Sunday, June 26, 2022

Selling Buzz: Salesforce Inc. [CRM] Chairman and Co-CEO Benioff Marc sells 2,300 shares of the company

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Salesforce Inc. shares valued at $385,296 were sold by Benioff Marc on Jun 21. At $167.52 per share, Benioff Marc sold 2,300 shares. The insider’s holdings dropped to 28,761,368 shares worth approximately $4.82 billion following the completion of this transaction.


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Also, Benioff Marc sold 2,300 shares, netting a total of over 375,343 in proceeds. Following the sale of shares at $163.19 each, the insider now holds 28,761,368 shares.

Before that, Benioff Marc had sold 2,300 shares from its account. In a trade valued at $371,353, the Chairman and Co-CEO traded Salesforce Inc. shares for $161.46 each. Upon closing the transaction, the insider’s holdings decreased to 2,300 shares, worth approximately $4.82 billion.

As published in a research note from ROTH Capital on May 18, 2022, Salesforce Inc. [CRM] has been rated up from a Neutral to a Buy and the price target has been revised to $242. This represents a 30.81% premium over Wednesday’s closing price. Analysts at Wedbush resumed the stock at ‘”an Outperform”‘ outlook in a report released in early March. As of March 02, 2022, UBS has reiterated its “Neutral” rating for CRM. Earlier on March 02, 2022, Stifel resumed its rating. Their recommendation was “a Buy” for CRM stock.

Analyzing CRM’s Price Performance

On Wednesday, Salesforce Inc. [NYSE: CRM] rose 0.37% to $167.45. The stock’s lowest price that day was $164.21, but it reached a high of $170.45 in the same session. During the last five days, there has been a surge of approximately 1.82%. Over the course of the year, Salesforce Inc. shares have dropped approximately -34.11%. Shares of the company reached a 52-week high of $256.87 on 01/04/22 and a 52-week low of $154.55 on 05/24/22. A 50-day SMA is recorded $173.36, while a 200-day SMA reached $229.99. Nevertheless, trading volume fell to 5.85 million shares from 6.74 million shares the previous day.

Support And Resistance Levels for Salesforce Inc. (CRM)

According to the 24-hour chart, there is a support level at 164.29, which, if violated, would cause prices to drop to 161.13. In the upper region, resistance lies at 170.53. The next price resistance is at 173.61. RSI (Relative Strength Index) is 46.65 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -9.47, which suggests the price will decrease in the coming days. Percent R is at 73.11%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Salesforce Inc. subject to short interest?

Stocks of Salesforce Inc. saw a sharp steep in short interest on Apr 28, 2022 dropping by -2.22 million shares to 12.37 million. Data from Yahoo Finance shows that the short interest on Mar 30, 2022 was 14.59 million shares. A decline of -17.95% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 1.81 of the overall float, the days-to-cover ratio (short ratio) decline to 1.81.

Which companies own the most shares of Salesforce Inc. (CRM)?

According to The Vanguard Group, Inc. filings, the company currently owns 73,772,456 shares, which is about 7.42% of the total CRM shares outstanding. The investor’s shares have appreciated by 1,540,575 from its previous 13-F filing of 72231881.0 shares. With the completion of the sale, Fidelity Management & Research Co’s stake is now worth $9,232,829,942. SSgA Funds Management, Inc. acquire a 0.98% interest valued at $7.16 billion while BlackRock Fund Advisors purchased a 952,642 stake. A total of -3,523,985 shares of Salesforce Inc. were bought by T. Rowe Price Associates, Inc. during the quarter, and 541,721 were bought by Geode Capital Management LLC. In its current portfolio, Fisher Asset Management LLC holds 15,234,715 shares valued at $2.44 billion.

In terms of Salesforce Inc. share price expectations, FactSet research, analysts set an average price target of $243.89 in the next 12 months, up nearly 45.06% from the previous closing price of $166.83. Analysts anticipate Salesforce Inc. stock to reach $340.00 by 2022, with the lowest price target being $175.00. In spite of this, 48 analysts ranked Salesforce Inc. stock as a Buy at the end of 2022. On March 02, 2022, Raymond James assigned a price target of “a Strong buy” to the stock and reiterated coverage with a $300.

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