Corebridge Financial Inc. Reduces Position in Salesforce, Inc. (NYSE:CRM)

Corebridge Financial Inc. lowered its stake in Salesforce, Inc. (NYSE:CRM) by 1.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 258,567 shares of the CRM provider’s stock after selling 4,030 shares during the period. Salesforce accounts for 0.5% of Corebridge Financial Inc.’s holdings, making the stock its 22nd biggest position. Corebridge Financial Inc.’s holdings in Salesforce were worth $86,447,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Foundations Investment Advisors LLC lifted its position in Salesforce by 15.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock worth $12,194,000 after acquiring an additional 4,752 shares during the period. Nabity Jensen Investment Management Inc acquired a new stake in shares of Salesforce during the third quarter worth about $1,215,000. Athena Investment Management purchased a new stake in Salesforce in the fourth quarter valued at approximately $236,000. Highland Capital Management LLC acquired a new position in Salesforce in the 4th quarter worth approximately $4,321,000. Finally, Geode Capital Management LLC raised its position in Salesforce by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock worth $5,395,132,000 after buying an additional 257,501 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRM has been the topic of a number of research reports. Northland Securities reiterated an “outperform” rating and issued a $440.00 price objective (up previously from $400.00) on shares of Salesforce in a research note on Wednesday, December 4th. Wedbush reiterated an “outperform” rating and set a $425.00 price objective on shares of Salesforce in a research note on Wednesday, December 18th. DA Davidson lowered their target price on Salesforce from $300.00 to $275.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. JMP Securities reiterated a “market outperform” rating and set a $450.00 price target on shares of Salesforce in a research report on Wednesday, December 18th. Finally, Citigroup reissued a “buy” rating on shares of Salesforce in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have assigned a buy rating and five have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $362.74.

Insider Activity

In related news, CAO Sundeep G. Reddy sold 436 shares of the stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $144,874.08. Following the completion of the transaction, the chief accounting officer now directly owns 7,057 shares in the company, valued at approximately $2,344,899.96. This represents a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Miguel Milano sold 458 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $307.97, for a total value of $141,050.26. Following the completion of the transaction, the insider now directly owns 5,864 shares in the company, valued at approximately $1,805,936.08. This trade represents a 7.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,762 shares of company stock valued at $13,733,407 in the last 90 days. Company insiders own 3.20% of the company’s stock.

Salesforce Price Performance

Salesforce stock opened at $281.56 on Monday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average price of $313.51 and a 200 day moving average price of $310.36. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00. The stock has a market cap of $270.58 billion, a P/E ratio of 46.31, a PEG ratio of 2.58 and a beta of 1.35.

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.