Salesforce, Inc. (NYSE:CRM) Stock Position Boosted by Fortis Capital Management LLC

Fortis Capital Management LLC lifted its stake in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 29.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,948 shares of the CRM provider's stock after acquiring an additional 3,164 shares during the period. Fortis Capital Management LLC's holdings in Salesforce were worth $4,663,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CRM. Raymond James Financial Inc. acquired a new position in Salesforce in the fourth quarter valued at $1,173,564,000. Jennison Associates LLC increased its stake in Salesforce by 52.7% during the fourth quarter. Jennison Associates LLC now owns 4,433,785 shares of the CRM provider's stock worth $1,482,347,000 after acquiring an additional 1,530,572 shares during the last quarter. Swedbank AB raised its holdings in shares of Salesforce by 46.7% in the 4th quarter. Swedbank AB now owns 3,829,773 shares of the CRM provider's stock worth $1,280,408,000 after purchasing an additional 1,219,254 shares during the period. Proficio Capital Partners LLC lifted its stake in shares of Salesforce by 56,872.2% in the 4th quarter. Proficio Capital Partners LLC now owns 933,204 shares of the CRM provider's stock valued at $311,998,000 after purchasing an additional 931,566 shares in the last quarter. Finally, State Street Corp increased its position in Salesforce by 1.8% during the 3rd quarter. State Street Corp now owns 49,007,404 shares of the CRM provider's stock worth $13,432,855,000 after purchasing an additional 864,193 shares in the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

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Salesforce Stock Performance

Shares of Salesforce stock traded down $7.68 on Wednesday, reaching $280.93. 5,069,961 shares of the company were exchanged, compared to its average volume of 6,378,375. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $369.00. The firm has a market cap of $269.97 billion, a price-to-earnings ratio of 46.21, a P/E/G ratio of 2.58 and a beta of 1.35. 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 company's 50-day moving average is $312.15 and its two-hundred day moving average is $310.95.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Jefferies Financial Group lifted their price target on shares of Salesforce from $400.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday, December 4th. Bank of America reduced their target price on shares of Salesforce from $440.00 to $400.00 and set a "buy" rating on the stock in a report on Thursday, February 27th. Wedbush reissued an "outperform" rating and issued a $425.00 price objective on shares of Salesforce in a research report on Wednesday, December 18th. Guggenheim restated a "sell" rating and set a $247.00 price objective on shares of Salesforce in a research note on Thursday, February 27th. Finally, KeyCorp upgraded Salesforce from a "sector weight" rating to an "overweight" rating and set a $440.00 target price for the company in a research note on Friday, December 13th. One equities research 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 company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $362.74.

Insiders Place Their Bets

In related news, insider R David Schmaier sold 1,785 shares of the stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $344.00, for a total value of $614,040.00. Following the sale, the insider now owns 19,116 shares of the company's stock, valued at $6,575,904. This trade represents a 8.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 436 shares of the business's stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $144,874.08. Following the transaction, the chief accounting officer now directly owns 7,057 shares of the company's stock, valued at $2,344,899.96. The trade was 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 valued at $14,194,689 over the last three months. 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.