364,143 Shares in Salesforce, Inc. (NYSE:CRM) Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS purchased a new stake in shares of Salesforce, Inc. (NYSE:CRM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 364,143 shares of the CRM provider's stock, valued at approximately $121,868,000. Salesforce makes up 0.6% of KLP Kapitalforvaltning AS's investment portfolio, making the stock its 24th largest position.

Other hedge funds have also recently added to or reduced their stakes in the company. Foundations Investment Advisors LLC lifted its position in Salesforce by 15.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider's stock worth $12,194,000 after buying an additional 4,752 shares during the last quarter. Nabity Jensen Investment Management Inc bought a new stake in shares of Salesforce in the 3rd quarter worth approximately $1,215,000. Athena Investment Management bought a new position in Salesforce during the 4th quarter worth approximately $236,000. Highland Capital Management LLC purchased a new position in Salesforce in the 4th quarter worth approximately $4,321,000. Finally, Geode Capital Management LLC lifted its position in Salesforce by 1.3% in the third quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider's stock valued at $5,395,132,000 after purchasing an additional 257,501 shares during the last quarter. Institutional investors own 80.43% of the company's stock.

Salesforce Stock Performance

Shares of CRM traded up $2.63 on Tuesday, reaching $288.59. The company's stock had a trading volume of 4,300,746 shares, compared to its average volume of 6,395,108. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00. The stock has a market capitalization of $277.33 billion, a P/E ratio of 47.47, a PEG ratio of 2.58 and a beta of 1.35. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The stock's 50 day simple moving average is $312.15 and its two-hundred day simple moving average is $310.95.

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Insider Transactions at Salesforce

In other news, insider R David Schmaier sold 1,785 shares of Salesforce stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $344.00, for a total transaction of $614,040.00. Following the transaction, the insider now directly owns 19,116 shares of the company's stock, valued at $6,575,904. The trade was a 8.54 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Sundeep G. Reddy sold 436 shares of the business's stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $144,874.08. Following the transaction, the chief accounting officer now owns 7,057 shares of the company's stock, valued at approximately $2,344,899.96. This trade represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 45,660 shares of company stock worth $14,194,689 in the last 90 days. 3.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CRM has been the subject of a number of recent analyst reports. Piper Sandler reaffirmed an "overweight" rating on shares of Salesforce in a research report on Wednesday, March 19th. DA Davidson reduced their price target on shares of Salesforce from $300.00 to $275.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. BMO Capital Markets restated an "outperform" rating on shares of Salesforce in a report on Wednesday, March 19th. Royal Bank of Canada upped their target price on Salesforce from $300.00 to $420.00 and gave the stock an "outperform" rating in a report on Wednesday, December 4th. Finally, Robert W. Baird dropped their price target on Salesforce from $430.00 to $400.00 and set an "outperform" rating on the stock in a research report on Thursday, February 27th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have given a buy rating and five have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $362.74.

Salesforce Company 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.