Royal London Sells Stake in Salesforce Following Strong Q2 Earnings

Royal London Asset Management Ltd. reduced its stake in Salesforce Inc. by 14.3% during the second quarter, selling 34,678 shares, according to a recent disclosure with the SEC. The institutional investor owned 207,381 shares of CRM provider stock after the sale.

Other hedge funds and institutional investors also made changes to their positions in Salesforce during the same period. Field & Main Bank purchased a new stake worth about $725,000, while Prosperitas Financial LLC bought a new position valued at approximately $477,000.

Salesforce's strong quarterly results, including adjusted EPS of $5.90 and revenue growth of 10.8% year over year to $11.35 billion, contributed to the stock's upward momentum. Analysts have raised price targets for CRM, with DA Davidson increasing its target from $175.00 to $200.00.