Parnassus Investments LLC Has $1.08 Billion Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Parnassus Investments LLC decreased its stake in Salesforce, Inc. (NYSE:CRM) by 40.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,227,604 shares of the CRM provider’s stock after selling 2,208,448 shares during the quarter. Salesforce accounts for about 2.4% of Parnassus Investments LLC’s portfolio, making the stock its 12th largest position. Parnassus Investments LLC owned approximately 0.34% of Salesforce worth $1,079,085,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Arlington Trust Co LLC boosted its holdings in Salesforce by 85.1% during the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock worth $29,000 after buying an additional 40 shares during the last quarter. Compass Financial Services Inc bought a new position in Salesforce during the fourth quarter worth about $30,000. Asset Planning Inc acquired a new stake in shares of Salesforce during the fourth quarter worth about $31,000. Collier Financial acquired a new stake in shares of Salesforce during the fourth quarter worth about $32,000. Finally, Infrastructure Capital Advisors LLC acquired a new stake in shares of Salesforce during the third quarter worth about $27,000. Institutional investors own 80.43% of the company’s stock.

Analysts Set New Price Targets

CRM has been the topic of a number of research analyst reports. Canaccord Genuity Group dropped their price target on Salesforce from $415.00 to $400.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Scotiabank dropped their target price on Salesforce from $440.00 to $400.00 and set a “sector outperform” rating on the stock in a research report on Thursday, February 27th. Bank of America dropped their target price on Salesforce from $440.00 to $400.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Loop Capital dropped their target price on Salesforce from $330.00 to $300.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. Finally, UBS Group lifted their target price on Salesforce from $275.00 to $360.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-one have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $365.62.

Salesforce Stock Performance

CRM opened at $270.94 on Friday. The business has a fifty day simple moving average of $319.09 and a 200 day simple moving average of $308.60. The company has a market capitalization of $260.37 billion, a PE ratio of 44.56, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $369.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Insider Activity at Salesforce

In other Salesforce news, CEO Marc Benioff sold 317,105 shares of Salesforce stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $346.78, for a total value of $109,965,671.90. Following the completion of the transaction, the chief executive officer now directly owns 12,162,457 shares of the company’s stock, valued at $4,217,696,838.46. The trade was a 2.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 436 shares of Salesforce stock in a transaction on Thursday, January 23rd. The shares were 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 of the company’s stock, valued at $2,344,899.96. This represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,108,793 shares of company stock worth $383,156,227 in the last ninety days. 3.20% of the stock is owned by company insiders.

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.