Salesforce.com Incâ€™s (CRM) stock price is down 4.5% this morning as cloud software companies took a breather from a year long rally. We are seeing a run-up of short selling ahead of todayâ€™s earning report after the stock shed over 300k of shares shorted in February.
CRM short interest is $1.63 million; 9.89 million shares shorted; 1.36% of its float; stock borrow fee is 0.30% fee. CRM is the third largest short in the Application Software Sector behind Workday Inc (WDAY) and Adobe Systems (ADBE).
After being down $309 million, -18.14%, in year-to-date losses this year, shorts have made back 20% of this yearâ€™s losses and are up $60 million in mark-to-mark profits on todayâ€™s price drop.
If CRM and the Application Software continue to experience a giveback of some of this yearâ€™s rally, CRM shares shorted may climb back into the 12 million share level we saw earlier in the year. With over 200k of new shares shorted today, we are back over the 10 million shares shorted level already.
Want deeper insight into the above analysis?
Contact:Â [email protected]
Managing Director Predictive Analytics, S3 Partners, LLC
For more information on S3â€™s reporting, data and analytics solutions, email us at [email protected]. Start your free trial of the BLACK App â€“ the only source of real-time short interest on the Bloomberg Terminal or Thomson Reuters Eikon.
For short side data and access to our research reports go to https://shortsight.com/ .
The information herein (some of which has been obtained from third party sources without verification) is believed by S3 Partners, LLC (â€śS3 Partnersâ€ť) to be reliable and accurate.Â Neither S3 Partners nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein or accepts liability arising from its use.Â Prior to making any decisions based on the information herein, you should determine, without reliance upon S3 Partners, the economic risks and merits, as well as the legal, tax, accounting and investment consequences, of such decisions.