Van Eck Sells Most of Its Salesforce Holdings Amid Positive Earnings
Van ECK Associates Corp, an institutional investor, has decreased its holdings in Salesforce Inc. by 85.5% in the second quarter. According to a recent filing with the Securities & Exchange Commission, Van ECK Associates Corp owned 103,414 shares of Salesforce stock after selling 607,651 shares during the quarter.
The value of Van ECK Associates Corp's holdings in Salesforce was $16.20 million at the end of the most recent reporting period. This news comes as Salesforce has recently reported strong quarterly results and AI momentum, with revenue increasing 10.8% year over year.
Analysts have also been upgrading their price targets for Salesforce, with Argus raising its target from $290 to $300 and Wolfe Research upgrading the stock. Despite these positive sentiment indicators, Van ECK Associates Corp has decreased its holdings in Salesforce, which may indicate a decrease in confidence in the company's growth prospects.