Short Interest in Salesforce, Inc. (NYSE:CRM) Rises By 12.8%

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

Wall Street Analysts Forecast Growth

Several research firms have commented on CRM. Erste Group Bank reiterated a "hold" rating on shares of Salesforce in a research report on Wednesday, September 11th. Wedbush lifted their price target on Salesforce from $315.00 to $325.00 and gave the stock an "outperform" rating in a research report on Friday, September 27th. 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. Canaccord Genuity Group lifted their target price on Salesforce from $300.00 to $315.00 and gave the stock a "buy" rating in a report on Thursday, August 29th. Finally, Northland Securities upgraded Salesforce from a "market perform" rating to an "outperform" rating and increased their price target for the company from $270.00 to $400.00 in a report on Wednesday, October 2nd. Nine investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $310.74.

Salesforce Stock Down 1.1 %

CRM traded down $3.33 during trading on Tuesday, hitting $288.31. The stock had a trading volume of 3,848,536 shares, compared to its average volume of 6,463,669. The stock has a 50 day simple moving average of $262.99 and a two-hundred day simple moving average of $263.55. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. Salesforce has a twelve month low of $193.68 and a twelve month high of $318.71. The company has a market capitalization of $279.37 billion, a PE ratio of 51.95, a PEG ratio of 2.61 and a beta of 1.30.

Salesforce (NYSE:CRM - Get Free Report) last posted its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping analysts' consensus estimates of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm had revenue of $9.33 billion during the quarter, compared to analysts' expectations of $9.22 billion. During the same quarter last year, the firm earned $1.63 EPS. The business's quarterly revenue was up 8.5% on a year-over-year basis. On average, research analysts predict that Salesforce will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were paid a dividend of $0.40 per share. The ex-dividend date 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%.

Insider Buying and Selling

In other Salesforce news, insider Parker Harris sold 4,200 shares of the company's stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $288.42, for a total value of $1,211,364.00. Following the completion of the transaction, the insider now directly owns 118,514 shares in the company, valued at $34,181,807.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Salesforce news, insider Parker Harris sold 4,200 shares of the stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $288.42, for a total transaction of $1,211,364.00. Following the completion of the transaction, the insider now owns 118,514 shares of the company's stock, valued at $34,181,807.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Amy E. Weaver sold 897 shares of Salesforce stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $229,434.66. Following the completion of the sale, the chief financial officer now directly owns 51,109 shares in the company, valued at $13,072,660.02. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 76,412 shares of company stock worth $20,212,507. 3.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ruedi Wealth Management Inc. lifted its position in Salesforce by 186.7% during the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider's stock worth $26,000 after acquiring an additional 56 shares during the period. Piscataqua Savings Bank lifted its holdings in shares of Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider's stock worth $26,000 after purchasing an additional 96 shares during the period. Red Tortoise LLC purchased a new stake in Salesforce in the first quarter valued at approximately $33,000. Clear Investment Research LLC increased its holdings in Salesforce by 816.7% in the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider's stock worth $28,000 after buying an additional 98 shares during the period. Finally, Strategic Investment Solutions Inc. IL acquired a new position in Salesforce in the 2nd quarter worth approximately $33,000. Hedge funds and other institutional investors own 80.43% of the company's stock.

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.