Diamond Hill Buys Big into Salesforce

Diamond Hill Capital Management LLC Investment Advisor made a significant new investment in Salesforce Inc. (NYSE:CRM) during the second quarter, according to its recent disclosure with the Securities & Exchange Commission.

The institutional investor purchased approximately $220 million worth of CRM stock, acquiring 1,405,920 shares. This makes Salesforce about 1.8% of Diamond Hill Capital Management LLC Investment Advisor's investment portfolio and its 15th largest position.

This is not the only recent move in Salesforce by a large institutional investor. J. Stern & Co. LLP raised its stake by an impressive 24,056.7%, purchasing an additional 47,189,352 shares during the last quarter. Norges Bank also bought a new stake in Salesforce worth approximately $3.18 billion.

The recent boost to Salesforce comes as several brokerages have upgraded their ratings on the company. JPMorgan resumed coverage with an Overweight rating and set a target price of $250, citing potential acceleration in Salesforce's core business during the second half of the year.