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blue-chip

Book Profit on this NYSE – Listed Information Technology Stock: Salesforce Inc

Mar 22, 2023 | Team Kalkine
Book Profit on this NYSE – Listed Information Technology Stock: Salesforce Inc

Salesforce Inc

Company Overview: Salesforce, Inc., formerly Salesforce.com, Inc., is a provider of customer relationship management (CRM) platforms. With the support of its Customer 360 platform, businesses can sell, service, promote, and do business everywhere. This source links customer data from many systems, apps, and devices.

As per our previous daily report published on CRM on 08th December 2022, Kalkine provided a ‘Buy’ stance on the stock at USD 127.14 based on ‘higher margin profile, a leader in the CRM segment, valuation upside, and key risks associated with the business’ and the stock price has now moved by ~49.40% since then and the price has attained the Resistance 1 and Resistance 2.

Noted below are the details of support and resistance levels provided in our previous report:

CRM’s Daily Chart

Considering the resistance around the range of USD 190 – USD 200, resistance 2 and target attainment, current trading levels, risks associated, and volatile market conditions on the back of rising interest rates, aSell’ rating is assigned to the “CRM” at the current market price of USD 189.95 (as of 22 March 2023, at 07:05 am PDT). 

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 22nd March 2023. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’