Jim Simons’ Quant Hedge Fund Is Selling These 5 Stocks

2. salesforce.com, inc. (NYSE:CRM)

Number of Hedge Fund Holders: 119

salesforce.com, inc. (NYSE:CRM) is an American software company offering cloud-based solutions for customer service, marketing automation, data analytics, and application development. 

Jim Simons’ fund first invested in salesforce.com, inc. (NYSE:CRM) in Q4 2010, and over the years, the shares were dropped entirely and repurchased. By Q2 2021, Renaissance Technologies held more than 1 million salesforce.com, inc. (NYSE:CRM) shares, worth $252.8 million, which were sold off in the third quarter of 2021. 

On February 7, Yun Kim from Loop Capital lowered the price target on salesforce.com, inc. (NYSE:CRM) to $225 from $275 and kept a Hold rating on the shares as part of a broader research on the software industry. Although his reduced price target reflects expected lower cash flow estimates for in 2024 and beyond, the analyst stated that salesforce.com, inc. (NYSE:CRM) displays steady business trends.

Among the hedge funds tracked by Insider Monkey, 119 funds held long positions in salesforce.com, inc. (NYSE:CRM), up from 108 funds in the prior quarter. Fisher Asset Management held the largest stake in salesforce.com, inc. (NYSE:CRM) in Q3 2021, with roughly 14 million shares worth $3.7 billion. 

Here is what ClearBridge Large Cap Growth Strategy has to say about salesforce.com, inc. (NYSE:CRM) in its Q3 2021 investor letter:

“On an individual stock basis, leading contributors to absolute returns in the third quarter included positions in Salesforce.com. Meanwhile, with a new CFO focused on delivering consistent growth and expanding margins, Salesforce could soon surpass SAP as the world’s largest enterprise applications provider with an all-subscription-based model. The recent acquisition of Slack should better connect the company’s products and services with its users as the messaging platform becomes more dynamic and interactive.”