Salesforce (NYSE:CRM) Stock Price Down 1.5% After Analyst Downgrade

Salesforce, Inc. (NYSE:CRM - Get Free Report) shares fell 1.5% on Friday after Citigroup lowered their price target on the stock from $320.00 to $295.00. Citigroup currently has a neutral rating on the stock. Salesforce traded as low as $262.20 and last traded at $263.04. 2,794,809 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 6,992,889 shares. The stock had previously closed at $266.92.

CRM has been the topic of a number of other research reports. The Goldman Sachs Group increased their price objective on shares of Salesforce from $340.00 to $385.00 and gave the company a "buy" rating in a research report on Thursday. Stifel Nicolaus lowered their price objective on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Scotiabank decreased 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 report on Monday, March 17th. Cantor Fitzgerald began coverage on shares of Salesforce in a research report on Wednesday, April 23rd. They issued an "overweight" rating and a $210.00 price target on the stock. Finally, Westpark Capital reiterated a "buy" rating and issued a $320.00 price target on shares of Salesforce in a research report on Wednesday. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have given a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $343.32.

Insider Buying and Selling

In related news, insider Miguel Milano sold 705 shares of Salesforce stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $279.44, for a total transaction of $197,005.20. Following the completion of the sale, the insider now owns 9,323 shares in the company, valued at $2,605,219.12. This trade represents a 7.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Srinivas Tallapragada sold 6,697 shares of Salesforce stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $295.00, for a total transaction of $1,975,615.00. Following the completion of the transaction, the insider now directly owns 41,422 shares in the company, valued at approximately $12,219,490. The trade was a 13.92% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 46,553 shares of company stock valued at $12,897,323. Company insiders own 3.20% of the company's stock.

Institutional Trading of Salesforce

Several large investors have recently bought and sold shares of CRM. Norges Bank purchased a new stake in shares of Salesforce in the 4th quarter valued at $3,599,867,000. Nuveen LLC acquired a new position in Salesforce during the first quarter worth $2,039,196,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in Salesforce by 926.4% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider's stock worth $1,422,979,000 after acquiring an additional 3,841,521 shares during the period. GAMMA Investing LLC raised its position in Salesforce by 30,456.9% during the first quarter. GAMMA Investing LLC now owns 3,801,588 shares of the CRM provider's stock worth $1,020,194,000 after acquiring an additional 3,789,147 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Salesforce during the fourth quarter worth $1,173,564,000. Hedge funds and other institutional investors own 80.43% of the company's stock.

Salesforce Price Performance

The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock's 50-day simple moving average is $267.31 and its two-hundred day simple moving average is $304.75. The company has a market capitalization of $254.80 billion, a price-to-earnings ratio of 43.59, a PEG ratio of 2.58 and a beta of 1.42.

Salesforce (NYSE:CRM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, topping analysts' consensus estimates of $2.55 by $0.03. The company had revenue of $9.83 billion during the quarter, compared to analysts' expectations of $9.74 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The firm's revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the prior year, the business posted $2.44 earnings per share. Equities research analysts predict that Salesforce, Inc. will post 7.46 earnings per share for the current year.

Salesforce Increases Dividend

The firm also recently announced 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 a positive change from Salesforce's previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Thursday, April 10th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.63%. Salesforce's dividend payout ratio is presently 25.98%.

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.