Salesforce (NYSE:CRM) Stock Price Up 1.1% – Still a Buy?

Shares of Salesforce, Inc. (NYSE:CRM) shot up 1.1% during mid-day trading on Thursday . The stock traded as high as $282.53 and last traded at $282.53. 1,153,049 shares were traded during trading, a decline of 82% from the average session volume of 6,342,434 shares. The stock had previously closed at $279.39.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CRM shares. Oppenheimer reduced their price objective 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. Needham & Company LLC reiterated a “buy” rating and issued a $400.00 price target on shares of Salesforce in a research report on Thursday, February 27th. Loop Capital lowered their price objective on Salesforce from $330.00 to $300.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. JMP Securities reiterated a “market outperform” rating and issued a $450.00 target price on shares of Salesforce in a report on Wednesday, December 18th. Finally, DA Davidson decreased their target price on shares of Salesforce from $300.00 to $275.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have given a buy rating and five have given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $362.74.

Salesforce Price Performance

The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The business has a fifty day simple moving average of $313.51 and a 200 day simple moving average of $309.49. The stock has a market capitalization of $270.58 billion, a P/E ratio of 46.31, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35.

Insider Buying and Selling

In related news, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $343.00, for a total transaction of $2,133,803.00. Following the transaction, the chief financial officer now directly owns 53,861 shares in the company, valued at approximately $18,474,323. The trade was a 10.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Parker Harris sold 942 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $339.78, for a total transaction of $320,072.76. Following the completion of the sale, the insider now owns 120,333 shares of the company’s stock, valued at approximately $40,886,746.74. This trade represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 60,256 shares of company stock worth $19,692,357. 3.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Salesforce

A number of hedge funds have recently made changes to their positions in CRM. Foundations Investment Advisors LLC increased its stake in shares of Salesforce by 15.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock worth $12,194,000 after purchasing an additional 4,752 shares during the last quarter. Nabity Jensen Investment Management Inc purchased a new stake in Salesforce in the third quarter worth $1,215,000. Athena Investment Management bought a new stake in shares of Salesforce in the fourth quarter valued at $236,000. Highland Capital Management LLC bought a new stake in shares of Salesforce in the fourth quarter valued at $4,321,000. Finally, Geode Capital Management LLC lifted its position in shares of Salesforce by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock valued at $5,395,132,000 after buying an additional 257,501 shares during the last quarter. 80.43% of the stock is currently owned by 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.