Thrivent Financial for Lutherans Sells 63,816 Shares of Salesforce, Inc. (NYSE:CRM)

Thrivent Financial for Lutherans reduced its position in shares of Salesforce, Inc. (NYSE:CRM) by 7.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 769,065 shares of the CRM provider’s stock after selling 63,816 shares during the period. Salesforce comprises about 0.5% of Thrivent Financial for Lutherans’ portfolio, making the stock its 23rd largest holding. Thrivent Financial for Lutherans’ holdings in Salesforce were worth $257,146,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CRM. Raymond James Financial Inc. acquired a new stake in Salesforce in the 4th quarter valued at $1,173,564,000. Jennison Associates LLC raised its holdings in Salesforce by 52.7% during the fourth quarter. Jennison Associates LLC now owns 4,433,785 shares of the CRM provider’s stock worth $1,482,347,000 after buying an additional 1,530,572 shares during the last quarter. Swedbank AB lifted its stake in shares of Salesforce by 46.7% in the fourth quarter. Swedbank AB now owns 3,829,773 shares of the CRM provider’s stock valued at $1,280,408,000 after buying an additional 1,219,254 shares in the last quarter. Proficio Capital Partners LLC grew its holdings in shares of Salesforce by 56,872.2% during the fourth quarter. Proficio Capital Partners LLC now owns 933,204 shares of the CRM provider’s stock valued at $311,998,000 after buying an additional 931,566 shares during the last quarter. Finally, State Street Corp increased its position in shares of Salesforce by 1.8% during the third quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock worth $13,432,855,000 after acquiring an additional 864,193 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Salesforce Price Performance

Salesforce stock opened at $280.83 on Tuesday. The firm has a market capitalization of $269.87 billion, a P/E ratio of 46.19, a PEG ratio of 2.58 and a beta of 1.35. Salesforce, Inc. has a one year low of $212.00 and a one 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. The business has a fifty day moving average price of $317.05 and a 200-day moving average price of $309.53.

Insider Buying and Selling

In other news, CAO Sundeep G. Reddy sold 436 shares of the company’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $144,874.08. Following the sale, the chief accounting officer now directly owns 7,057 shares in the company, valued at $2,344,899.96. This represents a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Amy E. Weaver sold 6,221 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $301.00, for a total transaction of $1,872,521.00. Following the completion of the transaction, the chief financial officer now owns 46,750 shares of the company’s stock, valued at $14,071,750. This trade represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,108,793 shares of company stock valued at $383,156,227. Corporate insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CRM shares. Redburn Atlantic started coverage on shares of Salesforce in a research report on Wednesday, February 19th. They issued a “buy” rating on the stock. Macquarie dropped their target price on Salesforce from $370.00 to $320.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Northland Securities reiterated an “outperform” rating and set a $440.00 price target (up previously from $400.00) on shares of Salesforce in a report on Wednesday, December 4th. Morgan Stanley increased their price target on Salesforce from $330.00 to $405.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Finally, Citigroup reaffirmed a “cautious” rating on shares of Salesforce in a report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, five have given a hold rating, thirty-one have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $364.14.

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.