29-Nov-2024
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Salesforce (CRM): New Buy Recommendation for This Technology Giant
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Salesforce provides enterprise cloud computing solutions. The company offers customer relationship management technology that brings companies and customers together. Its Customer 360 platform helps the group to deliver a single source of truth, connecting customer data across systems, apps, and devices to help companies sell, service, market, and conduct commerce. It also offers Service Cloud for customer support, Marketing Cloud for digital marketing campaigns, Commerce Cloud as an e-commerce engine, the Salesforce Platform, which allows enterprises to build applications, and other solutions, such as MuleSoft for data integration.
Salesforce trades on the NYSE stock market under the symbol CRM.
As of November 29, 2024, CRM stock price declined to $329.99 with 3,062,242 million shares trading.
CRM has a beta of 1.50, meaning it tends to be more sensitive to market movements. CRM has a correlation of 0.26 to the broad based SPY ETF.
CRM has a market cap of $315.47 billion. This is considered a Mega Cap stock.
Last quarter Salesforce reported $9 billion in Revenue and $2.56 earnings per share. This beat revenue expectation by $1 billion and exceeded earnings estimates by $.45.
In the last 3 years, CRM traded as high as $348.86 and as low as $126.34.
The top ETF exchange traded funds that CRM belongs to (by Net Assets): VTI, VOO, SPY, IVV, VUG.
CRM has outperformed the market in the last year with a return of +43.8%, while the SPY ETF gained +34.1%. In the last 3 month period, CRM beat the market returning +28.6%, while SPY returned +8.2%. However, in the most recent 2 weeks CRM has underperformed the stock market by returning +1.5%, while SPY returned +2.9%.
CRM support price is $322.92 and resistance is $337.10 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that CRM shares will trade within this expected range on the day.