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On Monday, Slack Technologies, Inc (NYSE:WORK) announced the Department of Justice had closed its investigation into Salesforce.com Inc’s (NYSE:CRM) acquisition of the company, paving the way for the deal to close sometime during the second quarter of Salesforce’s fiscal 2022 year.
The acquisition, announced back in December 2020 valued at $27.7 billion, had been in the hands of the DOJ’s antitrust division, which required additional information and documents regarding the deal.
Slack’s stock made a new all-time high of $55.22 and on Tuesday continued momentum pushed the stock up into blue skies. The move marked a break of a tight sideways pattern, between $39.62 and $44.99, Slack had been trading in since Nov. 30, 2020.
On Tuesday there were no notable option contracts purchased of Slack but it became obvious big funds and/or institutions wanted to hold common shares of the stock. Four separate bullish block trades were placed totaling over $140.92 million. One institution purchased 1 million shares of Slack at $45.55, which was above the ask of $45.33.
See Also: Salesforce Stock Could Present A Good Opportunity For Investors
Why It’s Important: When a block trade occurs it indicates a hedge fund or institution has taken a position in common shares. A block trade always involves large sizing and is typically handled by a blockhouse privately and outside of the open market. Because block trades don’t happen on the open market the large size of the trades doesn’t create volatility in the stock being traded.
These types of purchase orders are made by institutions purchasing a large number of a security and retail investors can find watching for block trades useful because it indicates “smart money” has entered into a position.
The Slack Technologies Trades: Below is a look at the notable alerts, courtesy of Benzinga Pro:
WORK Price Action: Shares of Slack Technologies closed Tuesday at $45.20, slightly above the level it's been trading at since December.