Salesforce (NYSE:CRM) Stock Price Up 1% – Here’s Why

Salesforce, Inc. (NYSE:CRM)’s stock price rose 1% on Wednesday . The stock traded as high as $284.71 and last traded at $279.71. Approximately 1,347,670 shares were traded during trading, a decline of 81% from the average daily volume of 6,952,559 shares. The stock had previously closed at $277.05.

Wall Street Analysts Forecast Growth

CRM has been the topic of several recent analyst reports. Guggenheim reissued a “sell” rating and issued a $247.00 target price on shares of Salesforce in a research note on Thursday, February 27th. JPMorgan Chase & Co. boosted their target price on Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Loop Capital decreased their price target on Salesforce from $330.00 to $300.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Truist Financial reiterated a “buy” rating and issued a $400.00 target price (up previously from $380.00) on shares of Salesforce in a research note on Wednesday, December 4th. Finally, Barclays raised their price target 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. Two equities research 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $365.62.

Salesforce Trading Up 2.8 %

The company has a 50-day simple moving average of $321.27 and a 200 day simple moving average of $309.03. 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 firm has a market cap of $273.78 billion, a PE ratio of 46.82, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35.

Insider Buying and Selling

In other news, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $301.00, for a total transaction of $1,872,521.00. Following the completion of the sale, the chief financial officer now owns 46,750 shares of the company’s stock, valued at $14,071,750. The trade was a 11.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Parker Harris sold 942 shares of the firm’s 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 transaction, the insider now directly owns 120,333 shares in the company, valued at $40,886,746.74. This represents a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,108,793 shares of company stock valued at $383,156,227. 3.20% of the stock is owned by company insiders.

Institutional Trading of Salesforce

Hedge funds have recently bought and sold shares of the business. Bernard Wealth Management Corp. acquired a new position in Salesforce in the fourth quarter valued at approximately $25,000. Accredited Wealth Management LLC acquired a new position in shares of Salesforce in the 4th quarter valued at $27,000. Arlington Trust Co LLC increased its position in shares of 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 purchasing an additional 40 shares during the last quarter. Compass Financial Services Inc acquired a new stake in shares of Salesforce during the 4th quarter worth about $30,000. Finally, Asset Planning Inc purchased a new stake in Salesforce in the 4th quarter valued at about $31,000. 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.