares traded hands during trading, a decline of 83% from the average daily volume of 6,801,886 shares. The stock had previously closed at $267.85.

Wall Street Analysts Forecast Growth

CRM has been the topic of several research reports. Wells Fargo & Company cut their price objective on Salesforce from $310.00 to $255.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 22nd. 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. TD Cowen upgraded shares of Salesforce from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $380.00 to $400.00 in a report on Friday, January 17th. Guggenheim upgraded shares of Salesforce from a "sell" rating to a "neutral" rating in a report on Monday, April 21st. Finally, Cantor Fitzgerald started coverage on shares of Salesforce in a report on Wednesday, April 23rd. They issued an "overweight" rating and a $210.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-two have given a buy rating and five have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $350.56.

Salesforce Trading Up 0.3 %

The firm has a market cap of $258.09 billion, a P/E ratio of 44.15, a P/E/G ratio of 2.58 and a beta of 1.38. 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 has a 50 day simple moving average of $270.74 and a 200-day simple moving average of $307.83.

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 given a dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, April 10th. This represents a $1.68 annualized dividend and a dividend yield of 0.63%. This is an increase from Salesforce's previous quarterly dividend of $0.40. Salesforce's payout ratio is currently 26.10%.

Insider Activity

In related news, insider Miguel Milano sold 458 shares of the business's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $307.97, for a total transaction of $141,050.26. Following the completion of the transaction, the insider now owns 5,864 shares in the company, valued at $1,805,936.08. The trade was a 7.24 % decrease in their position. The transaction 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 business's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $335.94, for a total value of $2,089,882.74. Following the transaction, the chief financial officer now owns 46,750 shares of the company's stock, valued at approximately $15,705,195. The trade was a 11.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,051 shares of company stock valued at $15,027,714. 3.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Salesforce

Several large investors have recently modified their holdings of CRM. Invst LLC raised its holdings in shares of Salesforce by 4.2% in the 3rd quarter. Invst LLC now owns 17,003 shares of the CRM provider's stock valued at $4,654,000 after purchasing an additional 685 shares in the last quarter. Passumpsic Savings Bank raised its holdings in shares of Salesforce by 1.2% in the 3rd quarter. Passumpsic Savings Bank now owns 7,332 shares of the CRM provider's stock valued at $2,007,000 after purchasing an additional 87 shares in the last quarter. Anchor Investment Management LLC grew its position in shares of Salesforce by 15.7% in the 3rd quarter. Anchor Investment Management LLC now owns 4,290 shares of the CRM provider's stock worth $1,174,000 after buying an additional 581 shares during the last quarter. Pine Valley Investments Ltd Liability Co grew its position in shares of Salesforce by 14.0% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 7,047 shares of the CRM provider's stock worth $1,930,000 after buying an additional 866 shares during the last quarter. Finally, World Investment Advisors LLC grew its position in shares of Salesforce by 570.4% in the 3rd quarter. World Investment Advisors LLC now owns 54,446 shares of the CRM provider's stock worth $14,903,000 after buying an additional 46,324 shares during the last quarter. Institutional investors own 80.43% of the company's stock.

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.