Salesforce (NYSE:CRM) Trading 0% Higher – Here’s What Happened

Salesforce, Inc. (NYSE:CRM)’s stock price traded up 0% during mid-day trading on Wednesday . The company traded as high as $281.30 and last traded at $278.80. 946,490 shares changed hands during trading, a decline of 85% from the average session volume of 6,334,868 shares. The stock had previously closed at $278.73.

Wall Street Analysts Forecast Growth

CRM has been the topic of several research analyst reports. Loop Capital cut their price target on Salesforce from $330.00 to $300.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. The Goldman Sachs Group upped their price target on shares of Salesforce from $360.00 to $400.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Wells Fargo & Company lowered their price objective on shares of Salesforce from $345.00 to $310.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 27th. KeyCorp raised shares of Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 target price for the company in a report on Friday, December 13th. Finally, Oppenheimer lowered their price target on Salesforce from $415.00 to $380.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-one have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $362.74.

Salesforce Trading Down 0.2 %

The stock has a market cap of $267.20 billion, a price-to-earnings ratio of 45.73, a PEG ratio of 2.58 and a beta of 1.35. The business has a fifty day simple moving average of $316.13 and a 200 day simple moving average of $309.71. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

Insider Buying and Selling

In other Salesforce news, COO Brian Millham sold 16,487 shares of Salesforce stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $340.68, for a total value of $5,616,791.16. Following the completion of the sale, the chief operating officer now directly owns 1,662 shares of the company’s stock, valued at approximately $566,210.16. The trade was a 90.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R David Schmaier sold 1,785 shares of the stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $344.00, for a total value of $614,040.00. Following the transaction, the insider now directly owns 19,116 shares in the company, valued at approximately $6,575,904. This represents a 8.54 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 75,609 shares of company stock worth $24,920,821. 3.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Salesforce

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Nvest Financial LLC grew its position in shares of Salesforce by 1.1% in the fourth quarter. Nvest Financial LLC now owns 2,806 shares of the CRM provider’s stock valued at $938,000 after purchasing an additional 31 shares during the period. OMC Financial Services LTD grew its position in shares of Salesforce by 0.3% in the fourth quarter. OMC Financial Services LTD now owns 11,390 shares of the CRM provider’s stock valued at $3,808,000 after purchasing an additional 31 shares during the period. Capital Advisors Ltd. LLC boosted its holdings in Salesforce by 4.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider’s stock valued at $263,000 after acquiring an additional 31 shares during the last quarter. Sachetta LLC boosted its holdings in Salesforce by 0.3% in the fourth quarter. Sachetta LLC now owns 11,018 shares of the CRM provider’s stock valued at $3,684,000 after acquiring an additional 32 shares during the last quarter. Finally, Prossimo Advisors LLC boosted its holdings in Salesforce by 1.0% in the fourth quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider’s stock valued at $1,125,000 after acquiring an additional 32 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

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.