Salesforce, Inc. (NYSE:CRM) Insider Sells $259,675.00 in Stock

Posted by MarketBeat News on May 26th, 2023

Salesforce, Inc. (NYSE:CRM – Get Rating) insider Parker Harris sold 1,250 shares of the firm’s stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $207.74, for a total transaction of $259,675.00. Following the sale, the insider now directly owns 100,309 shares in the company, valued at approximately $20,838,191.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Parker Harris also recently made the following trade(s):

On Tuesday, May 9th, Parker Harris sold 1,250 shares of Salesforce stock. The stock was sold at an average price of $196.78, for a total transaction of $245,975.00.
On Tuesday, May 2nd, Parker Harris sold 1,250 shares of Salesforce stock. The stock was sold at an average price of $198.02, for a total transaction of $247,525.00.
On Monday, April 24th, Parker Harris sold 561 shares of Salesforce stock. The stock was sold at an average price of $196.33, for a total transaction of $110,141.13.
On Tuesday, April 18th, Parker Harris sold 1,250 shares of Salesforce stock. The stock was sold at an average price of $199.08, for a total transaction of $248,850.00.
On Tuesday, April 11th, Parker Harris sold 1,250 shares of Salesforce stock. The stock was sold at an average price of $189.06, for a total transaction of $236,325.00.
On Tuesday, April 4th, Parker Harris sold 1,250 shares of Salesforce stock. The shares were sold at an average price of $198.15, for a total transaction of $247,687.50.
On Tuesday, March 28th, Parker Harris sold 1,250 shares of Salesforce stock. The shares were sold at an average price of $191.40, for a total transaction of $239,250.00.
On Tuesday, March 21st, Parker Harris sold 1,250 shares of Salesforce stock. The shares were sold at an average price of $185.87, for a total transaction of $232,337.50.
On Tuesday, March 14th, Parker Harris sold 1,250 shares of Salesforce stock. The stock was sold at an average price of $180.03, for a total transaction of $225,037.50.
On Tuesday, March 7th, Parker Harris sold 1,250 shares of Salesforce stock. The stock was sold at an average price of $184.99, for a total transaction of $231,237.50.

Salesforce Stock Performance

CRM opened at $209.91 on Friday. The stock has a market cap of $205.89 billion, a PE ratio of 999.57, a P/E/G ratio of 2.53 and a beta of 1.24. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.16. Salesforce, Inc. has a 1 year low of $126.34 and a 1 year high of $213.88. The stock’s 50 day simple moving average is $197.11 and its 200-day simple moving average is $168.94.

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Salesforce (NYSE:CRM – Get Rating) last released its quarterly earnings data on Wednesday, March 1st. The CRM provider reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.32. The business had revenue of $8.38 billion for the quarter, compared to analysts’ expectations of $7.99 billion. Salesforce had a return on equity of 4.48% and a net margin of 0.66%. Salesforce’s quarterly revenue was up 14.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.24 earnings per share. Sell-side analysts forecast that Salesforce, Inc. will post 4.88 EPS for the current year.

Salesforce announced that its Board of Directors has authorized a share repurchase plan on Wednesday, March 1st that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the CRM provider to repurchase up to 10.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

CRM has been the topic of several research analyst reports. Macquarie boosted their target price on shares of Salesforce from $218.00 to $225.00 and gave the stock an “outperform” rating in a research report on Thursday, March 2nd. StockNews.com started coverage on Salesforce in a research note on Thursday, May 18th. They set a “buy” rating for the company. DA Davidson boosted their price objective on shares of Salesforce from $150.00 to $180.00 and gave the stock a “neutral” rating in a research report on Thursday, March 2nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $225.00 price objective on shares of Salesforce in a research report on Friday, March 24th. Finally, Morgan Stanley boosted their price objective on shares of Salesforce from $236.00 to $240.00 and gave the stock an “overweight” rating in a research report on Thursday, March 2nd. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and a consensus price target of $211.62.

Institutional Trading of Salesforce

A number of large investors have recently bought and sold shares of CRM. Financial Management Professionals Inc. grew its position in Salesforce by 365.2% in the fourth quarter. Financial Management Professionals Inc. now owns 214 shares of the CRM provider’s stock valued at $28,000 after acquiring an additional 168 shares during the period. Capital Directions Investment Advisors LLC acquired a new position in Salesforce in the fourth quarter worth $28,000. GHP Investment Advisors Inc. boosted its stake in Salesforce by 113.4% in the third quarter. GHP Investment Advisors Inc. now owns 207 shares of the CRM provider’s stock worth $30,000 after purchasing an additional 110 shares in the last quarter. NewSquare Capital LLC boosted its stake in Salesforce by 132.8% in the first quarter. NewSquare Capital LLC now owns 149 shares of the CRM provider’s stock worth $30,000 after purchasing an additional 85 shares in the last quarter. Finally, MinichMacGregor Wealth Management LLC acquired a new position in Salesforce in the fourth quarter worth $31,000. 75.83% of the stock is currently owned by institutional investors.

About Salesforce

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Salesforce, Inc engages in the design and development of cloud-based enterprise software for customer relationship management. Its solutions include sales force automation, customer service and support, marketing automation, digital commerce, community management, collaboration, industry-specific solutions, and salesforce platform.