Mondrian Investment Partners 13F: Cuts CRM Stake by $71M
Key Points
- Mondrian Investment Partners reduced its stake in Salesforce, Inc. by 309,708 shares to end with 354,837 shares valued at $81,459,930.
- Salesforce, Inc. shares recently traded at $248.56, sitting well above their 200-day moving average and about 7.6% below their 52-week high.
- Harris Associates L.P. and Arrowstreet Capital also adjusted their holdings in the customer relationship management software provider during recent periods.
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Mondrian Investment Partners cut its position in Salesforce, Inc. CRM by 46.6% during the quarter, according to a Form 13F filing with the SEC on October 23, 2026. The firm sold 309,708 shares, leaving it with 354,837 shares of the cloud software provider at the end of the period. The remaining stake was valued at $81,459,930 based on the filing date. Salesforce shares closed at $248.57 on the day of the filing.
CRM
Salesforce, Inc.
What Changed in Mondrian Investment Partners's Salesforce, Inc. Position
The reduction lowers Mondrian's exposure to the San Francisco-based software company substantially. Prior to the filing, the firm held 664,545 shares. Dropping nearly half of the position brings the share count down to 354,837.
Other Institutional Activity in Salesforce, Inc.
Other large institutional investors adjusted their positions in Salesforce around the same time. Harris Associates L.P. grew its holdings by 1,233,684 shares, ending with 16,151,269 shares worth about $4,014,721,053 after an 8.3% increase. Arrowstreet Capital, Limited Partnership grew its holdings by 619,052 shares, ending with 13,278,612 shares worth about $3,300,664,682 after a 4.9% increase.
Salesforce, Inc. Stock Up 2.8%
Salesforce shares recently traded around $248.56 as of October 24, 2026, putting the price close to its $248.57 close on the filing date. The stock trades comfortably above its 50-day moving average of $234.04 and its 200-day moving average of $198.75. Over the past year, the shares have moved between a low of $146.32 and a high of $269.11.
Recent Earnings
Salesforce generated $43,938,000,896 in trailing-twelve-month revenue with an EPS of $11.31. The company reported a net profit margin of 22.0% and a return on equity of 19.4%, alongside year-over-year revenue growth of 10.8%. The next earnings report is expected on December 2, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
12 target cuts vs 0 raises.
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EPS & revenue
EPS beat estimates by 23.2%. Revenue met estimates.
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Profit surprise
EBITDA missed by 35 percent. Operating income missed by 35 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
12 target cuts.
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Earnings quality
Operating margin up 2.0 points. Positive free cash flow.
Earnings Call Summary
Salesforce delivered strong second quarter fiscal 2026 results with $10.25 billion in revenue, up 10 percent year over year. The company highlighted exceptional momentum in Agent Force and Data Cloud, with Data Cloud and AI products generating $1.2 billion in ARR up 120 percent. Net new bookings from deals over $1 million grew 26 percent, and the company closed major deals with Dell, Marriott, and the US Army. Management emphasized that the agentic enterprise transformation is driving customer success, with 40 percent of Agent Force and Data Cloud bookings coming from existing customers expanding their investments.
Guidance Salesforce raised the low end of full-year revenue guidance to approximately $41.1 billion to $41.3 billion, representing about 8.5 to 9 percent growth. The company also raised non-GAAP operating margin guidance by 10 basis points to 34.1 percent and raised operating cash flow growth guidance to 12 to 13 percent. For next quarter, revenue is expected to be $10.24 billion to $10.29 billion, up 8 to 9 percent year over year.
Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.
Dividend
The company pays an annual dividend rate of $1.76 per share, which translates to a dividend yield of 0.7%. The dividend payout ratio stands at 15.7%.
Insider Buying and Selling at Salesforce, Inc.
Company insiders made a pair of transactions prior to the filing. Director Craig Conway sold 4,500 shares on September 4, 2026, for a total value of $1,172,746. Later, Director David Blair Kirk bought 4,176 shares on September 18, 2026, at an average price of $239.33 for a total value of $999,451.
Analysts Set New Price Targets
Wall Street firms updated their views on the stock ahead of the filing. On September 18, 2026, Citizens reiterated its Market Outperform rating with a $315.00 price target. On the same day, Stephens & Co. reiterated its Equal-Weight rating with a $289.00 price target. B of A Securities upgraded the stock to a Buy rating on October 12, 2026, raising its target from $160.00 to $285.00. DA Davidson maintained a Neutral rating on October 21, 2026, lifting its target from $225.00 to $250.00. Cantor Fitzgerald reiterated an Overweight rating on October 21, 2026, with a $300.00 price target. Analysts maintain a consensus buy rating on the stock with a mean price target of $286.14.
About Salesforce, Inc.
Salesforce builds customer relationship management technology designed to connect businesses with their clients through cloud-based platforms. Headquartered in California, the company serves clients across multiple continents in the application software sector. Institutional adjustments like Mondrian's cut highlight how large asset managers continuously rebalance their technology holdings.
Bottom Line
Investors will look to Salesforce's upcoming earnings report on December 2, 2026, for further clues on software demand and profit margins. Institutional filings will continue to provide a window into how major funds manage their exposure to the stock.
Related Filing Alerts
Source: Mondrian Investment Partners's 13F filing on $CRM (Oct 23, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts