1ST Source Bank Makes New Investment in Salesforce
1ST Source Bank has made a new investment in Salesforce Inc., purchasing 5,277 shares of the company's stock during the second quarter. The total value of this purchase is approximately $827,000.
This investment is not an isolated incident, as several other hedge funds have also modified their holdings of Salesforce over the past few quarters. For example, Fred Alger Management LLC grew its stake in the company by 0.3% during the third quarter, while Richards Merrill & Peterson Inc. raised its holdings in shares of Salesforce by 1.1% during the fourth quarter.
Despite this increase in institutional ownership, there are still some concerns about Salesforce's ability to compete with other companies in the AI space. Parnassus Investments has indicated that Salesforce has lost favor as AI opportunities shift toward competing or substitute technologies.