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

Shares of Salesforce, Inc. (NYSE:CRM) rose 2.2% on Tuesday . The company traded as high as $278.73 and last traded at $279.02. Approximately 2,173,444 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 6,937,489 shares. The stock had previously closed at $272.90.

Wall Street Analyst Weigh In

Several research firms have commented on CRM. JMP Securities restated a “market outperform” rating and issued a $450.00 target price on shares of Salesforce in a research report on Wednesday, December 18th. Wells Fargo & Company reduced their price objective on Salesforce from $345.00 to $310.00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. Truist Financial reissued a “buy” rating and issued a $400.00 price objective (up from $380.00) on shares of Salesforce in a report on Wednesday, December 4th. JPMorgan Chase & Co. boosted their price target on Salesforce from $340.00 to $380.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Finally, Royal Bank of Canada increased their price target on Salesforce from $300.00 to $420.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Two investment 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 given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $365.62.

Salesforce Price Performance

The stock’s fifty day moving average price is $322.41 and its 200-day moving average price is $308.93. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market cap of $266.58 billion, a price-to-earnings ratio of 45.63, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35.

Insider Buying and Selling at Salesforce

In related news, Director G Mason Morfit sold 722,300 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $346.11, for a total transaction of $249,995,253.00. Following the completion of the sale, the director now directly owns 3,192,009 shares in the company, valued at approximately $1,104,786,234.99. This trade represents a 18.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Marc Benioff sold 317,105 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 12,162,457 shares in the company, valued at $4,217,696,838.46. The trade was a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,108,793 shares of company stock valued at $383,156,227 in the last three months. 3.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Salesforce

A number of institutional investors have recently modified their holdings of CRM. Nvest Financial LLC boosted its position in Salesforce by 1.1% during the fourth quarter. Nvest Financial LLC now owns 2,806 shares of the CRM provider’s stock valued at $938,000 after purchasing an additional 31 shares during the last quarter. OMC Financial Services LTD raised its stake in shares of Salesforce by 0.3% during the 4th quarter. OMC Financial Services LTD now owns 11,390 shares of the CRM provider’s stock worth $3,808,000 after purchasing an additional 31 shares in the last quarter. Capital Advisors Ltd. LLC lifted its holdings in shares of Salesforce by 4.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider’s stock valued at $263,000 after buying an additional 31 shares during the last quarter. Sachetta LLC grew its stake in shares of Salesforce by 0.3% in the 4th quarter. Sachetta LLC now owns 11,018 shares of the CRM provider’s stock valued at $3,684,000 after buying an additional 32 shares in the last quarter. Finally, Prossimo Advisors LLC increased its holdings in Salesforce by 1.0% in the fourth quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider’s stock worth $1,125,000 after buying an additional 32 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Company Profile

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.