Bowen Hanes & Co. Inc. Invests $38.24 Million in Salesforce, Inc. (NYSE:CRM)

Bowen Hanes & Co. Inc. bought a new stake in Salesforce, Inc. (NYSE:CRM - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 114,380 shares of the CRM provider's stock, valued at approximately $38,241,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Infrastructure Capital Advisors LLC bought a new stake in shares of Salesforce during the third quarter worth about $27,000. Arlington Trust Co LLC grew its holdings in shares of Salesforce by 85.1% during the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider's stock worth $29,000 after purchasing an additional 40 shares during the last quarter. Compass Financial Services Inc bought a new stake in shares of Salesforce during the fourth quarter worth about $30,000. Asset Planning Inc bought a new stake in shares of Salesforce during the fourth quarter worth about $31,000. Finally, Collier Financial bought a new stake in shares of Salesforce during the fourth quarter worth about $32,000. Institutional investors own 80.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Northland Securities restated an "outperform" rating and set a $440.00 price target (up from $400.00) on shares of Salesforce in a report on Wednesday, December 4th. Loop Capital reduced their price target on Salesforce from $330.00 to $300.00 and set a "hold" rating on the stock in a report on Thursday, February 27th. Truist Financial restated a "buy" rating and set a $400.00 price target (up from $380.00) on shares of Salesforce in a report on Wednesday, December 4th. Robert W. Baird reduced their target price on Salesforce from $430.00 to $400.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. Finally, TD Cowen upgraded Salesforce from a "hold" rating to a "buy" rating and upped their target price for the company from $380.00 to $400.00 in a report on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, thirty-one have assigned a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $365.62.

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Salesforce Stock Down 4.8 %

NYSE CRM traded down $13.64 on Thursday, reaching $270.94. The company had a trading volume of 9,487,875 shares, compared to its average volume of 7,138,556. The stock has a market capitalization of $260.37 billion, a P/E ratio of 44.56, a P/E/G ratio of 2.58 and a beta of 1.35. The company's fifty day moving average is $319.09 and its 200 day moving average is $308.60. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $369.00. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 436 shares of the stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $144,874.08. Following the completion of the sale, the chief accounting officer now directly owns 7,057 shares of the company's stock, valued at approximately $2,344,899.96. This represents a 5.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Marc Benioff sold 317,105 shares of the company's stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $346.78, for a total value of $109,965,671.90. Following the completion of the transaction, the chief executive officer now owns 12,162,457 shares of the company's stock, valued at $4,217,696,838.46. This trade represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,108,793 shares of company stock valued at $383,156,227. 3.20% of the stock is owned by insiders.

About Salesforce

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.