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

KLP Kapitalforvaltning AS acquired a new position in shares of Salesforce, Inc. (NYSE:CRM) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 364,143 shares of the CRM provider’s stock, valued at approximately $121,868,000. Salesforce makes up 0.6% of KLP Kapitalforvaltning AS’s portfolio, making the stock its 24th largest holding.

Other hedge funds and other institutional investors have also modified their holdings of the company. Foundations Investment Advisors LLC boosted its holdings in shares of Salesforce by 15.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock valued at $12,194,000 after buying an additional 4,752 shares during the period. Nabity Jensen Investment Management Inc bought a new stake in Salesforce in the 3rd quarter valued at about $1,215,000. Athena Investment Management bought a new stake in Salesforce in the 4th quarter valued at about $236,000. Highland Capital Management LLC bought a new stake in Salesforce in the 4th quarter valued at about $4,321,000. Finally, Geode Capital Management LLC lifted its position in Salesforce by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock valued at $5,395,132,000 after purchasing an additional 257,501 shares during the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Stock Up 0.9 %

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on CRM shares. Royal Bank of Canada lifted their price objective on shares of Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Citigroup restated a “buy” rating on shares of Salesforce in a research report on Wednesday. TD Cowen upgraded shares of Salesforce from a “hold” rating to a “buy” rating and increased their price objective for the company from $380.00 to $400.00 in a report on Friday, January 17th. Redburn Atlantic assumed coverage on shares of Salesforce in a report on Wednesday, February 19th. They issued a “buy” rating for the company. Finally, KeyCorp upgraded shares of Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 price objective for the company in a report on Friday, December 13th. 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 MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $362.74.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 436 shares of the business’s 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 sale, the chief accounting officer now owns 7,057 shares of the company’s stock, valued at $2,344,899.96. The trade was a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $277.37, for a total transaction of $1,725,518.77. Following the completion of the sale, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $12,967,047.50. This represents a 11.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 60,256 shares of company stock worth $19,692,357 over the last quarter. 3.20% of the stock is currently owned by company insiders.

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.