Salesforce Shares Dip 2.3 Percent Analysts Mixed on Future Outlook

Salesforce Inc. (NYSE:CRM) shares dropped 2.3% during Tuesday's trading session, reaching a low of $222.89 before closing at $224.5220. The trading volume was 7,278,009 shares, down 47% from the average daily volume of 13,818,043 shares. The stock had previously closed at $229.79.

Analysts have mixed views on Salesforce, with a consensus rating of "Moderate Buy" and a target price of $275.14. Evercore reiterated an "outperform" rating, while Canaccord Genuity increased its price target to $300.00. Wall Street Zen downgraded the stock to "hold," and Truist Financial raised its target to $300.00. Susquehanna initiated coverage with a "neutral" rating.

The company reported strong earnings for the quarter, with $5.90 EPS beating estimates by $2.63 and revenue of $11.35 billion. Salesforce's revenue grew 10.8% year-over-year. The company also announced a quarterly dividend of $0.44 per share, payable on October 8th, with an annual yield of 0.8%. Insider activity included Director David Blair Kirk purchasing 4,176 shares and Director Craig Conway selling 4,500 shares.

Institutional investors have been adjusting their positions, with several increasing their holdings in Salesforce. The stock is currently owned 80.43% by institutional investors and 3.50% by insiders. Salesforce develops cloud-based customer relationship management (CRM) software and enterprise applications, offering a range of products including Sales Cloud, Service Cloud, and Marketing Cloud.