Salesforce (NYSE:CRM) Trading 1.5% Higher – Here’s Why

Salesforce, Inc. (NYSE:CRM) traded up 1.5% during mid-day trading on Monday . The stock traded as high as $286.76 and last traded at $284.92. 2,158,212 shares were traded during trading, a decline of 66% from the average session volume of 6,369,091 shares. The stock had previously closed at $280.62.

Wall Street Analyst Weigh In

CRM has been the topic of a number of research analyst reports. Canaccord Genuity Group reduced their target price on Salesforce from $415.00 to $400.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. DA Davidson decreased their price objective on shares of Salesforce from $300.00 to $275.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Citigroup reiterated a “buy” rating on shares of Salesforce in a research note on Wednesday, March 19th. KeyCorp upgraded shares of Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 price target on the stock in a research report on Friday, December 13th. Finally, Truist Financial reaffirmed a “buy” rating and set a $400.00 price objective (up previously from $380.00) on shares of Salesforce in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have given a buy rating and five have assigned a strong buy rating to the company. According to MarketBeat, Salesforce presently has an average rating of “Moderate Buy” and an average price target of $362.74.

Salesforce Stock Up 0.9 %

The company has a market capitalization of $277.33 billion, a price-to-earnings ratio of 47.47, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average price of $312.15 and a 200-day moving average price of $310.95.

Insiders Place Their Bets

In other news, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $329.88, for a total transaction of $2,052,183.48. Following the sale, the chief financial officer now owns 45,861 shares in the company, valued at $15,128,626.68. The trade was a 11.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R David Schmaier sold 1,785 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $344.00, for a total transaction of $614,040.00. Following the completion of the transaction, the insider now directly owns 19,116 shares of the company’s stock, valued at $6,575,904. This represents a 8.54 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 45,660 shares of company stock worth $14,194,689. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

Several hedge funds have recently bought and sold shares of CRM. State Street Corp lifted its position in shares of Salesforce by 1.8% in the third quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock worth $13,432,855,000 after purchasing an additional 864,193 shares in the last quarter. Geode Capital Management LLC increased its stake in Salesforce by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 19,955,353 shares of the CRM provider’s stock valued at $6,656,078,000 after buying an additional 175,035 shares during the period. Fisher Asset Management LLC lifted its position in Salesforce by 1.4% in the 4th quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider’s stock worth $4,163,703,000 after buying an additional 177,321 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Salesforce by 18.3% during the 4th quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider’s stock valued at $3,752,830,000 after buying an additional 1,736,667 shares during the period. Finally, Norges Bank purchased a new position in shares of Salesforce during the 4th quarter valued at $3,599,867,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

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.