Salesforce (NYSE:CRM) Shares Up 2.1% – Here’s What Happened

Salesforce, Inc. (NYSE:CRM) shares were up 2.1% during mid-day trading on Friday . The company traded as high as $276.76 and last traded at $277.42. Approximately 1,274,450 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 7,012,355 shares. The stock had previously closed at $271.74.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CRM shares. Erste Group Bank raised Salesforce from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Citigroup reaffirmed a “cautious” rating on shares of Salesforce in a research report on Thursday, February 27th. Jefferies Financial Group upped their target price on Salesforce from $400.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Royal Bank of Canada upped their target price on Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, Morgan Stanley boosted their price target on Salesforce from $330.00 to $405.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-one have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $365.62.

Salesforce Stock 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 firm has a 50-day simple moving average of $319.09 and a two-hundred day simple moving average of $308.60. The company has a market capitalization of $267.75 billion, a price-to-earnings ratio of 45.83, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35.

Insiders Place Their Bets

In other news, CAO Sundeep G. Reddy sold 436 shares of the stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $144,874.08. Following the transaction, the chief accounting officer now owns 7,057 shares of the company’s stock, valued at approximately $2,344,899.96. This represents a 5.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robin L. Washington acquired 1,695 shares of the stock in a transaction dated Friday, February 28th. The shares were bought at an average cost of $294.61 per share, for a total transaction of $499,363.95. Following the acquisition, the director now owns 43,445 shares in the company, valued at $12,799,331.45. The trade was a 4.06 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 1,108,793 shares of company stock valued at $383,156,227 in the last three months. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Nvest Financial LLC boosted its stake in Salesforce by 1.1% during the 4th quarter. Nvest Financial LLC now owns 2,806 shares of the CRM provider’s stock valued at $938,000 after purchasing an additional 31 shares during the period. OMC Financial Services LTD boosted its stake in Salesforce by 0.3% during the 4th quarter. OMC Financial Services LTD now owns 11,390 shares of the CRM provider’s stock valued at $3,808,000 after purchasing an additional 31 shares during the period. Capital Advisors Ltd. LLC boosted its stake in Salesforce by 4.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider’s stock valued at $263,000 after purchasing an additional 31 shares during the period. Sachetta LLC boosted its stake in Salesforce by 0.3% during the 4th quarter. Sachetta LLC now owns 11,018 shares of the CRM provider’s stock valued at $3,684,000 after purchasing an additional 32 shares during the period. Finally, Prossimo Advisors LLC lifted its position in shares of Salesforce by 1.0% in the 4th quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider’s stock worth $1,125,000 after acquiring an additional 32 shares during the period. 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.