Rakuten Investment Management Inc. raised its holdings in Salesforce Inc. (NYSE:CRM – Free Report) by 9.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 145,670 shares of the CRM provider’s stock after acquiring an additional 13,045 shares during the period. Rakuten Investment Management Inc.’s holdings in Salesforce were worth $32,821,000 at the end of the most recent reporting period.
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A number of other institutional investors have also recently bought and sold shares of the stock. Latitude Advisors LLC purchased a new stake in shares of Salesforce during the 3rd quarter valued at $25,000. Costello Asset Management INC raised its holdings in shares of Salesforce by 410.3% during the 1st quarter. Costello Asset Management INC now owns 148 shares of the CRM provider’s stock valued at $28,000 after buying an additional 119 shares during the period. ABS Investment Management LLC purchased a new position in shares of Salesforce in the second quarter valued at $610,974,000. ABS Direct Equity Fund LLC purchased a new position in Salesforce in the 2nd quarter valued at about $25,000. Finally, Manning & Napier Advisors LLC acquired a new stake in Salesforce during the 2nd quarter valued at approximately $26,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at Salesforce
In other Salesforce news, Director David Blair Kirk bought 4,176 shares of the company’s stock in a transaction that occurred on Friday, September 18th. The shares were acquired at an average cost of $239.33 per share, for a total transaction of $999,442.08. Following the acquisition, the director directly owned 18,748 shares of the company’s stock, valued at $4,486,958.84. This trade represents a 28.66% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Craig Conway sold 4,500 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $260.61, for a total transaction of $1,172,745.00. Following the completion of the sale, the director owned 5,437 shares in the company, valued at $1,416,936.57. The trade was a 45.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 3.50% of the company’s stock.
Key Stories Impacting Salesforce
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Here are the key news stories impacting Salesforce this week:
- Positive Sentiment:Salesforce agreed to acquire AI startup Cresta, adding technology aimed at customer-service operations and strengthening its AI offerings. The deal supports the company’s push to monetize AI, though its price and expected financial contribution are not detailed in the announcement. Salesforce announces Cresta acquisition
- Positive Sentiment:A comparison of recent quarterly revenue trends says Salesforce has delivered steadier, more consistent expansion than IBM, a positive signal for the predictability of its business. Salesforce versus IBM revenue comparison
- Negative Sentiment:The Cresta agreement is reportedly Salesforce’s fifth major acquisition this year, and coverage highlighted concerns about the roughly $2.7 billion AI deal and the company’s ability to integrate a growing number of purchases. That raises questions about spending and execution even as the acquisitions broaden its AI capabilities. Report on Salesforce’s AI acquisition spending
- Negative Sentiment:Salesforce filed a shelf registration covering 609,118 shares, valued at about $139.6 million, for an employee stock ownership plan. The shares could create some dilution and add to investor sensitivity around stock-based compensation, though this is not necessarily a broad public offering. Salesforce share registration report
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on CRM. Needham & Company LLC reissued a “buy” rating on shares of Salesforce in a research report on Thursday, September 17th. Bank of America raised Salesforce from an “underperform” rating to a “buy” rating and increased their target price for the stock from $160.00 to $285.00 in a research report on Monday, October 12th. Argus lifted their price target on Salesforce from $290.00 to $300.00 and gave the company a “buy” rating in a report on Monday, August 31st. Jefferies Financial Group restated a “buy” rating on shares of Salesforce in a research report on Tuesday, October 20th. Finally, Weiss Ratings raised Salesforce from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, September 24th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $278.98.
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