Magnetar Financial LLC Acquires New Stake in Salesforce, Inc. (NYSE:CRM)

Magnetar Financial LLC bought a new position in Salesforce, Inc. (NYSE:CRM - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 1,903 shares of the CRM provider's stock, valued at approximately $636,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp raised its stake in Salesforce by 1.8% in the third quarter. State Street Corp now owns 49,007,404 shares of the CRM provider's stock worth $13,432,855,000 after buying an additional 864,193 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Salesforce by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider's stock worth $5,395,132,000 after acquiring an additional 257,501 shares in the last quarter. Fisher Asset Management LLC raised its position in shares of Salesforce by 1.4% in the 4th quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider's stock worth $4,163,703,000 after acquiring an additional 177,321 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Salesforce by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,066,354 shares of the CRM provider's stock worth $2,028,164,000 after purchasing an additional 153,500 shares during the last quarter. Finally, Jennison Associates LLC boosted its position in Salesforce by 52.7% during the fourth quarter. Jennison Associates LLC now owns 4,433,785 shares of the CRM provider's stock valued at $1,482,347,000 after purchasing an additional 1,530,572 shares in the last quarter. Institutional investors own 80.43% of the company's stock.

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Insider Buying and Selling at Salesforce

In related news, CAO Sundeep G. Reddy sold 436 shares of Salesforce stock in a transaction 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 sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of the company's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $277.37, for a total transaction of $1,725,518.77. Following the transaction, the chief financial officer now owns 46,750 shares of the company's stock, valued at $12,967,047.50. This represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 36,541 shares of company stock valued at $11,599,604. Company insiders own 3.20% of the company's stock.

Salesforce Price Performance

Shares of Salesforce stock traded up $2.63 on Tuesday, hitting $288.59. The company's stock had a trading volume of 4,300,746 shares, compared to its average volume of 6,386,093. The company has a market capitalization of $277.33 billion, a price-to-earnings ratio of 47.47, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $369.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a fifty day moving average price of $312.85 and a 200-day moving average price of $310.64.

Wall Street Analysts Forecast Growth

Several analysts have commented on CRM shares. JPMorgan Chase & Co. increased their price target on shares of Salesforce from $340.00 to $380.00 and gave the company an "overweight" rating in a research report on Wednesday, December 4th. Guggenheim reissued a "sell" rating and set a $247.00 target price on shares of Salesforce in a research report on Thursday, February 27th. Piper Sandler restated an "overweight" rating on shares of Salesforce in a research note on Wednesday, March 19th. Robert W. Baird reduced 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. Finally, Northland Securities reissued an "outperform" rating and issued a $440.00 price objective (up previously from $400.00) on shares of Salesforce in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have assigned a buy rating and five have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $362.74.

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.