Salesforce (NYSE:CRM) Shares Up 2.1% – Here’s What Happened

Salesforce, Inc. (NYSE:CRM)’s share price shot up 2.1% during mid-day trading on Friday . The company traded as high as $276.76 and last traded at $277.42. 1,274,450 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 7,012,355 shares. The stock had previously closed at $271.74.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CRM. Oppenheimer dropped their price target on shares of Salesforce from $415.00 to $380.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Barclays lifted their target price on shares of Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Northland Securities reaffirmed an “outperform” rating and set a $440.00 target price (up previously from $400.00) on shares of Salesforce in a research note on Wednesday, December 4th. Stifel Nicolaus lowered their target price on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $400.00 target price on shares of Salesforce in a research note on Thursday, February 27th. Two 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $365.62.

Salesforce Price Performance

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 company has a 50 day moving average price of $319.09 and a 200 day moving average price of $308.60. The firm has a market cap of $267.75 billion, a PE ratio of 45.83, a PEG ratio of 2.58 and a beta of 1.35.

Insider Buying and Selling at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 436 shares of Salesforce stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $144,874.08. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $301.00, for a total value of $1,872,521.00. Following the completion of the transaction, the chief financial officer now directly owns 46,750 shares in the company, valued at $14,071,750. This represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,108,793 shares of company stock valued at $383,156,227. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bernard Wealth Management Corp. acquired a new position in Salesforce during the 4th quarter worth approximately $25,000. Infrastructure Capital Advisors LLC acquired a new position in Salesforce during the 3rd quarter worth approximately $27,000. Accredited Wealth Management LLC acquired a new position in Salesforce during the 4th quarter worth approximately $27,000. Arlington Trust Co LLC lifted its position in Salesforce by 85.1% during the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock worth $29,000 after acquiring an additional 40 shares in the last quarter. Finally, Compass Financial Services Inc acquired a new position in Salesforce during the 4th quarter worth approximately $30,000. 80.43% of the stock is owned by institutional investors and hedge funds.

About Salesforce

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.