Salesforce posted strong quarterly results and lifted its annual forecast
Salesforce Inc (NYSE:CRM) is the top Dow stock today by a wide margin and soaring to its highest level since January 2022, after the cloud company posted strong third-quarter earnings and lifted its annual profit forecast. No fewer than 24 analysts lifted their price targets in response, with both Deutsche Bank and Stifel raising theirs all the way to $300.
CRM is 6.9% higher to trade at $246.29 at last glance, and earlier hit an annual peak of $252.50. Today's bull gap -- on track for its best single-session gain since March 2-- has the equity breaking above familiar pressure at the $230 region. On track for a fifth-straight weekly gain, Salesforce stock is up 86.8% since the start of the year.
Options traders are flooding CRM in response. So far, 85,000 calls and 62,000 puts have been exchanged, which is already 4.6 times the average daily volume. The weekly 12/1 255-strike call is the most popular, followed by the 250-strike call in the same series, with new positions being opened at both.