Massachusetts Financial Services Co. has cut its stake in Salesforce Inc. by 32.9% during the second quarter, as revealed in its latest Form 13F filing with the Securities and Exchange Commission. The institutional investor now holds 4,316,629 shares after divesting 2,121,212 shares within the quarter.
This reduction means that Massachusetts Financial Services owns approximately 0.45% of Salesforce, valued at around $1.18 billion based on its most recent SEC disclosure. Various other institutional investors have also adjusted their positions in the company. For instance, Coign Capital Advisors LLC increased its holdings by 1.7% in the first quarter, acquiring an additional 37 shares to reach a total of 2,183 shares, valued at $586,000.
Similarly, Staley Capital Advisers Inc. expanded its position by 1.1%, now owning 3,343 shares worth $897,000 after purchasing 38 additional shares during the same period. KDT Advisors LLC raised its investment by 4.1%, accumulating 967 shares valued at $260,000, while Mendel Money Management increased its stake by 3.6% to own 1,112 shares worth $298,000.
In the second quarter, Scott & Selber Inc. also raised its position in Salesforce by 0.7%, now owning 5,850 shares valued at $1.6 million after acquiring an additional 39 shares. Overall, hedge funds and institutional investors hold 80.43% of Salesforce”s shares.
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Good Life Advisors LLC Acquires Stake in Snowflake Inc. During Q2On the trading front, Salesforce experienced a 1.4% increase on Friday, opening at $243.86. The stock”s performance over the past year has seen a low of $226.48 and a high of $369.00. The company currently has a market capitalization of $232.16 billion, a P/E ratio of 35.45, and a PEG ratio of 2.11.
In addition, Salesforce recently declared a quarterly dividend, which was paid on October 9. Shareholders of record on September 17 received a dividend of $0.416 per share, amounting to an annualized dividend of $1.66, reflecting a yield of 0.7%.
In related news, CEO Marc Benioff sold 122 shares of Salesforce stock on November 3, with a total transaction value of $31,598. Following this sale, Benioff retains ownership of 11,911,571 shares, valued at approximately $3.09 billion. This sale has not significantly impacted his overall ownership percentage.
Recent analyst opinions on Salesforce have varied, with Citigroup raising their price target from $275.00 to $276.00 while maintaining a “neutral” rating. Weiss Ratings reiterated a “hold” rating, and Roth Capital reaffirmed a “buy” rating with a target price of $395.00. Meanwhile, UBS Group reduced their price target from $300.00 to $260.00, also assigning a “neutral” rating.
Overall, 25 analysts have rated Salesforce with a Buy rating, while 13 have issued a Hold rating and one has rated it Sell. The consensus rating stands at “Moderate Buy,” with an average price target of $325.23.
Salesforce, Inc. specializes in Customer Relationship Management (CRM) technology, facilitating connections between companies and their customers worldwide. Its offerings encompass sales tracking, data storage, lead monitoring, analytics, and personalized customer support.
