Salesforce (NYSE:CRM) Shares Up 2.1% – What’s Next?

Salesforce, Inc. (NYSE:CRM) was up 2.1% during mid-day trading on Friday . The stock 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.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CRM shares. Loop Capital dropped their target price on shares of Salesforce from $330.00 to $300.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. Erste Group Bank upgraded shares of Salesforce from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Macquarie dropped their target price on shares of Salesforce from $370.00 to $320.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Canaccord Genuity Group dropped their target price on shares of Salesforce from $415.00 to $400.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Finally, Wells Fargo & Company dropped their target price on shares of Salesforce from $345.00 to $310.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-one have given a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $365.62.

Salesforce Stock Up 3.0 %

The company has a market capitalization of $268.85 billion, a PE ratio of 46.01, a PEG ratio of 2.58 and a beta of 1.35. The company’s 50 day moving average is $318.03 and its two-hundred day moving average is $309.01. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Insider Activity at Salesforce

In other news, CAO Sundeep G. Reddy sold 436 shares of the business’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $144,874.08. Following the sale, the chief accounting officer now directly owns 7,057 shares in the company, valued at $2,344,899.96. The trade was a 5.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Marc Benioff sold 317,105 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $346.78, for a total transaction of $109,965,671.90. Following the completion of the sale, the chief executive officer now owns 12,162,457 shares in the company, valued at approximately $4,217,696,838.46. This trade represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,108,793 shares of company stock valued at $383,156,227. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bernard Wealth Management Corp. purchased a new stake in Salesforce during the fourth quarter valued at approximately $25,000. Accredited Wealth Management LLC purchased a new stake in Salesforce during the fourth quarter valued at approximately $27,000. Arlington Trust Co LLC raised its position in Salesforce by 85.1% during 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. Compass Financial Services Inc purchased a new stake in Salesforce during the fourth quarter valued at approximately $30,000. Finally, Asset Planning Inc purchased a new stake in Salesforce during the fourth quarter valued at approximately $31,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

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.