Salesforce, Inc. (NYSE:CRM) Shares Purchased by Korea Investment CORP

Korea Investment CORP boosted its stake in shares of Salesforce, Inc. (NYSE:CRM) by 1.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 787,623 shares of the CRM provider’s stock after buying an additional 8,992 shares during the period. Salesforce accounts for 0.6% of Korea Investment CORP’s investment portfolio, making the stock its 23rd largest position. Korea Investment CORP’s holdings in Salesforce were worth $263,326,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in the stock. Raymond James Financial Inc. purchased a new stake in Salesforce in the fourth quarter valued at $1,173,564,000. Jennison Associates LLC increased its position in shares of Salesforce by 52.7% during the 4th quarter. Jennison Associates LLC now owns 4,433,785 shares of the CRM provider’s stock worth $1,482,347,000 after purchasing an additional 1,530,572 shares during the last quarter. Swedbank AB raised its holdings in Salesforce by 46.7% in the 4th quarter. Swedbank AB now owns 3,829,773 shares of the CRM provider’s stock valued at $1,280,408,000 after buying an additional 1,219,254 shares during the period. Proficio Capital Partners LLC lifted its position in Salesforce by 56,872.2% in the fourth quarter. Proficio Capital Partners LLC now owns 933,204 shares of the CRM provider’s stock valued at $311,998,000 after buying an additional 931,566 shares during the last quarter. Finally, State Street Corp boosted its stake 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 buying an additional 864,193 shares during the period. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CRM. Northland Securities reissued an “outperform” rating and issued a $440.00 price target (up from $400.00) on shares of Salesforce in a research note on Wednesday, December 4th. Citigroup restated a “buy” rating on shares of Salesforce in a research note on Wednesday, March 19th. JPMorgan Chase & Co. lifted their price objective on Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Truist Financial reissued a “buy” rating and set a $400.00 target price (up previously from $380.00) on shares of Salesforce in a research note on Wednesday, December 4th. Finally, Stifel Nicolaus dropped their target price on Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have issued a buy rating and five have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $362.74.

Salesforce Price Performance

Shares of CRM opened at $280.93 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The firm has a 50-day simple moving average of $311.35 and a 200-day simple moving average of $310.74. The company has a market capitalization of $269.97 billion, a price-to-earnings ratio of 46.21, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35.

Insiders Place Their Bets

In other news, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $329.88, for a total transaction of $2,052,183.48. Following the transaction, the chief financial officer now directly owns 45,861 shares in the company, valued at $15,128,626.68. The trade was a 11.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Parker Harris sold 652 shares of Salesforce stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $216,646.56. Following the completion of the sale, the insider now owns 121,467 shares in the company, valued at approximately $40,361,054.76. This trade represents a 0.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,875 shares of company stock valued at $13,580,649. 3.20% of the stock is owned by company insiders.

Salesforce Company 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.