KLP Kapitalforvaltning AS Makes New $121.87 Million Investment in Salesforce, Inc. (NYSE:CRM)

KLP Kapitalforvaltning AS purchased a new position in shares of Salesforce, Inc. (NYSE:CRM) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 364,143 shares of the CRM provider’s stock, valued at approximately $121,868,000. Salesforce makes up about 0.6% of KLP Kapitalforvaltning AS’s portfolio, making the stock its 24th biggest holding.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CRM. United Bank raised its position in Salesforce by 1.1% during the third quarter. United Bank now owns 7,303 shares of the CRM provider’s stock worth $1,999,000 after acquiring an additional 76 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Salesforce by 13.7% in the third quarter. Advisors Asset Management Inc. now owns 22,083 shares of the CRM provider’s stock valued at $6,044,000 after purchasing an additional 2,665 shares during the last quarter. Eagle Asset Management Inc. increased its holdings in shares of Salesforce by 40.1% in the third quarter. Eagle Asset Management Inc. now owns 75,295 shares of the CRM provider’s stock valued at $20,609,000 after purchasing an additional 21,540 shares during the last quarter. AlphaCore Capital LLC increased its holdings in shares of Salesforce by 15.6% in the third quarter. AlphaCore Capital LLC now owns 6,397 shares of the CRM provider’s stock valued at $1,753,000 after purchasing an additional 864 shares during the last quarter. Finally, Raymond James Trust N.A. increased its holdings in shares of Salesforce by 3.0% in the third quarter. Raymond James Trust N.A. now owns 50,667 shares of the CRM provider’s stock valued at $13,868,000 after purchasing an additional 1,473 shares during the last quarter. 80.43% of the stock is owned by institutional investors.

Insider Transactions at Salesforce

In related news, COO Brian Millham sold 16,487 shares of Salesforce stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $340.68, for a total transaction of $5,616,791.16. Following the sale, the chief operating officer now owns 1,662 shares of the company’s stock, valued at $566,210.16. The trade was a 90.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 436 shares of Salesforce stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $144,874.08. Following the sale, the chief accounting officer now directly owns 7,057 shares in the company, valued at $2,344,899.96. This trade represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 60,256 shares of company stock valued at $19,692,357 in the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Salesforce Price Performance

Shares of CRM opened at $281.56 on Friday. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The company has a market capitalization of $270.58 billion, a price-to-earnings ratio of 46.31, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. The firm has a 50-day simple moving average of $313.51 and a 200-day simple moving average of $309.49. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

Analysts Set New Price Targets

CRM has been the topic of several research reports. Oppenheimer decreased their price objective on shares of Salesforce from $415.00 to $380.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Piper Sandler reiterated an “overweight” rating on shares of Salesforce in a report on Wednesday. JPMorgan Chase & Co. upped their price target on shares of Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Bank of America decreased their price target on shares of Salesforce from $440.00 to $400.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Finally, Barclays upped their price target on shares of Salesforce from $415.00 to $425.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have given a buy rating and five have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $362.74.

Salesforce Company Profile

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.