Stocks
1ST Source Bank Backs Salesforce Inc. with New Investment
1ST Source Bank made a significant investment in Salesforce Inc. (NYSE:CRM) during the second quarter, purchasing 5,277 shares valued at approximately $827,000.
This marks a new stake for 1ST Source Bank in Salesforce's stock, which is now owned by institutional investors to the tune of 80.43%.
Other hedge funds have also modified their holdings in Salesforce, with Fred Alger Management LLC increasing its stake by 0.3% during the third quarter and Richards Merrill & Peterson Inc. raising its holdings by 1.1% during the fourth quarter.
Salesforce reported $11.13 billion in revenue for the last quarter, beating analyst estimates of $11.05 billion, with earnings per share coming in at $3.88, exceeding expectations by $0.75.