Salesforce.com Stock Receives Twin Price-Target Hikes

Salesforce stock hit an all-time high earlier today

Jul 11, 2018 at 10:20 AM
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Salesforce.com, Inc. (NYSE:CRM) is trading up 0.8% at $143.58, despite the tariff-induced tech-sector headwinds, as the stock this morning saw two different brokerage firms raise their outlooks. Specifically, Oppenheimer and Baird both increased their price targets to $160, which is a 12.3% premium to Tuesday's close and deep in record-high territory. Meanwhile, the company just announced a new version of its Service Cloud Einstein.

Earlier this morning CRM shares hit a record high of $143.70, extending their massive multi-year uptrend. The equity has added 62% in the last 12 months, compared to the equity's current perch this time last year, when it was trading near $90. Such outperformance has earned it overwhelmingly positive attention from analysts, with 27 of 30 saying to buy the stock.

Options traders also seem upbeat on Salesforce stock. For instance, peak open interest resides at the August 150 call, followed by the July 152.50 call. Those who bought to open the calls are expecting CRM to keep rallying above the strikes in the weeks ahead.

On the other hand, short interest has been steadily rising on the equity, up 4% in the last reporting period. Going by average daily volumes, the 18.6 million CRM shares held by short sellers would take more than three sessions to buy back.

 

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