Salesforce, Inc. (NYSE:CRM) Stock Position Cut by Intermede Investment Partners Ltd

Intermede Investment Partners Ltd trimmed its stake in shares of Salesforce, Inc. (NYSE:CRM) by 40.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor 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 holdings, making the stock its 20th biggest position. Intermede Investment Partners Ltd’s holdings in Salesforce were worth $101,411,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in CRM. Foundations Investment Advisors LLC raised its holdings in Salesforce by 15.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock worth $12,194,000 after purchasing an additional 4,752 shares in the last quarter. Nabity Jensen Investment Management Inc acquired a new position in shares of Salesforce during the 3rd quarter valued at $1,215,000. Athena Investment Management bought a new stake in shares of Salesforce in the 4th quarter worth $236,000. Aljian Capital Management LLC boosted its stake in Salesforce by 16.1% during the third quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider’s stock valued at $3,629,000 after buying an additional 1,834 shares in the last quarter. Finally, Highland Capital Management LLC acquired a new position in Salesforce during the fourth quarter worth about $4,321,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Salesforce news, CAO Sundeep G. Reddy sold 436 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $144,874.08. Following the completion of the sale, the chief accounting officer now owns 7,057 shares of the company’s stock, valued at $2,344,899.96. This 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 through the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $301.00, for a total transaction of $1,872,521.00. Following the completion of the transaction, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $14,071,750. This represents a 11.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,108,793 shares of company stock valued at $383,156,227. Insiders own 3.20% of the company’s stock.

Salesforce Trading Up 2.8 %

Salesforce stock opened at $284.88 on Thursday. Salesforce, Inc. has a one year low of $212.00 and a one year high of $369.00. The company’s fifty day moving average price is $320.28 and its two-hundred day moving average price is $308.86. The company has a market capitalization of $273.77 billion, a price-to-earnings ratio of 46.85, 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.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. DA Davidson cut their price target on shares of Salesforce from $300.00 to $275.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Needham & Company LLC reissued a “buy” rating and set a $400.00 target price on shares of Salesforce in a research note on Thursday, February 27th. Redburn Atlantic assumed coverage on shares of Salesforce in a research report on Wednesday, February 19th. They issued a “buy” rating on the stock. Wells Fargo & Company cut their price objective on Salesforce from $345.00 to $310.00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. Finally, Citigroup restated a “cautious” rating on shares of Salesforce 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 given a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $365.62.

About Salesforce

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.