TimesSquare Capital Management LLC, a leading research-oriented investment management company, has acquired fresh shares of Salesforce.com Inc. It was revealed from its latest filing of Form 13F with the Securities and Exchange Commission (SEC) for the third quarter of 2016. According to the filing, TimesSquare has acquired 50,740 Salesforce shares stock with an estimated evaluation of US $3.6 million.
On the opening day of 2017, Salesforce shares traded at $68.46, 1 per cent down from its last recorded standing. Salesforce’s stock portfolio has 4,523,271 shares with market cap of $47.70 billion. It enjoys a price-to-earnings ratio of 232.07 with 1.46 beta.
Other significant investors and hedge funds with stakes in Salesforce.com have also made changes to their portfolio. Vanguard Group Inc., for instance, increased its Salesforce shares by 3.1%, acquiring 1, 1,181,756 shares during the fourth quarter. It now has 39,426,135 shares of Salesforce with total evaluation of $3,130,829,000.
New York-based Jennison Associates LLC also moved its share ownership at Salesforce.com by 3.2% in the third quarter. With 20,758,784 shares, Jennison Associates LLC owns stocks worth worth $1,480,724,000. BlackRock Institutional Trust Company N.A. reinforced its position too. It gained 585,931 shares during the last quarter taking its total number of shares to 16,980,055 worth $1,211,187,000. One of the bigger moves came from Ameriprise Financial Inc. It increased its position in Salesforce by 5.1%, taking its tally to 8,648,009 shares valued at $616,865,000.
UK-based independent investment fund manager, Baillie Gifford & Co also increased its share in Salesforce.com. It might look like a negligible raise, but with 0.7% rise in number of shares, it took its tally to 6,981,936 shares, evaluated at $554,435,000.
Approximately 85% stocks of Salesforce.com are owned by institutional investors and hedge funds.
TimesGroup acquiring new stake in Salesforce.com reveals the business value of the CRM solutions provider.
Surprisingly, Marc Benioff, the CEO-Chairman of Salesforce.com brought down his share in the company’s stock on 30 December. He sold 12,500 shares at a cumulative transactional value of $857,750. Director Susan Wojcicki had acquired 1300 shares in the company’s stock in November 2016. Currently, company insiders still hold 6.70% of Salesforce.com’s stocks.
Meanwhile, TimesGroup Capital Management LLC seems to be on New Year buying spree. Apart from acquiring Salesforce.com stocks, the investment adviser also raised its stake in Intuit Inc., the leading enterprise software company in US. According to the SEC filing, TimesGroup bought 10,730 shares during the third quarter to take its portfolio in Intuit to 69,995, valued at over $7,700,000.
For the year 2016, Salesforce.com registered revenue of $6.667 billion with total equity of $5 billion. Currently, it has three subsidiaries – Quip, Demandware and Heroku.