Insider Selling: Salesforce, Inc. (NYSE:CRM) COO Sells $2,359,560.00 in Stock

06 Oct 2024, 09:44 by Kim Johansen · The Markets Daily

Salesforce, Inc. (NYSE:CRM – Get Free Report) COO Brian Millham sold 8,427 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $280.00, for a total value of $2,359,560.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Brian Millham also recently made the following trade(s):

On Monday, September 23rd, Brian Millham sold 5,735 shares of Salesforce stock. The stock was sold at an average price of $266.22, for a total transaction of $1,526,771.70.
On Thursday, August 22nd, Brian Millham sold 4,056 shares of Salesforce stock. The stock was sold at an average price of $261.50, for a total transaction of $1,060,644.00.
On Wednesday, July 24th, Brian Millham sold 969 shares of Salesforce stock. The shares were sold at an average price of $253.63, for a total transaction of $245,767.47.
On Monday, July 22nd, Brian Millham sold 2,037 shares of Salesforce stock. The stock was sold at an average price of $248.75, for a total value of $506,703.75.

Salesforce Trading Up 2.4 %

CRM stock opened at $287.75 on Friday. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week high of $318.71. The company has a market capitalization of $278.83 billion, a PE ratio of 51.75, a price-to-earnings-growth ratio of 2.39 and a beta of 1.30. The company’s 50-day simple moving average is $258.53 and its 200 day simple moving average is $264.52. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04.

Salesforce (NYSE:CRM – Get Free Report) last announced its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same quarter in the prior year, the business posted $1.63 EPS. The business’s revenue was up 8.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Salesforce, Inc. will post 7.54 earnings per share for the current year.

Salesforce Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th will be given a dividend of $0.40 per share. The ex-dividend date is Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.56%. Salesforce’s payout ratio is 28.78%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CRM shares. TD Cowen raised their price target on Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a research report on Thursday, August 29th. Canaccord Genuity Group lifted their price target on shares of Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Loop Capital reissued a “hold” rating and set a $270.00 price objective on shares of Salesforce in a research report on Thursday, September 19th. Stifel Nicolaus boosted their price objective on shares of Salesforce from $300.00 to $320.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Finally, Citigroup increased their target price on Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. Eight research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and a consensus price target of $310.74.

Check Out Our Latest Report on CRM

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Capital Research Global Investors lifted its stake in Salesforce by 26.9% during the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after purchasing an additional 3,044,611 shares during the last quarter. GQG Partners LLC bought a new stake in shares of Salesforce during the 1st quarter worth $910,220,000. Swedbank AB acquired a new stake in Salesforce in the first quarter valued at about $874,748,000. Coatue Management LLC bought a new position in Salesforce in the fourth quarter valued at about $564,188,000. Finally, Massachusetts Financial Services Co. MA raised its stake in Salesforce by 48.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock worth $1,518,658,000 after acquiring an additional 1,922,674 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

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