Salesforce (NYSE:CRM) Trading Up 1.2% - Here's What Happened

Salesforce, Inc. (NYSE:CRM - Get Free Report) shares were up 1.2% during trading on Tuesday . The stock traded as high as $270.50 and last traded at $267.02. Approximately 2,655,367 shares were traded during trading, a decline of 59% from the average daily volume of 6,527,460 shares. The stock had previously closed at $263.88.

Analysts Set New Price Targets

CRM has been the topic of a number of research analyst reports. Erste Group Bank downgraded shares of Salesforce from a "buy" rating to a "hold" rating in a research note on Thursday, June 5th. Redburn Atlantic assumed coverage on shares of Salesforce in a report on Wednesday, February 19th. They set a "buy" rating for the company. Mizuho dropped their price objective on Salesforce from $425.00 to $380.00 and set an "outperform" rating on the stock in a report on Thursday, May 15th. Cantor Fitzgerald started coverage on shares of Salesforce in a research note on Tuesday, June 3rd. They issued an "overweight" rating and a $325.00 price target for the company. Finally, DA Davidson reiterated an "underperform" rating and set a $200.00 price target on shares of Salesforce in a report on Wednesday, May 28th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have given a buy rating and four have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $346.34.

Salesforce Stock Down 0.3%

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 company's fifty day simple moving average is $268.49 and its 200 day simple moving average is $299.25. The firm has a market capitalization of $251.52 billion, a P/E ratio of 43.25, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38.

Salesforce (NYSE:CRM - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.55 by $0.03. The company had revenue of $9.83 billion during the quarter, compared to analyst estimates of $9.74 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. Salesforce's quarterly revenue was up 7.6% compared to the same quarter last year. During the same period last year, the business earned $2.44 EPS. Research analysts expect that Salesforce, Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th will be given a $0.416 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $1.66 annualized dividend and a yield of 0.63%. Salesforce's payout ratio is 25.98%.

Insider Transactions at Salesforce

In other news, CAO Sundeep G. Reddy sold 1,909 shares of Salesforce stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $284.58, for a total transaction of $543,263.22. Following the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Miguel Milano sold 705 shares of Salesforce stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $279.44, for a total value of $197,005.20. Following the completion of the sale, the insider now directly owns 9,323 shares in the company, valued at $2,605,219.12. This trade represents a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,111 shares of company stock worth $9,299,283 in the last 90 days. 3.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Salesforce

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Guinness Asset Management LTD raised its holdings in shares of Salesforce by 5.3% in the first quarter. Guinness Asset Management LTD now owns 133,235 shares of the CRM provider's stock worth $35,757,000 after buying an additional 6,681 shares during the period. Peterson Wealth Management lifted its position in shares of Salesforce by 3.4% during the first quarter. Peterson Wealth Management now owns 7,987 shares of the CRM provider's stock valued at $2,143,000 after buying an additional 262 shares during the last quarter. 1248 Management LLC acquired a new stake in Salesforce in the first quarter valued at approximately $60,000. First Hawaiian Bank grew its stake in Salesforce by 6.3% during the 1st quarter. First Hawaiian Bank now owns 14,164 shares of the CRM provider's stock worth $3,801,000 after buying an additional 838 shares during the last quarter. Finally, CBIZ Investment Advisory Services LLC raised its position in shares of Salesforce by 314.8% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock valued at $30,000 after purchasing an additional 85 shares during the last quarter. Hedge funds and other 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.

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