CRM Stock Rallies as Salesforce Earnings Exceed Expectations

Wellington Management Group LLP reduced its stake in Salesforce Inc. (NYSE:CRM) by 23.3% in the second quarter, according to a recent SEC filing. The fund owned approximately 2,197,032 shares of CRM stock after selling 666,889 shares during the quarter.

The sale resulted in Wellington Management Group LLP owning 0.27% of Salesforce, valued at $344,187,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in CRM stock. Fred Alger Management LLC increased its stake by 0.3% in the third quarter and now owns 14,943 shares worth $3,548,000. Synergy Financial Group LTD lifted its holdings in CRM by 2.4% during the same period.

Despite some analysts expressing caution about valuation and execution risks, CRM stock has rallied after Salesforce's strong quarterly earnings report. The company reported adjusted EPS of $5.90, surpassing estimates of $3.27, while revenue rose 10.8% year over year to $11.35 billion.