Salesforce (NYSE:CRM) Shares Up 0.9% – What’s Next?

Salesforce, Inc. (NYSE:CRM)’s share price rose 0.9% during mid-day trading on Tuesday . The company traded as high as $290.45 and last traded at $288.46. 1,203,647 shares changed hands during trading, a decline of 81% from the average session volume of 6,386,093 shares. The stock had previously closed at $285.96.

Wall Street Analysts Forecast Growth

CRM has been the topic of a number of research analyst reports. BMO Capital Markets restated an “outperform” rating on shares of Salesforce in a research report on Wednesday, March 19th. Piper Sandler restated an “overweight” rating on shares of Salesforce in a research note on Wednesday, March 19th. Wedbush reiterated an “outperform” rating and set a $425.00 price target on shares of Salesforce in a research report on Wednesday, December 18th. TD Cowen upgraded shares of Salesforce from a “hold” rating to a “buy” rating and raised their price objective for the company from $380.00 to $400.00 in a research report on Friday, January 17th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $400.00 target price on shares of Salesforce in a research report on Thursday, February 27th. One equities research 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’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $362.74.

Salesforce Stock Performance

The company has a fifty day moving average of $311.35 and a two-hundred day moving average of $310.74. The firm has a market capitalization of $267.04 billion, a price-to-earnings ratio of 45.70, a PEG ratio of 2.58 and a beta of 1.35. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

Insider Activity

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $329.88, for a total value of $2,052,183.48. Following the completion of the transaction, the chief financial officer now directly owns 45,861 shares of the company’s stock, valued at $15,128,626.68. The trade was a 11.94 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 436 shares of the company’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $144,874.08. Following the sale, the chief accounting officer now owns 7,057 shares of the company’s stock, valued at approximately $2,344,899.96. The trade was a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,875 shares of company stock valued at $13,580,649. 3.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Salesforce

Several hedge funds and other institutional investors have recently made changes to their positions in CRM. Bernard Wealth Management Corp. bought a new stake in Salesforce during the fourth quarter worth $25,000. Accredited Wealth Management LLC bought a new stake in shares of Salesforce during the 4th quarter worth $27,000. Arlington Trust Co LLC boosted its stake in Salesforce by 85.1% in the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after buying an additional 40 shares in the last quarter. Compass Financial Services Inc bought a new position in Salesforce in the fourth quarter valued at about $30,000. Finally, Asset Planning Inc acquired a new position in Salesforce during the fourth quarter worth about $31,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

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.