Insider Trading: Salesforce (CRM) Director Buys Stock Worth $99.8M
One of Salesforce’s (NYSE:CRM) directors, Mason Morfit, revealed a significant purchase of the company’s shares, totaling $99.8 million. CRM is a dominant player in the customer relationship management software space.
As per the SEC filing, the insider bought 428,000 shares of the company on June 3 at a weighted average price of $233.17 per share. It is worth noting that after the recent transaction, Morfit owns 3.91 million shares of CRM, valued at $919.31 million.
Recent Update
It is worth highlighting that the insider purchased Salesforce stock following the release of the company’s mixed first-quarter results. During the reported quarter, the company’s revenues climbed by 8% year-over-year, and adjusted earnings increased by 174.6%.
Following the earnings release on May 30, the company received 24 Buys, 10 Holds, and one Sell rating from Wall Street analysts.
Investor Sentiment for CRM Stock Is Currently Positive
Similar to the insider’s bullish stance toward CRM stock, the sentiment among TipRanks investors is currently Very Positive. Out of the 738,341 portfolios tracked by TipRanks, 2.1% hold CRM stock.
In addition, the average portfolio weighting allocated towards Salesforce among those who do have a position is 4.76%. This suggests that investors of the company are fairly confident about its future. Furthermore, in the last 30 days, 9.1% of those holding the stock increased their positions.
Is CRM a Buy or Sell?
On TipRanks, Salesforce stock has a Moderate Buy consensus rating based on 29 Buy, 10 Hold, and one Sell ratings received in the last three months. The analysts’ average price target on CRM stock of $297.11 implies 25.61% upside potential from current levels. In the past three months, shares of the company have lost 22%.
