Salesforce Stock Sails Higher on Beat-and-Raise

CRM is up over 65% since the start of 2023

Laura McCandless

Deputy Editor

Aug 31, 2023 at 2:31 PM

The shares of Salesforce Inc (NYSE:CRM) are enjoying post-earnings tailwinds today, after the Dow member posted better-than-expected second-quarter results and lifted its full-year forecast. Analysts flooded CRM with bear notes after the event, with no fewer than 21 brokerages lifting their price targets.

Of the 38 analysts in coverage, 24 carry a "buy" or better rating, with 13 a "hold," and one "strong sell." Meanwhile, the current 12-month consensus price target of $252.88 sits at a 13.4% premium to current levels.

At last glance, CRM was up 3.6% at $222.77, earlier as high as $228.79, and headed for its fifth-straight daily win. Today's pop also pushed the stock back above its 60-day moving average. Since the start of the year, Salesforce stock is up 68.7%.

CRM Aug31

So far in the options pits today, 127,000 calls and 83,000 puts have been exchanged, which is already 5.1 times the average daily options volume. The weekly 9/1 230-strike call is the most active contract, with new positions opening there.

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