Salesforce Stake Cut by 71% Despite Bullish Outlook

A institutional investor AAFMAA Wealth Management & Trust LLC reduced its stake in Salesforce Inc. (NYSE:CRM) by 71.2% in Q2, according to a recent Form 13F filing with the Securities and Exchange Commission. The company owned 1,497 shares of CRM's stock after selling 3,700 shares during the quarter.

The institutional investor's holdings in Salesforce were worth $235,000 as of its most recent filing with the SEC. Meanwhile, other investors have been increasing their stakes in the company. J. Stern & Co. LLP grew its holdings by an astonishing 24,056.7% in Q4 and now owns 47,385,511 shares valued at over $12.55 billion.

Cardano Risk Management B.V. also increased its position in Salesforce by 924.7% during the same quarter, owning 3,883,610 shares worth around $1.03 billion. Analysts are still bullish on CRM, with a consensus rating of 'Moderate Buy' and an average target price of $249.51.