Intact Investment Management Inc. Raises Stake in Salesforce, Inc. (NYSE:CRM)

Intact Investment Management Inc. boosted its position in Salesforce, Inc. (NYSE:CRM) by 415.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,600 shares of the CRM provider’s stock after buying an additional 22,250 shares during the period. Intact Investment Management Inc.’s holdings in Salesforce were worth $9,228,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Foundations Investment Advisors LLC boosted its position in Salesforce by 15.0% in the 4th 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 in the last quarter. Nabity Jensen Investment Management Inc acquired a new position in shares of Salesforce during the 3rd quarter worth approximately $1,215,000. Athena Investment Management acquired a new position in shares of Salesforce during the 4th quarter worth approximately $236,000. Aljian Capital Management LLC raised its stake in shares of Salesforce by 16.1% during the 3rd quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider’s stock worth $3,629,000 after buying an additional 1,834 shares during the period. Finally, Highland Capital Management LLC acquired a new position in shares of Salesforce during the 4th quarter worth approximately $4,321,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Transactions at Salesforce

In related news, insider Parker Harris sold 942 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $339.78, for a total transaction of $320,072.76. Following the transaction, the insider now directly owns 120,333 shares in the company, valued at $40,886,746.74. The trade was a 0.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Amy E. Weaver sold 6,221 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $301.00, for a total value of $1,872,521.00. Following the completion of the sale, the chief financial officer now owns 46,750 shares in the company, valued at approximately $14,071,750. This represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,108,793 shares of company stock worth $383,156,227. Company insiders own 3.20% of the company’s stock.

Salesforce Price Performance

Shares of NYSE:CRM opened at $270.94 on Friday. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The business has a 50-day moving average of $319.09 and a two-hundred day moving average of $308.60. The stock has a market capitalization of $260.37 billion, a P/E ratio of 44.56, a P/E/G ratio of 2.58 and a beta of 1.35. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CRM shares. Citigroup reaffirmed a “cautious” rating on shares of Salesforce in a research note on Thursday, February 27th. Morgan Stanley upped their target price on Salesforce from $330.00 to $405.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Jefferies Financial Group upped their target price on Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. DA Davidson reduced their target price on Salesforce from $300.00 to $275.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Finally, Robert W. Baird reduced their price objective on Salesforce from $430.00 to $400.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-one have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $365.62.

Salesforce 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.