Salesforce (NYSE:CRM) Trading Down 1% - Here's What Happened

Salesforce, Inc. (NYSE:CRM - Get Free Report)'s stock price traded down 1% on Friday . The company traded as low as $275.82 and last traded at $276.89. 1,352,907 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 6,812,285 shares. The stock had previously closed at $279.74.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Oppenheimer reduced their price target on shares of Salesforce from $415.00 to $380.00 and set an "outperform" rating for the company in a research report on Thursday, February 27th. Stephens began coverage on shares of Salesforce in a research report on Wednesday, March 19th. They set an "equal weight" rating and a $311.00 target price for the company. Macquarie reiterated a "neutral" rating and issued a $320.00 price objective on shares of Salesforce in a research note on Thursday, March 20th. Citigroup reissued a "buy" rating on shares of Salesforce in a research report on Wednesday, March 19th. Finally, Bank of America dropped their price target on Salesforce from $440.00 to $400.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. One equities research 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 given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $350.56.

Salesforce Stock Down 1.7 %

The firm has a market cap of $264.46 billion, a PE ratio of 45.24, a PEG ratio of 2.58 and a beta of 1.42. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The company's 50-day simple moving average is $267.57 and its two-hundred day simple moving average is $307.15.

Salesforce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 10th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date was Thursday, April 10th. This is an increase from Salesforce's previous quarterly dividend of $0.40. Salesforce's payout ratio is currently 26.10%.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 500 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $275.00, for a total value of $137,500.00. Following the completion of the transaction, the chief accounting officer now directly owns 11,711 shares in the company, valued at $3,220,525. This trade represents a 4.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R David Schmaier sold 6,959 shares of the business's stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $253.31, for a total value of $1,762,784.29. Following the completion of the sale, the insider now directly owns 36,090 shares in the company, valued at approximately $9,141,957.90. This represents a 16.17 % decrease in their ownership of the stock. 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 quarter. 3.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Salesforce

Hedge funds have recently bought and sold shares of the company. New Age Alpha Advisors LLC lifted its stake in shares of Salesforce by 237.3% in the first quarter. New Age Alpha Advisors LLC now owns 34,739 shares of the CRM provider's stock worth $9,323,000 after buying an additional 24,440 shares in the last quarter. W.H. Cornerstone Investments Inc. boosted its stake in Salesforce by 81.8% during the 1st quarter. W.H. Cornerstone Investments Inc. now owns 2,556 shares of the CRM provider's stock valued at $686,000 after purchasing an additional 1,150 shares during the last quarter. Westfield Capital Management Co. LP increased its holdings in shares of Salesforce by 31.1% in the 1st quarter. Westfield Capital Management Co. LP now owns 782,929 shares of the CRM provider's stock worth $210,107,000 after purchasing an additional 185,826 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in shares of Salesforce during the first quarter valued at $511,000. Finally, Silver Coast Investments LLC raised its position in Salesforce by 4.4% in the 1st quarter. Silver Coast Investments LLC now owns 1,928 shares of the CRM provider's stock worth $517,000 after buying an additional 82 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.