OFI Invest Asset Management Buys New Shares in Salesforce, Inc. (NYSE:CRM)

OFI Invest Asset Management bought 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 bought 169,835 shares of the CRM provider’s stock, valued at approximately $54,834,000. Salesforce accounts for approximately 1.3% of OFI Invest Asset Management’s holdings, making the stock its 17th largest position.

Other hedge funds have also made changes to their positions in the company. Foundations Investment Advisors LLC lifted its stake 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 during the period. Nabity Jensen Investment Management Inc bought a new position in Salesforce during the third quarter worth about $1,215,000. Prime Capital Investment Advisors LLC lifted its stake in Salesforce by 13.6% during the third quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider’s stock worth $15,885,000 after purchasing an additional 6,938 shares during the period. Athena Investment Management bought a new position in Salesforce during the fourth quarter worth about $236,000. Finally, Aljian Capital Management LLC lifted 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 worth $3,629,000 after purchasing an additional 1,834 shares during the period. Institutional investors own 80.43% of the company’s stock.

Salesforce Stock Down 1.2 %

Shares of CRM opened at $282.74 on Friday. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. The firm has a market cap of $270.58 billion, a P/E ratio of 46.50, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. The firm’s 50-day simple moving average is $323.68 and its 200 day simple moving average is $308.50. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CRM. Citigroup restated a “cautious” rating on shares of Salesforce in a research note on Thursday, February 27th. Jefferies Financial Group raised their price target on shares of Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Bank of America cut their target price on shares of Salesforce from $440.00 to $400.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. TD Cowen upgraded shares of Salesforce from a “hold” rating to a “buy” rating and lifted their target price for the company from $380.00 to $400.00 in a research note on Friday, January 17th. Finally, Redburn Atlantic started coverage on shares of Salesforce in a research note on Wednesday, February 19th. They issued a “buy” rating for the company. Two analysts have rated the stock with a sell rating, five have given a hold rating, thirty-one have issued a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Salesforce currently has a consensus rating of “Moderate Buy” and an average price target of $365.62.

Insider Transactions at Salesforce

In other news, CEO Marc Benioff sold 317,105 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $346.78, for a total transaction of $109,965,671.90. Following the transaction, the chief executive officer now directly owns 12,162,457 shares of the company’s stock, valued at approximately $4,217,696,838.46. This trade represents a 2.54 % 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 hyperlink. Also, Director Robin L. Washington bought 1,695 shares of the stock in a transaction dated Friday, February 28th. The shares were acquired at an average cost of $294.61 per share, for a total transaction of $499,363.95. Following the completion of the acquisition, the director now directly owns 43,445 shares of the company’s stock, valued at approximately $12,799,331.45. This trade represents a 4.06 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 1,108,793 shares of company stock valued at $383,156,227. 3.20% of the stock is currently 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.