Salesforce, Inc. (NYSE:CRM) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. lessened its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 1.5% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 258,567 shares of the CRM provider’s stock after selling 4,030 shares during the quarter. Salesforce comprises about 0.5% of Corebridge Financial Inc.’s holdings, making the stock its 22nd biggest holding. Corebridge Financial Inc.’s holdings in Salesforce were worth $86,447,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Raymond James Financial Inc. purchased a new stake in shares of Salesforce during the fourth quarter worth approximately $1,173,564,000. Jennison Associates LLC increased its position in shares of Salesforce by 52.7% in the 4th 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 last quarter. Swedbank AB raised its holdings in shares of 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 purchasing an additional 1,219,254 shares in the last quarter. Proficio Capital Partners LLC lifted its position in shares of Salesforce by 56,872.2% during the 4th quarter. Proficio Capital Partners LLC now owns 933,204 shares of the CRM provider’s stock worth $311,998,000 after purchasing an additional 931,566 shares during the last quarter. Finally, State Street Corp grew its stake in shares of 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 purchasing an additional 864,193 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Sundeep G. Reddy sold 436 shares of the company’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $144,874.08. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $343.00, for a total transaction of $2,133,803.00. Following the transaction, the chief financial officer now directly owns 53,861 shares in the company, valued at approximately $18,474,323. This represents a 10.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,762 shares of company stock valued at $13,733,407 in the last ninety days. Insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

NYSE CRM opened at $281.56 on Monday. The business has a fifty day moving average of $313.51 and a 200-day moving average of $310.36. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The stock has a market cap of $270.58 billion, a price-to-earnings ratio of 46.31, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Analyst Ratings Changes

CRM has been the topic of a number of analyst reports. Redburn Atlantic initiated coverage on Salesforce in a research note on Wednesday, February 19th. They issued a “buy” rating on the stock. JPMorgan Chase & Co. boosted their target price on Salesforce from $340.00 to $380.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Bank of America dropped their price target on shares of Salesforce from $440.00 to $400.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Guggenheim restated a “sell” rating and issued a $247.00 target price on shares of Salesforce in a report on Thursday, February 27th. Finally, Royal Bank of Canada upped their target price on Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. One 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 given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $362.74.

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.