Salesforce (NYSE:CRM) Trading Up 1.1% – Here’s What Happened

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

Wall Street Analyst Weigh In

CRM has been the subject of a number of research reports. Robert W. Baird decreased their price target on shares of Salesforce from $430.00 to $400.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. The Goldman Sachs Group lifted their price target on shares of Salesforce from $360.00 to $400.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Citigroup reiterated a “buy” rating on shares of Salesforce in a research report on Wednesday. TD Cowen upgraded Salesforce from a “hold” rating to a “buy” rating and lifted their price target for the stock from $380.00 to $400.00 in a research report on Friday, January 17th. Finally, UBS Group boosted their price objective on shares of Salesforce from $275.00 to $360.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have issued a buy rating and five have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus price target of $362.74.

Salesforce Price Performance

The stock has a 50 day moving average of $315.19 and a 200-day moving average of $309.50. The company has a market cap of $267.77 billion, a PE ratio of 45.80, a price-to-earnings-growth 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 Buying and Selling at Salesforce

In other news, CAO Sundeep G. Reddy sold 436 shares of the company’s 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 sale, the chief accounting officer now owns 7,057 shares in the company, valued at $2,344,899.96. This represents a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $277.37, for a total value of $1,725,518.77. Following the transaction, the chief financial officer now owns 46,750 shares of the company’s stock, valued at approximately $12,967,047.50. This represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,609 shares of company stock worth $24,920,821. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CRM. Bernard Wealth Management Corp. purchased a new stake in shares of Salesforce during the fourth quarter worth about $25,000. Infrastructure Capital Advisors LLC acquired a new position in Salesforce in the third quarter valued at approximately $27,000. Accredited Wealth Management LLC purchased a new stake in Salesforce in the 4th quarter valued at about $27,000. Arlington Trust Co LLC raised its position 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 purchasing an additional 40 shares during the period. Finally, Compass Financial Services Inc acquired a new position in Salesforce in the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

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.