Independence Bank of Kentucky cut its holdings in Salesforce Inc. (NYSE:CRM – Free Report) by 31.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,956 shares of the CRM provider’s stock after selling 3,597 shares during the quarter. Independence Bank of Kentucky’s holdings in Salesforce were worth $1,246,000 at the end of the most recent quarter.
- Salesforce Looks Overbought, But the Rally May Be Far From Over
Several other institutional investors have also added to or reduced their stakes in CRM. Commonwealth Retirement Investments LLC bought a new stake in Salesforce in the 4th quarter worth about $25,000. Manning & Napier Advisors LLC bought a new position in Salesforce during the 2nd quarter valued at about $26,000. Gilpin Wealth Management LLC purchased a new stake in shares of Salesforce during the 4th quarter valued at about $26,000. Persistent Asset Partners Ltd purchased a new position in shares of Salesforce during the second quarter valued at approximately $27,000. Finally, Costello Asset Management INC lifted its position in Salesforce by 410.3% during the first quarter. Costello Asset Management INC now owns 148 shares of the CRM provider’s stock valued at $28,000 after purchasing an additional 119 shares during the period. 80.43% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several brokerages recently issued reports on CRM. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Salesforce in a report on Thursday, August 27th. Citigroup increased their price target on Salesforce from $204.00 to $233.00 and gave the company a “neutral” rating in a report on Thursday, August 27th. Weiss Ratings upgraded Salesforce from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, August 12th. Wall Street Zen cut Salesforce from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Barclays increased their target price on Salesforce from $236.00 to $276.00 and gave the company an “overweight” rating in a report on Thursday, August 27th. Three analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, fifteen have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $262.12.
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