Deep-pocketed investors have adopted a bearish approach towards Salesforce CRM, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in CRM usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 24 extraordinary options activities for Salesforce. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 33% leaning bullish and 66% bearish. Among these notable options, 10 are puts, totaling $980,886, and 14 are calls, amounting to $619,813.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $140.0 to $390.0 for Salesforce over the recent three months.
Insights into Volume & Open Interest
In terms of liquidity and interest, the mean open interest for Salesforce options trades today is 930.53 with a total volume of 5,604.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Salesforce's big money trades within a strike price range of $140.0 to $390.0 over the last 30 days.
Salesforce Option Volume And Open Interest Over Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| CRM | PUT | SWEEP | BEARISH | 01/12/24 | $255.00 | $240.2K | 752 | 1.0K |
| CRM | PUT | SWEEP | BEARISH | 01/12/24 | $255.00 | $204.2K | 752 | 2.8K |
| CRM | PUT | SWEEP | BULLISH | 01/12/24 | $255.00 | $144.3K | 752 | 7 |
| CRM | CALL | TRADE | BULLISH | 01/17/25 | $200.00 | $107.2K | 1.6K | 0 |
| CRM | PUT | SWEEP | BULLISH | 01/12/24 | $255.00 | $88.0K | 752 | 517 |
About Salesforce
Salesforce Inc 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.
After a thorough review of the options trading surrounding Salesforce, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Current Position of Salesforce
- Currently trading with a volume of 2,053,020, the CRM's price is down by -1.15%, now at $253.19.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 56 days.
What Analysts Are Saying About Salesforce
In the last month, 4 experts released ratings on this stock with an average target price of $307.5.
- An analyst from Wolfe Research has elevated its stance to Outperform, setting a new price target at $315.
- Maintaining their stance, an analyst from Piper Sandler continues to hold a Neutral rating for Salesforce, targeting a price of $285.
- In a cautious move, an analyst from Wells Fargo downgraded its rating to Equal-Weight, setting a price target of $280.
- Showing optimism, an analyst from Morgan Stanley upgrades its rating to Overweight with a revised price target of $350.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Salesforce with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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