Runnymede Capital Advisors Inc. Acquires New Position in Salesforce, Inc. (NYSE:CRM)

Runnymede Capital Advisors Inc. acquired a new stake in Salesforce, Inc. (NYSE:CRM) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 2,556 shares of the CRM provider’s stock, valued at approximately $855,000. Salesforce accounts for 0.7% of Runnymede Capital Advisors Inc.’s investment portfolio, making the stock its 26th largest holding.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CRM. Raymond James Financial Inc. acquired a new stake in shares of Salesforce in the fourth quarter valued at about $1,173,564,000. Jennison Associates LLC lifted its stake in shares of Salesforce by 52.7% in 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 during the period. Swedbank AB lifted its stake in shares of Salesforce by 46.7% in the fourth quarter. Swedbank AB now owns 3,829,773 shares of the CRM provider’s stock valued at $1,280,408,000 after purchasing an additional 1,219,254 shares during the period. Proficio Capital Partners LLC raised its position in Salesforce by 56,872.2% during the fourth quarter. Proficio Capital Partners LLC now owns 933,204 shares of the CRM provider’s stock worth $311,998,000 after acquiring an additional 931,566 shares during the last quarter. Finally, State Street Corp raised its position in Salesforce by 1.8% during the third quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock worth $13,432,855,000 after acquiring an additional 864,193 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. BMO Capital Markets restated an “outperform” rating on shares of Salesforce in a research report on Wednesday. TD Cowen upgraded shares of Salesforce from a “hold” rating to a “buy” rating and lifted their target price for the stock from $380.00 to $400.00 in a research report on Friday, January 17th. JPMorgan Chase & Co. lifted their target price on shares of Salesforce from $340.00 to $380.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Citigroup restated a “buy” rating on shares of Salesforce in a research report on Wednesday. Finally, KeyCorp upgraded shares of Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 target price for the company in a research report on Friday, December 13th. One research 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 assigned a strong buy rating to the stock. According to data from MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and an average price target of $362.74.

Salesforce Price Performance

CRM opened at $281.56 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $369.00. The company has a 50 day moving average of $313.51 and a two-hundred day moving average of $309.49. The company has a market cap of $270.58 billion, a P/E ratio of 46.31, a P/E/G ratio of 2.58 and a beta of 1.35.

Insiders Place Their Bets

In other news, insider Parker Harris sold 942 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $339.78, for a total value of $320,072.76. Following the completion of the transaction, the insider now directly owns 120,333 shares in the company, valued at approximately $40,886,746.74. This represents a 0.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Brian Millham sold 16,487 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $340.68, for a total transaction of $5,616,791.16. Following the completion of the transaction, the chief operating officer now owns 1,662 shares of the company’s stock, valued at $566,210.16. This trade represents a 90.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 60,256 shares of company stock worth $19,692,357 over the last ninety days. 3.20% of the stock is owned by company insiders.

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.