Traders Purchase High Volume of Salesforce Call Options (NYSE:CRM)
Salesforce, Inc. (NYSE:CRM – Get Free Report) was the target of some unusual options trading on Friday. Traders acquired 275,728 call options on the stock. This is an increase of 470% compared to the average daily volume of 48,414 call options.
Insider Activity
In other Salesforce news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $216.66, for a total transaction of $3,249,900.00. Following the transaction, the chief executive officer now owns 12,407,327 shares of the company’s stock, valued at $2,688,171,467.82. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Salesforce news, CFO Amy E. Weaver sold 942 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $305.46, for a total value of $287,743.32. Following the completion of the sale, the chief financial officer now owns 39,416 shares in the company, valued at $12,040,011.36. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $216.66, for a total value of $3,249,900.00. Following the completion of the sale, the chief executive officer now owns 12,407,327 shares of the company’s stock, valued at approximately $2,688,171,467.82. 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. Insiders own 3.20% of the company’s stock.
Hedge Funds Weigh In On Salesforce
Several large investors have recently added to or reduced their stakes in the business. Graypoint LLC lifted its position in Salesforce by 0.3% during the fourth quarter. Graypoint LLC now owns 10,504 shares of the CRM provider’s stock worth $2,764,000 after buying an additional 36 shares during the period. Chase Investment Counsel Corp raised its holdings in shares of Salesforce by 0.3% in the 4th quarter. Chase Investment Counsel Corp now owns 10,377 shares of the CRM provider’s stock worth $2,730,000 after purchasing an additional 36 shares during the period. JFS Wealth Advisors LLC raised its holdings in shares of Salesforce by 11.4% in the 4th quarter. JFS Wealth Advisors LLC now owns 353 shares of the CRM provider’s stock worth $93,000 after purchasing an additional 36 shares during the period. Opes Wealth Management LLC raised its holdings in shares of Salesforce by 2.9% in the 4th quarter. Opes Wealth Management LLC now owns 1,295 shares of the CRM provider’s stock worth $341,000 after purchasing an additional 37 shares during the period. Finally, Prentice Wealth Management LLC raised its holdings in shares of Salesforce by 1.7% in the 4th quarter. Prentice Wealth Management LLC now owns 2,294 shares of the CRM provider’s stock worth $604,000 after purchasing an additional 38 shares during the period. 80.43% of the stock is currently owned by hedge funds and other institutional investors.
Salesforce Stock Up 7.6 %
Shares of NYSE:CRM opened at $234.52 on Friday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. Salesforce has a 52-week low of $193.68 and a 52-week high of $318.71. The stock’s fifty day simple moving average is $281.80 and its 200-day simple moving average is $275.59. The company has a market capitalization of $227.02 billion, a P/E ratio of 42.18, a P/E/G ratio of 2.40 and a beta of 1.30.
Salesforce (NYSE:CRM – Get Free Report) last released its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.06. Salesforce had a return on equity of 11.62% and a net margin of 15.30%. The firm had revenue of $9.13 billion for the quarter, compared to the consensus estimate of $9.15 billion. During the same period in the prior year, the business posted $1.15 earnings per share. The firm’s revenue for the quarter was up 10.7% compared to the same quarter last year. As a group, equities research analysts forecast that Salesforce will post 7.45 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of research analysts have recently issued reports on the company. Wedbush dropped their target price on Salesforce from $325.00 to $315.00 and set an “outperform” rating on the stock in a report on Wednesday. Mizuho dropped their target price on Salesforce from $345.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday. Raymond James reissued a “strong-buy” rating and issued a $325.00 target price (down previously from $380.00) on shares of Salesforce in a report on Thursday. Sanford C. Bernstein boosted their target price on Salesforce from $231.00 to $234.00 and gave the company an “underperform” rating in a report on Thursday. Finally, UBS Group dropped their target price on Salesforce from $310.00 to $250.00 and set a “neutral” rating on the stock in a report on Thursday. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce currently has a consensus rating of “Moderate Buy” and an average price target of $292.79.
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.
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