Salesforce Stock Gets Boost After Upbeat Revenue Prediction

The stock's technical setup looks promising right now

Deputy Editor
Sep 23, 2021 at 9:17 AM
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Salesforce.com, Inc (NYSE:CRM) this morning lifted its full-year 2022 revenue forecast to a slightly higher range of $26.25 billion to $26.35 billion, and initiated a full-year revenue outlook of $31.65 billion to $31.80 billion, blowing past analysts' estimates. The company cited rising demand for its cloud-based software as more people adopt a hybrid work style, due to the pandemic. 

In response, the equity is up 3.2% at $267.34 in electronic trading, as it attempts to bounce back from its late-August fall off its annual high of $275.22, guided higher by the 40-day moving average. The stock looks ready to take back recent pressure at its 20-day moving average, too, and is now up over 16.5% in 2021. 

Sentiment is mostly bullish among the brokerage bunch. Of the 25 in coverage, four consider CRM a "hold," while the remaining carry a "strong buy."

Lastly, options traders are also swimming in optimism, with calls hot. Specifically, CRM's 50-day put/call volume ratio of 2.85 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) stands higher than 98% of readings in its annual range.

 

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