TD Waterhouse Canada Inc. decreased its position in Salesforce Inc. (NYSE:CRM – Free Report) by 23.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 73,168 shares of the CRM provider’s stock after selling 22,206 shares during the quarter. TD Waterhouse Canada Inc.’s holdings in Salesforce were worth $17,317,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. ABS Direct Equity Fund LLC acquired a new position in shares of Salesforce during the second quarter worth $25,000. Manning & Napier Advisors LLC acquired a new position in shares of Salesforce during the second quarter worth $26,000. Persistent Asset Partners Ltd purchased a new position in shares of Salesforce in the second quarter valued at $27,000. Costello Asset Management INC boosted its stake in shares of Salesforce by 410.3% in 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. Finally, Gables Capital Management Inc. purchased a new position in shares of Salesforce in the second quarter valued at $28,000. Institutional investors and hedge funds own 80.43% of the company’s stock.
Key Stories Impacting Salesforce
Here are the key news stories impacting Salesforce this week:
- Positive Sentiment:Salesforce launched Hunter, an AI-powered outbound sales agent built on Agentforce. Integrations with ZoomInfo, Demandbase and DocuSign could increase adoption of Salesforce’s higher-value AI workflows and make the platform more embedded in customers’ sales and contracting processes. Salesforce unveils Hunter for AI-powered outbound sales
- Positive Sentiment:Bank of America reportedly upgraded Salesforce in a rare double upgrade, citing improving confidence in the company’s AI strategy, including a small AI acquisition and changes to AI-product pricing. The upgrade supports the view that monetization could improve as customers move to premium offerings. Salesforce received a rare double upgrade
- Positive Sentiment:The Loops AI acquisition and new Agentforce capabilities reinforce Salesforce’s effort to turn AI into a growth driver, although investors will need evidence of meaningful revenue acceleration. Salesforce buys the Loops AI platform
- Neutral Sentiment:Investor interest in CRM has risen sharply, with Salesforce appearing among heavily searched stocks. This may increase visibility but is not, by itself, a fundamental catalyst. Investors heavily search Salesforce
- Negative Sentiment:Enterprise-software shares are falling as worries spread that aggressive AI infrastructure and financing commitments may not generate sufficient returns. Salesforce is being pulled lower alongside other AI-linked software leaders. Enterprise software stocks fall as AI financing worries spread
- Negative Sentiment:Investors are comparing Salesforce’s premium-edition price increases with Adobe’s more user-friendly pricing approach, raising concerns that Salesforce’s AI monetization strategy could pressure customer upgrades or retention. Adobe versus Salesforce for AI software growth
Insider Transactions at Salesforce
- Salesforce Just Got a Rare Double Upgrade—What Changed?
In related news, Director David Blair Kirk purchased 4,176 shares of Salesforce stock in a transaction dated Friday, September 18th. The shares were acquired at an average price of $239.33 per share, with a total value of $999,442.08. Following the completion of the transaction, the director owned 18,748 shares of the company’s stock, valued at approximately $4,486,958.84. This trade represents a 28.66% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Craig Conway sold 4,500 shares of Salesforce 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 completion of the transaction, the director owned 5,437 shares of the company’s stock, valued at $1,416,936.57. This trade represents a 45.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 3.50% of the company’s stock.
Analysts Set New Price Targets
A number of research firms recently weighed in on CRM. Mizuho raised their price target on shares of Salesforce from $265.00 to $280.00 and gave the company an “outperform” rating in a report on Wednesday, September 16th. Erste Group Bank upgraded shares of Salesforce from a “hold” rating to a “buy” rating in a report on Wednesday, August 5th. Jefferies Financial Group reiterated a “buy” rating on shares of Salesforce in a report on Monday, September 21st. CLSA initiated coverage on shares of Salesforce in a research report on Monday, July 20th. They issued a “hold” rating and a $165.00 price objective for the company. Finally, BMO Capital Markets raised their target price on Salesforce from $250.00 to $285.00 and gave the company an “outperform” rating in a research note on Thursday, September 17th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Salesforce currently has an average rating of “Moderate Buy” and a consensus target price of $278.12.
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