Loomis Sayles & Co. L P Has $2.17 Billion Stock Position in Salesforce, Inc. (NYSE:CRM)

Loomis Sayles & Co. L P cut its position in shares of Salesforce, Inc. (NYSE:CRM) by 3.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,493,055 shares of the CRM provider’s stock after selling 234,679 shares during the period. Salesforce comprises about 234.5% of Loomis Sayles & Co. L P’s investment portfolio, making the stock its 11th largest position. Loomis Sayles & Co. L P owned about 0.68% of Salesforce worth $2,170,823,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. State Street Corp increased its position in shares of Salesforce by 1.8% during the 3rd quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock worth $13,432,855,000 after purchasing an additional 864,193 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Salesforce by 1.3% during the third 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 in the last quarter. Fisher Asset Management LLC raised its stake in shares of Salesforce by 1.4% in the fourth quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider’s stock valued at $4,163,703,000 after acquiring an additional 177,321 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Salesforce by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,066,354 shares of the CRM provider’s stock worth $2,028,164,000 after acquiring an additional 153,500 shares in the last quarter. Finally, Jennison Associates LLC increased its holdings in Salesforce by 52.7% during the 4th quarter. Jennison Associates LLC now owns 4,433,785 shares of the CRM provider’s stock valued at $1,482,347,000 after purchasing an additional 1,530,572 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CAO Sundeep G. Reddy sold 436 shares of the firm’s stock in a transaction 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 transaction, the chief accounting officer now owns 7,057 shares in the company, valued at approximately $2,344,899.96. This trade represents a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Amy E. Weaver sold 6,221 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $329.88, for a total transaction of $2,052,183.48. Following the sale, the chief financial officer now directly owns 45,861 shares of the company’s stock, valued at $15,128,626.68. This represents a 11.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,875 shares of company stock valued at $13,580,649. 3.20% of the stock is owned by company insiders.

Salesforce Price Performance

Shares of CRM opened at $280.93 on Thursday. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The firm has a market capitalization of $269.97 billion, a PE ratio of 46.21, a PEG ratio of 2.58 and a beta of 1.35. The company’s 50-day moving average is $311.35 and its 200-day moving average is $310.74. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CRM. Barclays boosted their price objective on Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. JMP Securities reaffirmed a “market outperform” rating and set a $450.00 target price on shares of Salesforce in a report on Wednesday, December 18th. Royal Bank of Canada increased their price target on Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Truist Financial reaffirmed a “buy” rating and set a $400.00 price objective (up from $380.00) on shares of Salesforce in a research note on Wednesday, December 4th. Finally, Wedbush reissued an “outperform” rating and issued a $425.00 target price on shares of Salesforce in a research note on Wednesday, December 18th. One 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 company’s stock. According to data from MarketBeat, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $362.74.

Salesforce 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.