Salesforce, Inc. (NYSE:CRM) Sees Large Increase in Short Interest
Salesforce, Inc. (NYSE:CRM – Get Free Report) was the target of a large increase in short interest in the month of May. As of May 15th, there was short interest totalling 9,670,000 shares, an increase of 16.5% from the April 30th total of 8,300,000 shares. Based on an average daily trading volume, of 5,560,000 shares, the short-interest ratio is presently 1.7 days.
Salesforce Price Performance
Shares of CRM stock traded up $16.43 during trading on Friday, hitting $234.44. The company had a trading volume of 36,807,425 shares, compared to its average volume of 7,702,839. The stock’s 50-day moving average price is $281.80 and its 200 day moving average price is $275.97. Salesforce has a one year low of $193.68 and a one year high of $318.71. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.11. The firm has a market capitalization of $227.17 billion, a P/E ratio of 42.17, a price-to-earnings-growth ratio of 2.07 and a beta of 1.30.
Salesforce (NYSE:CRM – Get Free Report) last posted its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.06. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The business had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.15 billion. During the same quarter in the previous year, the firm earned $1.15 earnings per share. Salesforce’s revenue for the quarter was up 10.7% compared to the same quarter last year. Equities analysts expect that Salesforce will post 7.46 EPS for the current fiscal year.
Analyst Ratings Changes
Several equities research analysts have weighed in on the stock. Mizuho cut their target price on shares of Salesforce from $345.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday. Evercore ISI reduced their price target on shares of Salesforce from $330.00 to $300.00 and set an “outperform” rating for the company in a report on Thursday. Royal Bank of Canada reiterated an “outperform” rating and issued a $350.00 price target on shares of Salesforce in a report on Friday, May 24th. Citigroup reduced their price target on shares of Salesforce from $323.00 to $260.00 and set a “neutral” rating for the company in a report on Thursday. Finally, Stifel Nicolaus reduced their price target on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a report on Thursday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $292.79.
View Our Latest Stock Report on CRM
Insider Buying and Selling
In related news, COO Brian Millham sold 24,453 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $302.08, for a total transaction of $7,386,762.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Amy E. Weaver sold 7,075 shares of the stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $309.32, for a total transaction of $2,188,439.00. Following the completion of the sale, the chief financial officer now owns 38,483 shares in the company, valued at approximately $11,903,561.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Brian Millham sold 24,453 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $302.08, for a total transaction of $7,386,762.24. The disclosure for this sale can be found here. In the last three months, insiders sold 638,070 shares of company stock valued at $182,912,726. Company insiders own 3.20% of the company’s stock.
Institutional Investors Weigh In On Salesforce
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bear Mountain Capital Inc. bought a new position in shares of Salesforce in the 4th quarter valued at $26,000. Signature Resources Capital Management LLC acquired a new stake in shares of Salesforce during the fourth quarter valued at about $26,000. Ruedi Wealth Management Inc. grew its holdings in shares of Salesforce by 186.7% during the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 56 shares during the last quarter. Kathleen S. Wright Associates Inc. acquired a new position in shares of Salesforce in the fourth quarter valued at approximately $31,000. Finally, Pacifica Partners Inc. raised its holdings in Salesforce by 333.3% in the 4th quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock valued at $33,000 after buying an additional 100 shares during 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.
Further Reading
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