Followers | 679 |
Posts | 141062 |
Boards Moderated | 36 |
Alias Born | 03/10/2004 |
Tuesday, November 14, 2023 9:44:33 PM
By: Investing | November 14, 2023
NEW YORK (Reuters) - Boasting a booming share price, Salesforce (NYSE:CRM) attracted more investor cash during the third quarter even as one of the software company's early public critics further cut its stake, according to regulatory filings.
Sachem Head Capital Management increased its stake in Salesforce by 33% during the third quarter while Farallon Capital Management upped its holding by 30% to own 2.5 million shares on September 30, the filings show.
The two hedge funds had each cut their investments in Salesforce during the second quarter.
Salesforce had become a favorite target for activist investors early in 2023 with five prominent corporate agitators, including Elliott Investment Management, pushing publicly and privately for changes.
Cost cuts, a boost in share buybacks and the dismantlement of its mergers and acquisition committee, plus stronger earnings increased investor backing. And news that one of the activists, Mason Morfit who runs ValueAct Capital, was invited onto the board helped silence some critics, people familiar with the discussions said.
Salesforce's stock price has surged 64% since January.
Still Starboard Value the first activist to speak publicly in October 2022 about needed changes at Salesforce cut its stake again, the filings show. On Sept. 30, the hedge fund owned 1.7 million shares, marking a 14% drop from what it owned at the end of the second quarter. In the second quarter, it cut its stake by 20%.
Investment managers must disclose what they hold in U.S. stocks at the end of each quarter and report that information to the Securities and Exchange Commission 45 days after the end of the quarter. The deadline for so-called 13-F filings for the third quarter is on Tuesday.
While 13-F filings are backward-looking, they are closely watched by investors for trends.
Other investors who may not have been pushing for changes also reduced their holdings during the third quarter. Light Street Capital Management cut its stake by 44%, while Polen Capital Management trimmed it by 3.2%, the filings show.
Activist investors, unlike some mutual funds, often cut their positions quickly after finding success or failure in their efforts to secure changes.
While Salesforce's stock price lost some ground during the third quarter, it has continued to move higher and closed trading at $221.18 on Tuesday.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent CRM News
- Salesforce Unveils Zero Copy Partner Network, an Ecosystem Committed to Secure, Bidirectional Zero Copy Integration with Salesforce Data Cloud • Business Wire • 04/25/2024 07:15:00 AM
- Li Auto Stock Drops 7.3% Amid Tesla Price Cuts, Salesforce Retreats from Informatica Deal, and Other Market Updates • IH Market News • 04/22/2024 12:09:21 PM
- IHG Hotels & Resorts Aims to Boost Guest Loyalty with Salesforce • Business Wire • 04/22/2024 12:00:00 PM
- Apple to Invest $250 Million in Singapore Expansion, Oracle Commits $8 Billion to Japan Infrastructure, and More News • IH Market News • 04/18/2024 11:11:52 AM
- Samsung Surpasses Apple in Q1 Smartphone Market; Salesforce in Talks to Acquire Informatica, and More News • IH Market News • 04/15/2024 11:06:48 AM
- Walgreens Slashes Annual Profit Forecast; MillerKnoll Nosedives 17% on Bleak 4Q Outlook, and Latest News • IH Market News • 03/28/2024 01:48:04 PM
- Analysts’ Recommendations for March 27th: FedEx, Visa, Uber, Adobe… • IH Market News • 03/27/2024 12:13:10 PM
- Super Micro Computer and Seagate Shares Surge on Analyst Optimism in Pre-Market Trading, and Latest News • IH Market News • 03/26/2024 11:20:49 AM
- Salesforce Grants Equity Awards to Spiff Employees Under Its Inducement Equity Incentive Plan • Business Wire • 03/22/2024 08:02:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/11/2024 08:26:46 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/08/2024 10:09:17 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/07/2024 10:17:37 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 09:37:05 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 03/06/2024 09:32:48 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 09:29:37 PM
- Turtle Bay Resort Redefines Personalized Hospitality with Salesforce’s Einstein 1 Platform • Business Wire • 03/06/2024 06:00:00 PM
- Salesforce Launches Einstein 1 Studio: Low-Code AI Tools for Customizing Einstein Copilot and Embedding AI into Any CRM App • Business Wire • 03/06/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:56:38 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:50:42 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 12:39:16 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/04/2024 09:05:18 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/01/2024 09:28:56 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/29/2024 11:24:59 PM
- Snowflake Stock Plummets 20.3% After CEO Transition; C3.ai, Okta, and Duolingo Surge Post-Strong Quarterly Reports, and More • IH Market News • 02/29/2024 11:09:45 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/28/2024 09:15:49 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM