Munich Reinsurance Co Cuts Stake in Salesforce

Munich Reinsurance Co Stock Corp in Munich cut its stake in Salesforce by 19% in Q2, according to its recent SEC filing. The company sold 7,885 shares during the quarter, reducing its holding from 33,557 shares to $5,257,000.

This move is part of a larger trend of hedge funds adjusting their positions in CRM. Commonwealth Retirement Investments LLC purchased a new stake in Salesforce worth $25,000 in Q4, while Costello Asset Management INC boosted its position by 410% in the first quarter.

Despite this reduction, Salesforce's institutional ownership remains high at 80.43%. The company has seen positive sentiment from analysts, with Cantor Fitzgerald raising its price target to $300 and BTIG reaffirming its 'Buy' rating.