Salesforce Inc. (NYSE:CRM – Get Free Report) was the recipient of a large decrease in short interest in July. As of July 31st, there was short interest totaling 29,406,370 shares, a decrease of 36.7% from the July 15th total of 46,465,690 shares. Based on an average daily trading volume, of 13,243,191 shares, the days-to-cover ratio is currently 2.2 days. Currently, 3.7% of the shares of the stock are short sold.
Institutional Investors Weigh In On Salesforce
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A number of institutional investors have recently bought and sold shares of the stock. Brighton Jones LLC boosted its holdings in Salesforce by 13.7% in the fourth quarter. Brighton Jones LLC now owns 25,668 shares of the CRM provider’s stock valued at $8,582,000 after acquiring an additional 3,102 shares during the last quarter. Revolve Wealth Partners LLC increased its stake in Salesforce by 12.6% during the fourth quarter. Revolve Wealth Partners LLC now owns 1,827 shares of the CRM provider’s stock worth $611,000 after acquiring an additional 205 shares during the last quarter. Bison Wealth LLC raised its holdings in shares of Salesforce by 9.0% in the 4th quarter. Bison Wealth LLC now owns 2,234 shares of the CRM provider’s stock worth $747,000 after purchasing an additional 184 shares during the period. Sivia Capital Partners LLC raised its holdings in shares of Salesforce by 3.7% in the 2nd quarter. Sivia Capital Partners LLC now owns 2,958 shares of the CRM provider’s stock worth $807,000 after purchasing an additional 106 shares during the period. Finally, United Bank lifted its stake in shares of Salesforce by 5.2% in the 2nd quarter. United Bank now owns 10,198 shares of the CRM provider’s stock valued at $2,781,000 after purchasing an additional 500 shares in the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
CRM has been the subject of several recent research reports. Truist Financial downgraded Salesforce from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 1st. HC Wainwright cut Salesforce to a “negative” rating in a research report on Thursday, June 18th. Barclays raised shares of Salesforce from an “overweight” rating to an “overweight” rating in a research note on Thursday, June 18th. Jefferies Financial Group upgraded shares of Salesforce from a “buy” rating to a “buy” rating in a report on Wednesday, July 1st. Finally, Guggenheim raised shares of Salesforce from a “neutral” rating to a “buy” rating and set a $228.00 price target on the stock in a research note on Wednesday, July 1st. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, eighteen have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Salesforce presently has a consensus rating of “Moderate Buy” and an average target price of $249.49.
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