Salesforce Stock Eyes Best Day Ever After Quarterly Report

Salesforce stock has been rocked by bull notes, and is set to join the Blue Chip Index on August 31

Deputy Editor
Aug 26, 2020 at 10:41 AM
facebook X logo linkedin


After closing at a new record high during yesterday's session, Salesforce.com, Inc. (NYSE:CRM) stepped into the earnings confessional with some positive results. The company posted fiscal third-quarter earnings and revenue that came in well above Wall Street's estimates, just a few days before the equity is scheduled to join the Dow Jones Industrial Average (DJI) on Monday, August 31. At last check, the shares of Salesforce stock are up 26% to trade at $272.25, on track to mark its best day ever with a fresh record intraday and closing high. In response, the security has received no fewer than 22 bull notes already today.

Digging deeper, Citigroup, Deutsche Bank, and Goldman Sachs are just a few major firms that issued price-target hikes -- to $300, $270, and $252, respectively -- for CRM. Meanwhile, the consensus 12-month target price of $258.92 is now a 5.8% deficit to current levels. Sentiment over CRM has already been overwhelmingly bullish, with all of the 20 of the 22 in coverage calling it a "buy" or "strong buy," versus one "hold" and one "strong sell." 

The optimism today should come as no surprise, as this most recent surge into all-time high territory means the stock is up a staggering 78% year-over-year. Additionally, the equity, which is set for its third-straight win, has a solid layer of support in place from its 40-day moving average -- a trendline that's acted as a solid floor since April.

Lastly, Salesforce stock sports a 50-day call/put volume ratio of 2.36 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio sits in the 76th annual percentile of its annual range, which means the appetite for these bullish bets has been slightly larger than usual. Echoing this, the stock's Schaeffer's put/call open interest ratio (SOIR) of 0.46 sits in the lowest percentile of its annual range, suggesting a heavy call bias. In other words, there's a lot of options-related optimism circling in the options pits.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI