Salesforce (NYSE:CRM) Stock Price Up 0.9% – Time to Buy?

Shares of Salesforce, Inc. (NYSE:CRM) shot up 0.9% on Tuesday . The company traded as high as $290.45 and last traded at $288.46. 1,203,647 shares were traded 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 Ratings Changes

A number of research firms have weighed in on CRM. Piper Sandler reaffirmed an “overweight” rating on shares of Salesforce in a research note on Wednesday, March 19th. Bank of America decreased their price objective on Salesforce from $440.00 to $400.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Loop Capital dropped their price target on shares of Salesforce from $330.00 to $300.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. KeyCorp raised Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 price target for the company in a research report on Friday, December 13th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $400.00 price objective on shares of Salesforce in a research report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have given a buy rating and five have issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $362.74.

Salesforce Stock Performance

The business has a 50-day simple moving average of $312.85 and a 200-day simple moving average of $310.64. The firm has a market capitalization of $277.01 billion, a PE ratio of 47.39, 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.

Insider Activity

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $277.37, for a total transaction of $1,725,518.77. Following the transaction, the chief financial officer now owns 46,750 shares of the company’s stock, valued at approximately $12,967,047.50. This trade represents a 11.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider R David Schmaier sold 1,785 shares of Salesforce stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $344.00, for a total transaction of $614,040.00. Following the transaction, the insider now directly owns 19,116 shares in the company, valued at approximately $6,575,904. The trade was a 8.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 36,541 shares of company stock valued at $11,599,604. 3.20% of the stock is currently owned by insiders.

Institutional Trading of Salesforce

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bernard Wealth Management Corp. purchased a new stake in Salesforce during the 4th quarter valued at about $25,000. Infrastructure Capital Advisors LLC acquired a new stake in Salesforce during the 3rd quarter worth about $27,000. Accredited Wealth Management LLC acquired a new position in shares of Salesforce in the 4th quarter valued at about $27,000. Arlington Trust Co LLC grew 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 buying an additional 40 shares during the period. Finally, Compass Financial Services Inc purchased a new position in Salesforce in the fourth quarter valued at $30,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

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.