Short Interest in Salesforce, Inc. (NYSE:CRM) Rises By 12.8%

Salesforce, Inc. (NYSE:CRM) was the target of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 15,940,000 shares, an increase of 12.8% from the September 15th total of 14,130,000 shares. Based on an average trading volume of 5,680,000 shares, the days-to-cover ratio is currently 2.8 days.

Salesforce Price Performance

Salesforce stock opened at $291.77 on Tuesday. The firm has a market cap of $282.73 billion, a P/E ratio of 52.48, a P/E/G ratio of 2.61 and a beta of 1.30. The stock’s 50 day moving average is $262.99 and its 200 day moving average is $263.55. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. Salesforce has a one year low of $193.68 and a one year high of $318.71.

Salesforce (NYSE:CRM) last announced its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. The business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. Salesforce’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.63 earnings per share. As a group, research analysts expect that Salesforce will post 7.55 EPS for the current year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.55%. Salesforce’s dividend payout ratio is currently 28.78%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CRM. UBS Group increased their price target on shares of Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Oppenheimer lifted their price target on Salesforce from $280.00 to $300.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Morgan Stanley upped their price objective on Salesforce from $320.00 to $330.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Bank of America reissued a “buy” rating and issued a $325.00 target price on shares of Salesforce in a research report on Friday, September 6th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $342.00 price target on shares of Salesforce in a research report on Wednesday, August 28th. Nine research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $310.74.

Insider Activity at Salesforce

In other Salesforce news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $288.42, for a total value of $1,211,364.00. Following the completion of the transaction, the insider now directly owns 118,514 shares in the company, valued at $34,181,807.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the sale, the chief accounting officer now owns 6,431 shares in the company, valued at $1,644,921.18. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $288.42, for a total value of $1,211,364.00. Following the transaction, the insider now owns 118,514 shares of the company’s stock, valued at $34,181,807.88. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 76,412 shares of company stock valued at $20,212,507. 3.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Salesforce

Hedge funds have recently added to or reduced their stakes in the business. Ruedi Wealth Management Inc. lifted its position in shares of Salesforce by 186.7% during the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 56 shares during the period. Piscataqua Savings Bank raised its holdings in shares of Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 96 shares during the period. Clear Investment Research LLC boosted its position in shares of Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after purchasing an additional 98 shares in the last quarter. Red Tortoise LLC acquired a new stake in shares of Salesforce in the 1st quarter valued at about $33,000. Finally, Stephens Consulting LLC increased its position in Salesforce by 3,125.0% in the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after buying an additional 125 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

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.