Salesforce (NYSE:CRM) Trading Up 1.1% – Should You Buy?

Salesforce, Inc. (NYSE:CRM)’s stock price was up 1.1% during trading on Thursday . The company traded as high as $282.53 and last traded at $282.53. Approximately 1,153,049 shares changed hands during 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 Analysts Forecast Growth

Several analysts have recently commented on the stock. Wedbush reissued an “outperform” rating and set a $425.00 price target on shares of Salesforce in a research note on Wednesday, December 18th. The Goldman Sachs Group raised their target price on shares of Salesforce from $360.00 to $400.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Stephens started coverage on shares of Salesforce in a research note on Wednesday. They set an “equal weight” rating and a $311.00 price target for the company. Loop Capital cut their price objective on shares of Salesforce from $330.00 to $300.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. Finally, Citigroup reaffirmed a “buy” rating on shares of Salesforce in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have issued a buy rating and five have assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $362.74.

Salesforce Trading Up 0.9 %

The company has a market capitalization of $270.58 billion, a price-to-earnings ratio of 46.31, a P/E/G ratio of 2.58 and a beta of 1.35. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The business’s 50-day moving average price is $313.51 and its two-hundred day moving average price is $309.49.

Insider Buying and Selling

In other news, COO Brian Millham sold 16,487 shares of Salesforce stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $340.68, for a total value of $5,616,791.16. Following the transaction, the chief operating officer now owns 1,662 shares in the company, valued at approximately $566,210.16. This trade represents a 90.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Sundeep G. Reddy sold 436 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at approximately $2,344,899.96. This represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 60,256 shares of company stock valued at $19,692,357 over the last quarter. 3.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Salesforce

A number of institutional investors have recently added to or reduced their stakes in the stock. Fairtree Asset Management Pty Ltd acquired a new position in shares of Salesforce during the fourth quarter worth $431,000. M1 Capital Management LLC bought a new stake in Salesforce during the 4th quarter worth $347,000. DSG Capital Advisors LLC acquired a new position in Salesforce in the 4th quarter worth about $3,237,000. 111 Capital bought a new position in Salesforce in the fourth quarter valued at about $1,808,000. Finally, NorthCrest Asset Manangement LLC boosted its stake in shares of Salesforce by 0.6% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 99,770 shares of the CRM provider’s stock valued at $33,356,000 after purchasing an additional 604 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

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.