Salesforce, Inc. (NYSE:CRM) Shares Sold by Intermede Investment Partners Ltd

Intermede Investment Partners Ltd cut its holdings in Salesforce, Inc. (NYSE:CRM - Free Report) by 40.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 303,327 shares of the CRM provider's stock after selling 206,156 shares during the period. Salesforce accounts for about 2.7% of Intermede Investment Partners Ltd's portfolio, making the stock its 20th largest holding. Intermede Investment Partners Ltd's holdings in Salesforce were worth $101,411,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. PGGM Investments lifted its holdings in Salesforce by 3.4% in the fourth quarter. PGGM Investments now owns 43,111 shares of the CRM provider's stock valued at $14,413,000 after acquiring an additional 1,413 shares during the last quarter. Balboa Wealth Partners lifted its holdings in Salesforce by 31.0% in the fourth quarter. Balboa Wealth Partners now owns 1,733 shares of the CRM provider's stock valued at $579,000 after acquiring an additional 410 shares during the last quarter. HBK Sorce Advisory LLC lifted its holdings in Salesforce by 1.4% in the fourth quarter. HBK Sorce Advisory LLC now owns 4,812 shares of the CRM provider's stock valued at $1,609,000 after acquiring an additional 65 shares during the last quarter. Bowen Hanes & Co. Inc. acquired a new position in Salesforce during the fourth quarter worth $38,241,000. Finally, Skandinaviska Enskilda Banken AB publ lifted its stake in Salesforce by 78.2% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 695,672 shares of the CRM provider's stock worth $233,565,000 after purchasing an additional 305,368 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

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Salesforce Stock Performance

Shares of NYSE CRM traded down $13.64 during midday trading on Thursday, reaching $270.94. 9,487,875 shares of the company were exchanged, compared to its average volume of 7,138,556. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $369.00. The stock has a fifty day simple moving average of $319.09 and a 200 day simple moving average of $308.60. The stock has a market cap of $260.37 billion, a P/E ratio of 44.56, a PEG ratio of 2.58 and a beta of 1.35.

Analyst Upgrades and Downgrades

A number of research firms have commented on CRM. Royal Bank of Canada upped their price target on Salesforce from $300.00 to $420.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. Jefferies Financial Group upped their price target on Salesforce from $400.00 to $425.00 and gave the stock a "buy" rating in a research note on Wednesday, December 4th. Redburn Atlantic began coverage on Salesforce in a research note on Wednesday, February 19th. They set a "buy" rating on the stock. Bank of America decreased their price target on Salesforce from $440.00 to $400.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. Finally, Piper Sandler reduced their price objective on Salesforce from $405.00 to $400.00 and set an "overweight" rating on the stock in a research note on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-one have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce presently has a consensus rating of "Moderate Buy" and an average price target of $365.62.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 436 shares of the firm's stock in a transaction dated Thursday, January 23rd. The shares were 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 owns 7,057 shares in the company, valued at $2,344,899.96. This trade represents a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Marc Benioff sold 317,105 shares of the firm's stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $346.78, for a total transaction of $109,965,671.90. Following the completion of the sale, the chief executive officer now owns 12,162,457 shares of the company's stock, valued at approximately $4,217,696,838.46. The trade was a 2.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,108,793 shares of company stock worth $383,156,227 over the last 90 days. Company insiders own 3.20% of the company's stock.

Salesforce Profile

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.