Salesforce (NYSE:CRM) Trading Up 0.9% – Here’s What Happened

Salesforce, Inc. (NYSE:CRM)’s stock price traded up 0.9% on Tuesday . The company traded as high as $290.45 and last traded at $288.46. 1,203,647 shares changed hands during trading, a decline of 81% from the average session volume of 6,386,093 shares. The stock had previously closed at $285.96.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CRM. Citigroup reiterated a “buy” rating on shares of Salesforce in a report on Wednesday, March 19th. JPMorgan Chase & Co. boosted their price target on shares of Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. TD Cowen raised shares of Salesforce from a “hold” rating to a “buy” rating and lifted their target price for the stock from $380.00 to $400.00 in a research note on Friday, January 17th. BMO Capital Markets restated an “outperform” rating on shares of Salesforce in a report on Wednesday, March 19th. Finally, KeyCorp upgraded Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 price objective on the stock in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have issued a buy rating and five have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $362.74.

Salesforce Trading Up 0.8 %

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 company has a fifty day moving average of $312.85 and a two-hundred day moving average of $310.64. The stock has a market capitalization of $277.01 billion, a price-to-earnings ratio of 47.39, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35.

Insider Buying and Selling at Salesforce

In related news, CAO Sundeep G. Reddy sold 436 shares of the firm’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 completion of the transaction, the chief accounting officer now directly owns 7,057 shares of the company’s stock, valued at $2,344,899.96. This trade represents a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 sale, the chief financial officer now directly owns 46,750 shares in the company, valued at $12,967,047.50. The trade was a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 36,541 shares of company stock worth $11,599,604 over the last ninety days. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new position in Salesforce during the 4th quarter worth $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in shares of Salesforce by 926.4% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider’s stock valued at $1,422,979,000 after acquiring an additional 3,841,521 shares during the period. Raymond James Financial Inc. acquired a new stake in Salesforce in the fourth quarter worth about $1,173,564,000. Invesco Ltd. raised its holdings in Salesforce by 42.5% during the 4th quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider’s stock worth $2,604,770,000 after purchasing an additional 2,325,156 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Salesforce by 18.3% during the 4th quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider’s stock valued at $3,752,830,000 after purchasing an additional 1,736,667 shares during the period. 80.43% of the stock is owned by 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.