Salesforce, Inc. (NYSE:CRM) Short Interest Update

Salesforce, Inc. (NYSE:CRMGet Free Report) was the recipient of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 10,640,000 shares, an increase of 15.3% from the February 29th total of 9,230,000 shares. Based on an average daily volume of 5,610,000 shares, the days-to-cover ratio is presently 1.9 days.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CRM shares. KeyCorp initiated coverage on shares of Salesforce in a research report on Thursday, March 21st. They issued a “sector weight” rating on the stock. Oppenheimer lifted their target price on shares of Salesforce from $300.00 to $325.00 and gave the company an “outperform” rating in a report on Monday, February 12th. JPMorgan Chase & Co. upped their price target on Salesforce from $260.00 to $310.00 and gave the stock an “overweight” rating in a research note on Thursday, February 29th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $350.00 price objective on shares of Salesforce in a research note on Thursday, March 7th. Finally, Needham & Company LLC raised their target price on Salesforce from $275.00 to $345.00 and gave the company a “buy” rating in a report on Thursday, February 29th. Nine research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $304.32.

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Insider Buying and Selling at Salesforce

In related news, CAO Sundeep G. Reddy sold 216 shares of the company’s stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $278.71, for a total transaction of $60,201.36. Following the completion of the sale, the chief accounting officer now owns 2,869 shares of the company’s stock, valued at approximately $799,618.99. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, insider Srinivas Tallapragada sold 10,000 shares of the firm’s stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $253.82, for a total transaction of $2,538,200.00. Following the completion of the sale, the insider now directly owns 59,861 shares in the company, valued at $15,193,919.02. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Sundeep G. Reddy sold 216 shares of the firm’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $278.71, for a total transaction of $60,201.36. Following the sale, the chief accounting officer now owns 2,869 shares of the company’s stock, valued at approximately $799,618.99. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 913,175 shares of company stock worth $261,391,996. Corporate insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Salesforce

A number of institutional investors have recently added to or reduced their stakes in CRM. Osterweis Capital Management Inc. boosted its position in shares of Salesforce by 463.1% in the 2nd quarter. Osterweis Capital Management Inc. now owns 3,283 shares of the CRM provider’s stock worth $694,000 after buying an additional 2,700 shares in the last quarter. Pointe Capital Management LLC increased its position in Salesforce by 370.0% during the 2nd quarter. Pointe Capital Management LLC now owns 1,551 shares of the CRM provider’s stock worth $328,000 after purchasing an additional 1,221 shares in the last quarter. Walkner Condon Financial Advisors LLC raised its holdings in Salesforce by 2.9% in the third quarter. Walkner Condon Financial Advisors LLC now owns 2,633 shares of the CRM provider’s stock valued at $534,000 after buying an additional 74 shares during the period. Procyon Advisors LLC lifted its holdings in shares of Salesforce by 72.3% during the 3rd quarter. Procyon Advisors LLC now owns 29,481 shares of the CRM provider’s stock valued at $5,978,000 after acquiring an additional 12,371 shares in the last quarter. Finally, BlueCrest Capital Management Ltd purchased a new stake in Salesforce during the 2nd quarter worth $341,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Stock Performance

NYSE CRM traded up $1.76 during trading on Tuesday, reaching $304.02. The company’s stock had a trading volume of 4,745,641 shares, compared to its average volume of 5,703,619. Salesforce has a twelve month low of $187.31 and a twelve month high of $318.71. The firm has a market cap of $294.90 billion, a price-to-earnings ratio of 71.17, a P/E/G ratio of 2.32 and a beta of 1.28. The business’s fifty day moving average price is $295.56 and its 200-day moving average price is $254.02. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

Salesforce (NYSE:CRMGet Free Report) last posted its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. The company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period last year, the firm earned $1.01 EPS. As a group, analysts anticipate that Salesforce will post 7.45 EPS for the current fiscal year.

Salesforce Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Thursday, March 14th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, March 13th. This represents a $1.60 annualized dividend and a yield of 0.53%. Salesforce’s dividend payout ratio is currently 9.52%.

About Salesforce

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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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