Banque Pictet & Cie SA reduced its holdings in shares of Salesforce Inc. (NYSE:CRM – Free Report) by 0.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 339,496 shares of the CRM provider’s stock after selling 2,408 shares during the quarter. Salesforce accounts for about 0.5% of Banque Pictet & Cie SA’s holdings, making the stock its 27th biggest position. Banque Pictet & Cie SA’s holdings in Salesforce were worth $77,938,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in shares of Salesforce in the second quarter valued at about $11,396,844,000. Arrowstreet Capital Limited Partnership increased its position in shares of Salesforce by 130.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 12,659,217 shares of the CRM provider’s stock valued at $2,363,096,000 after acquiring an additional 7,160,302 shares during the last quarter. Bank of America Corp DE lifted its holdings in Salesforce by 28.0% during the first quarter. Bank of America Corp DE now owns 11,724,790 shares of the CRM provider’s stock worth $2,188,666,000 after acquiring an additional 2,561,923 shares during the period. Legal & General Group Plc bought a new stake in Salesforce during the second quarter worth $927,332,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Salesforce during the 2nd quarter worth $844,928,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Salesforce
In other Salesforce news, Director David Blair Kirk purchased 4,176 shares of the company’s stock in a transaction dated Friday, September 18th. The stock was purchased at an average price of $239.33 per share, for a total transaction of $999,442.08. Following the transaction, the director owned 18,748 shares in the company, valued at $4,486,958.84. The trade was a 28.66% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Craig Conway sold 4,500 shares of the business’s stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $260.61, for a total value of $1,172,745.00. Following the transaction, the director directly owned 5,437 shares of the company’s stock, valued at $1,416,936.57. The trade was a 45.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 3.50% of the company’s stock.
Wall Street Analyst Weigh In
- Salesforce Just Got a Rare Double Upgrade—What Changed?
CRM has been the topic of a number of research analyst reports. CLSA started coverage on shares of Salesforce in a report on Monday, July 20th. They issued a “hold” rating and a $165.00 price target on the stock. Morgan Stanley set a $315.00 target price on shares of Salesforce in a research note on Wednesday, September 2nd. JPMorgan Chase & Co. boosted their target price on shares of Salesforce from $250.00 to $265.00 and gave the company an “overweight” rating in a research note on Thursday, August 27th. Phillip Securities downgraded Salesforce from a “buy” rating to a “hold” rating and decreased their target price for the stock from $253.00 to $166.00 in a research report on Monday, June 29th. Finally, Raymond James Financial restated a “strong-buy” rating on shares of Salesforce in a research note on Thursday, August 27th. Three research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating, thirteen have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $278.12.
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