First Bancorp Invests $452K in Salesforce as Institutional Investors Boost Stakes

First Bancorp Inc ME acquired a new stake in Salesforce Inc.'s stock worth approximately $452,000. The investment was made in the second quarter, according to the company's most recent filing with the Securities and Exchange Commission (SEC). First Bancorp Inc ME bought 2,887 shares of Salesforce's CRM provider stock.

Several other institutional investors and hedge funds have also invested in Salesforce. Temasek Holdings Private Ltd raised its stake in Salesforce by 3.7% in the fourth quarter, owning approximately $181 million worth of Salesforce' s stock after buying an additional 24,332 shares during the period.

Salesforce is expected to post roughly 10.6% revenue growth, according to analysts. However, Jefferies expects an in-line fiscal second quarter and notes that the earnings setup leaves little room for disappointment. Analysts continue to see upside potential, with price targets ranging from $225 to $315.