Salesforce (NYSE:CRM) Trading Up 2.2% – Here’s What Happened

by · The Cerbat Gem

Salesforce, Inc. (NYSE:CRM – Get Free Report) shot up 2.2% on Tuesday . The stock traded as high as $278.73 and last traded at $279.02. 2,173,444 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 6,937,489 shares. The stock had previously closed at $272.90.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. UBS Group increased their target price on Salesforce from $275.00 to $360.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Wedbush restated an “outperform” rating and issued a $425.00 target price on shares of Salesforce in a research note on Wednesday, December 18th. Morgan Stanley lifted their price target on shares of Salesforce from $330.00 to $405.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Scotiabank cut their target price on shares of Salesforce from $440.00 to $400.00 and set a “sector outperform” rating on the stock in a research report on Thursday, February 27th. Finally, KeyCorp raised Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 price target for the company in a research report on Friday, December 13th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, thirty-one have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus price target of $365.62.

Read Our Latest Analysis on Salesforce

Salesforce Stock Performance

The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The firm’s 50 day moving average is $320.28 and its 200-day moving average is $308.86. The company has a market cap of $260.37 billion, a PE ratio of 44.56, a PEG ratio of 2.58 and a beta of 1.35.

Insider Activity at Salesforce

In other news, CAO Sundeep G. Reddy sold 436 shares of Salesforce stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $144,874.08. Following the transaction, the chief accounting officer now owns 7,057 shares in the company, valued at $2,344,899.96. The trade was a 5.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Marc Benioff sold 317,105 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $346.78, for a total transaction of $109,965,671.90. Following the completion of the sale, the chief executive officer now directly owns 12,162,457 shares of the company’s stock, valued at $4,217,696,838.46. This represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,108,793 shares of company stock valued at $383,156,227. 3.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CRM. Bernard Wealth Management Corp. purchased a new position in shares of Salesforce during the 4th quarter worth $25,000. Infrastructure Capital Advisors LLC acquired a new stake in shares of Salesforce during the third quarter valued at about $27,000. Accredited Wealth Management LLC acquired a new position in Salesforce during the fourth quarter worth $27,000. Arlington Trust Co LLC boosted its holdings in Salesforce by 85.1% during the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after acquiring an additional 40 shares during the period. Finally, Compass Financial Services Inc purchased a new position in shares of Salesforce in the fourth quarter valued at approximately $30,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

About Salesforce

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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.

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