Salesforce (NYSE:CRM) Stock Price Up 1% – Still a Buy?

Salesforce, Inc. (NYSE:CRM)’s stock price traded up 1% during mid-day trading on Wednesday . The stock traded as high as $284.71 and last traded at $279.71. 1,347,670 shares traded hands during trading, a decline of 81% from the average session volume of 6,952,559 shares. The stock had previously closed at $277.05.

Analyst Upgrades and Downgrades

CRM has been the subject of several recent research reports. Loop Capital reduced their price target on Salesforce from $330.00 to $300.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. BMO Capital Markets decreased their price target on Salesforce from $375.00 to $367.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Wedbush reaffirmed an “outperform” rating and set a $425.00 price objective on shares of Salesforce in a research note on Wednesday, December 18th. JPMorgan Chase & Co. raised their price target on shares of Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Finally, Royal Bank of Canada boosted their price target on shares of Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-one have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $365.62.

Salesforce Trading Up 2.8 %

The stock has a 50-day simple moving average of $321.27 and a two-hundred day simple moving average of $309.03. 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 cap of $273.78 billion, a PE ratio of 46.82, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35.

Insiders Place Their Bets

In related news, CFO Amy E. Weaver sold 6,221 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $301.00, for a total value of $1,872,521.00. Following the transaction, the chief financial officer now owns 46,750 shares of the company’s stock, valued at approximately $14,071,750. This trade represents a 11.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Marc Benioff sold 317,105 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 12,162,457 shares in the company, valued at $4,217,696,838.46. The trade was a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,108,793 shares of company stock valued at $383,156,227. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. United Bank lifted its holdings in shares of Salesforce by 1.1% in the third quarter. United Bank now owns 7,303 shares of the CRM provider’s stock worth $1,999,000 after buying an additional 76 shares in the last quarter. Jaffetilchin Investment Partners LLC grew its holdings in Salesforce by 7.5% during the 3rd quarter. Jaffetilchin Investment Partners LLC now owns 4,128 shares of the CRM provider’s stock valued at $1,130,000 after buying an additional 289 shares in the last quarter. Nations Financial Group Inc. IA ADV raised its position in shares of Salesforce by 0.9% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 6,704 shares of the CRM provider’s stock valued at $1,835,000 after buying an additional 58 shares in the last quarter. Everhart Financial Group Inc. lifted its holdings in shares of Salesforce by 16.4% in the 3rd quarter. Everhart Financial Group Inc. now owns 5,086 shares of the CRM provider’s stock valued at $1,392,000 after acquiring an additional 715 shares during the last quarter. Finally, Apollon Wealth Management LLC grew its position in Salesforce by 5.9% in the third quarter. Apollon Wealth Management LLC now owns 25,801 shares of the CRM provider’s stock worth $7,062,000 after acquiring an additional 1,434 shares in the last quarter. 80.43% of the stock is currently 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.