Salesforce, Inc. (NYSE:CRM) Sees Significant Increase in Short Interest

by · The Markets Daily

Salesforce, Inc. (NYSE:CRM – Get Free Report) was the target of a large increase in short interest in September. As of September 30th, there was short interest totalling 15,940,000 shares, an increase of 12.8% from the September 15th total of 14,130,000 shares. Based on an average trading volume of 5,680,000 shares, the days-to-cover ratio is currently 2.8 days.

Wall Street Analyst Weigh In

CRM has been the topic of several recent research reports. Northland Capmk raised shares of Salesforce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 2nd. Truist Financial restated a “buy” rating and set a $315.00 price objective (up from $300.00) on shares of Salesforce in a research report on Thursday, September 19th. Raymond James boosted their target price on shares of Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a report on Thursday, August 29th. Wells Fargo & Company raised their price target on shares of Salesforce from $250.00 to $275.00 and gave the stock an “equal weight” rating in a report on Thursday, August 29th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $300.00 price objective on shares of Salesforce in a report on Monday, August 26th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $310.74.

View Our Latest Analysis on CRM

Insider Activity

In related news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $289.87, for a total value of $1,217,454.00. Following the completion of the transaction, the insider now owns 118,514 shares of the company’s stock, valued at approximately $34,353,653.18. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Salesforce news, COO Brian Millham sold 8,427 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $280.00, for a total transaction of $2,359,560.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $289.87, for a total transaction of $1,217,454.00. Following the completion of the sale, the insider now owns 118,514 shares in the company, valued at approximately $34,353,653.18. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 80,612 shares of company stock worth $21,429,961 in the last ninety days. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. XN LP increased its stake in Salesforce by 24.2% in the 2nd quarter. XN LP now owns 464,489 shares of the CRM provider’s stock valued at $119,420,000 after buying an additional 90,616 shares during the period. Atomi Financial Group Inc. increased its stake in shares of Salesforce by 27.5% during the third quarter. Atomi Financial Group Inc. now owns 11,999 shares of the CRM provider’s stock worth $3,284,000 after acquiring an additional 2,589 shares during the period. M&G Plc acquired a new position in shares of Salesforce during the first quarter worth about $2,178,000. First Foundation Advisors raised its holdings in Salesforce by 38.0% during the first quarter. First Foundation Advisors now owns 828 shares of the CRM provider’s stock worth $249,000 after purchasing an additional 228 shares in the last quarter. Finally, St. Johns Investment Management Company LLC lifted its position in Salesforce by 4.1% in the first quarter. St. Johns Investment Management Company LLC now owns 5,834 shares of the CRM provider’s stock valued at $1,757,000 after purchasing an additional 228 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Price Performance

CRM stock opened at $290.89 on Thursday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $281.87 billion, a P/E ratio of 52.32, a PEG ratio of 2.61 and a beta of 1.30. The business has a 50 day simple moving average of $265.00 and a 200-day simple moving average of $263.65. Salesforce has a twelve month low of $193.68 and a twelve month high of $318.71.

Salesforce (NYSE:CRM – Get Free Report) last posted its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same period in the previous year, the business posted $1.63 earnings per share. Salesforce’s quarterly revenue was up 8.5% on a year-over-year basis. As a group, equities analysts anticipate that Salesforce will post 7.55 EPS for the current year.

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.55%. Salesforce’s payout ratio is 28.78%.

About Salesforce

(Get Free Report)

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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