Parnassus Investments LLC Has $1.08 Billion Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Parnassus Investments LLC lowered its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 40.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,227,604 shares of the CRM provider’s stock after selling 2,208,448 shares during the period. Salesforce comprises about 2.4% of Parnassus Investments LLC’s portfolio, making the stock its 12th biggest holding. Parnassus Investments LLC’s holdings in Salesforce were worth $1,079,085,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Foundations Investment Advisors LLC raised its holdings in shares of Salesforce by 15.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock worth $12,194,000 after buying 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 worth $1,215,000. Athena Investment Management acquired a new position in Salesforce in the 4th quarter worth about $236,000. Aljian Capital Management LLC increased its holdings in Salesforce by 16.1% in the 3rd 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 in the last quarter. Finally, Highland Capital Management LLC acquired a new position in Salesforce in the 4th quarter worth about $4,321,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CRM. Robert W. Baird lowered their target price on Salesforce from $430.00 to $400.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. Barclays upped their target price on Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $400.00 target price on shares of Salesforce in a report on Thursday, February 27th. JPMorgan Chase & Co. upped their target price on Salesforce from $340.00 to $380.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Finally, Redburn Atlantic began coverage on Salesforce in a report on Wednesday, February 19th. They issued a “buy” rating for the company. Two investment 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $365.62.

Insiders Place Their Bets

In other news, CEO Marc Benioff sold 317,105 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $346.78, for a total value of $109,965,671.90. Following the completion of the sale, the chief executive officer now directly owns 12,162,457 shares of the company’s stock, valued at $4,217,696,838.46. This represents a 2.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director G Mason Morfit sold 722,300 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $346.11, for a total value of $249,995,253.00. Following the completion of the sale, the director now directly owns 3,192,009 shares of the company’s stock, valued at approximately $1,104,786,234.99. This trade represents a 18.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,108,793 shares of company stock worth $383,156,227. Corporate insiders own 3.20% of the company’s stock.

Salesforce Stock Down 4.8 %

Shares of NYSE:CRM opened at $270.94 on Friday. The business’s 50 day simple moving average is $319.09 and its two-hundred day simple moving average is $308.60. The firm has a market cap of $260.37 billion, a P/E ratio of 44.56, a PEG ratio of 2.58 and a beta of 1.35. 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 52-week low of $212.00 and a 52-week high of $369.00.

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.