Salesforce (NYSE:CRM) Trading Up 1.5% – What’s Next?

Salesforce, Inc. (NYSE:CRM) shares shot up 1.5% on Monday . The stock traded as high as $286.76 and last traded at $284.92. 2,158,212 shares were traded during trading, a decline of 66% from the average session volume of 6,369,091 shares. The stock had previously closed at $280.62.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Citigroup restated a “buy” rating on shares of Salesforce in a report on Wednesday. Morgan Stanley boosted their price target on Salesforce from $330.00 to $405.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Salesforce in a research report on Wednesday. Truist Financial reissued a “buy” rating and issued a $400.00 target price (up previously from $380.00) on shares of Salesforce in a research report on Wednesday, December 4th. Finally, Northland Securities reaffirmed an “outperform” rating and set a $440.00 price target (up previously from $400.00) on shares of Salesforce in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have assigned a buy rating and five have assigned a strong buy rating to the company. According to MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $362.74.

Salesforce Stock Performance

The business’s fifty day simple moving average is $313.51 and its 200-day simple moving average is $310.36. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market capitalization of $273.48 billion, a PE ratio of 46.76, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35.

Insider Activity at Salesforce

In other news, insider R David Schmaier sold 1,785 shares of Salesforce stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $344.00, for a total value of $614,040.00. Following the sale, the insider now directly owns 19,116 shares of the company’s stock, valued at approximately $6,575,904. The trade was a 8.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Sundeep G. Reddy sold 436 shares of the stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $144,874.08. Following the transaction, the chief accounting officer now directly owns 7,057 shares of the company’s stock, valued at approximately $2,344,899.96. The trade was a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 42,762 shares of company stock valued at $13,733,407. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

Hedge funds have recently bought and sold shares of the business. Foundations Investment Advisors LLC grew its position in Salesforce by 15.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock worth $12,194,000 after acquiring an additional 4,752 shares in the last quarter. Nabity Jensen Investment Management Inc purchased a new position in shares of Salesforce in the 3rd quarter worth approximately $1,215,000. Athena Investment Management bought a new position in shares of Salesforce during the 4th quarter valued at approximately $236,000. Highland Capital Management LLC purchased a new stake in Salesforce during the 4th quarter valued at $4,321,000. Finally, Geode Capital Management LLC lifted its position in Salesforce by 1.3% in the third quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock worth $5,395,132,000 after buying an additional 257,501 shares during the last quarter. Hedge funds and other institutional investors 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.