Intermede Investment Partners Ltd Cuts Stake in Salesforce, Inc. (NYSE:CRM)

Intermede Investment Partners Ltd trimmed its stake in Salesforce, Inc. (NYSE:CRM) by 40.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 303,327 shares of the CRM provider’s stock after selling 206,156 shares during the quarter. Salesforce comprises 2.7% of Intermede Investment Partners Ltd’s portfolio, making the stock its 20th largest position. Intermede Investment Partners Ltd’s holdings in Salesforce were worth $101,411,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of CRM. United Bank increased its stake in Salesforce by 1.1% during the third quarter. United Bank now owns 7,303 shares of the CRM provider’s stock worth $1,999,000 after acquiring an additional 76 shares during the last quarter. First Heartland Consultants Inc. grew its holdings in shares of Salesforce by 36.6% during the 3rd quarter. First Heartland Consultants Inc. now owns 1,851 shares of the CRM provider’s stock worth $507,000 after purchasing an additional 496 shares during the period. Aptus Capital Advisors LLC increased its position in Salesforce by 24.0% during the 3rd quarter. Aptus Capital Advisors LLC now owns 8,917 shares of the CRM provider’s stock worth $2,441,000 after purchasing an additional 1,724 shares in the last quarter. RPG Investment Advisory LLC raised its holdings in Salesforce by 3.6% in the third quarter. RPG Investment Advisory LLC now owns 38,101 shares of the CRM provider’s stock valued at $10,429,000 after buying an additional 1,340 shares during the period. Finally, Dillon & Associates Inc. lifted its position in Salesforce by 3.1% during the third quarter. Dillon & Associates Inc. now owns 27,584 shares of the CRM provider’s stock valued at $7,558,000 after buying an additional 836 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Insider Buying and Selling

In other news, CAO Sundeep G. Reddy sold 436 shares of the company’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 completion of the transaction, the chief accounting officer now owns 7,057 shares in the company, valued at approximately $2,344,899.96. This represents a 5.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Marc Benioff sold 317,105 shares of the stock in a transaction dated Wednesday, December 18th. The stock was 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 directly owns 12,162,457 shares in the company, valued at approximately $4,217,696,838.46. This trade represents 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 in the last three months. 3.20% of the stock is owned by insiders.

Salesforce Stock Up 2.8 %

NYSE:CRM opened at $284.88 on Thursday. The firm has a market capitalization of $273.77 billion, a PE ratio of 46.85, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock has a 50 day moving average of $320.28 and a 200-day moving average of $308.86.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group increased their price objective on shares of Salesforce from $360.00 to $400.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Canaccord Genuity Group lowered their price target on Salesforce from $415.00 to $400.00 and set a “buy” rating for the company in a report on Thursday, February 27th. DA Davidson reduced their price objective on Salesforce from $300.00 to $275.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Wells Fargo & Company lowered their target price on Salesforce from $345.00 to $310.00 and set an “equal weight” rating for the company in a research note on Thursday, February 27th. Finally, Piper Sandler dropped their target price on Salesforce from $405.00 to $400.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-one have issued a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $365.62.

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.