AXQ Capital LP Increases Holdings in Salesforce, Inc. (NYSE:CRM)

AXQ Capital LP grew its holdings in Salesforce, Inc. (NYSE:CRM) by 135.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,111 shares of the CRM provider’s stock after acquiring an additional 1,213 shares during the period. AXQ Capital LP’s holdings in Salesforce were worth $706,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in CRM. United Bank lifted its position in shares of Salesforce by 1.1% in the third quarter. United Bank now owns 7,303 shares of the CRM provider’s stock worth $1,999,000 after buying an additional 76 shares in the last quarter. Eagle Asset Management Inc. lifted its position 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 worth $20,609,000 after buying an additional 21,540 shares in the last quarter. Biltmore Family Office LLC purchased a new stake in shares of Salesforce in the third quarter worth about $204,000. Allen Capital Group LLC lifted its position in shares of Salesforce by 25.1% in the third quarter. Allen Capital Group LLC now owns 1,022 shares of the CRM provider’s stock worth $280,000 after buying an additional 205 shares in the last quarter. Finally, Nwam LLC purchased a new stake in shares of Salesforce in the third quarter worth about $1,152,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Salesforce Stock Up 0.9 %

Salesforce stock opened at $281.56 on Friday. The business has a fifty day moving average of $313.51 and a two-hundred day moving average of $309.92. 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 firm has a market cap of $270.58 billion, a P/E ratio of 46.31, a P/E/G 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.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CRM. Morgan Stanley boosted their target price on Salesforce from $330.00 to $405.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Stifel Nicolaus reduced their price objective on Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Piper Sandler reissued an “overweight” rating on shares of Salesforce in a research note on Wednesday. Bank of America reduced their price objective on Salesforce from $440.00 to $400.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Finally, Scotiabank reduced their price objective on Salesforce from $400.00 to $345.00 and set a “sector outperform” rating on the stock in a research note on Monday, March 17th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have given a buy rating and five have given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $362.74.

Insiders Place Their Bets

In other news, insider Parker Harris sold 942 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $339.78, for a total value of $320,072.76. Following the completion of the sale, the insider now owns 120,333 shares of the company’s stock, valued at $40,886,746.74. This trade represents a 0.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $277.37, for a total value of $1,725,518.77. Following the completion of the sale, the chief financial officer now directly owns 46,750 shares of the company’s stock, valued at $12,967,047.50. The trade was a 11.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 60,256 shares of company stock worth $19,692,357 over the last 90 days. Company insiders own 3.20% of the company’s stock.

About Salesforce

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.