Salesforce, Inc. (NYSE:CRM) Sees Large Growth in Short Interest

Salesforce, Inc. (NYSE:CRM) was the recipient of a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 11,970,000 shares, a growth of 24.2% from the February 28th total of 9,640,000 shares. Currently, 1.3% of the company’s shares are sold short. Based on an average daily volume of 6,810,000 shares, the days-to-cover ratio is presently 1.8 days.

Insider Activity at Salesforce

In related news, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $277.37, for a total value of $1,725,518.77. Following the completion of the sale, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $12,967,047.50. This represents a 11.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 500 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $335.94, for a total value of $167,970.00. Following the completion of the sale, the chief accounting officer now directly owns 6,557 shares of the company’s stock, valued at $2,202,758.58. The trade was a 7.09 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,660 shares of company stock worth $14,095,336. 3.20% of the stock is currently owned by insiders.

Institutional Trading of Salesforce

Hedge funds and other institutional investors have recently modified their holdings of the business. United Bank boosted its position in Salesforce by 1.1% during the third quarter. United Bank now owns 7,303 shares of the CRM provider’s stock valued at $1,999,000 after purchasing an additional 76 shares during the last quarter. FSA Wealth Management LLC acquired a new stake in Salesforce in the 3rd quarter worth $53,000. Kestra Investment Management LLC bought a new stake in shares of Salesforce during the third quarter valued at approximately $766,000. Benjamin Edwards Inc. raised its position in Salesforce by 3,967.2% in the third quarter. Benjamin Edwards Inc. now owns 44,414 shares of the CRM provider’s stock worth $12,157,000 after purchasing an additional 43,322 shares in the last quarter. Finally, Arrowroot Family Office LLC boosted its stake in Salesforce by 3.4% in the 3rd quarter. Arrowroot Family Office LLC now owns 4,694 shares of the CRM provider’s stock valued at $1,285,000 after buying an additional 156 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Trading Up 0.7 %

Shares of NYSE:CRM traded up $1.82 during midday trading on Tuesday, reaching $270.18. The company had a trading volume of 4,596,911 shares, compared to its average volume of 6,653,506. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. Salesforce has a 1-year low of $212.00 and a 1-year high of $369.00. The firm has a market cap of $259.64 billion, a price-to-earnings ratio of 44.44, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. The company has a fifty day simple moving average of $307.13 and a two-hundred day simple moving average of $311.78.

Salesforce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 10th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 0.62%. The ex-dividend date of this dividend is Thursday, April 10th. This is an increase from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s dividend payout ratio is 26.10%.

Wall Street Analysts Forecast Growth

CRM has been the subject of several recent research reports. JMP Securities reaffirmed a “market outperform” rating and issued a $450.00 price objective on shares of Salesforce in a research report on Wednesday, December 18th. Stephens started coverage on shares of Salesforce in a research note on Wednesday, March 19th. They set an “equal weight” rating and a $311.00 price target on the stock. TD Cowen raised shares of Salesforce from a “hold” rating to a “buy” rating and upped their price objective for the company from $380.00 to $400.00 in a research report on Friday, January 17th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Salesforce in a research report on Wednesday, March 19th. Finally, Wells Fargo & Company lowered their price objective on Salesforce from $345.00 to $310.00 and set an “equal weight” rating for the company in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have given a buy rating and five have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $361.42.

About Salesforce

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.