Salesforce Stock Declines 0.4%: Key Insights and Market Trends
Salesforce (NYSE:CRM) Shares Down 0.4% - Here’s What Happened
Source: MarketBeat
Market Performance
- Salesforce shares traded down by 0.4%, with a last trading price of $334.33.
- Trading volume was approximately 3,019,020 shares, a 53% decline from the average volume of 6,379,467 shares.
- The stock previously closed at $335.74.
Analyst Ratings
- Barclays raised its price target from $415.00 to $425.00, rating the stock as “overweight.”
- Wedbush maintained an “outperform” rating with a target of $425.00.
- Other analysts like TD Cowen and Wells Fargo adjusted their target prices, showing a general positive outlook with a consensus rating of “Moderate Buy” and an average target price of $378.86.
Financial Highlights
- Recent earnings report showed $2.41 EPS, slightly below the consensus estimate of $2.44.
- Q3 revenue was reported at $9.44 billion against expectations of $9.35 billion, marking an 8.3% year-over-year increase.
- The company has a market cap of $319.95 billion with a PE ratio of 54.99.
Dividend Information
- The upcoming quarterly dividend is set at $0.40, payable on January 9, 2025.
- This represents an annualized dividend of $1.60 and a dividend yield of 0.48%.
Insider Trading Activities
- CAO Sundeep G. Reddy sold 413 shares at an average price of $285.29.
- CEO Marc Benioff sold 317,105 shares valued at approximately $109.97 million.
- Insider activity reflects a total of 1,186,017 shares sold in the last 90 days, indicating significant insider movement.
Institutional Ownership
- Institutional investors hold approximately 80.43% of Salesforce shares.
- Recent acquisitions include a new stake from Veritas Asset Management valued at $733.8 million.
Company Overview
Salesforce, Inc. provides innovative Customer Relationship Management (CRM) technology that integrates businesses with their customers. Their services include:
- Sales tools for data management and analytics.
- Customer service tools for personalized support.
