During the third quarter, Franklin Street Advisors sold 77,826 Salesforce shares in a $19.6 million transaction, representing 1.1% of their assets under management. The fund’s Salesforce stake now sits at just 0.03% of its assets. Salesforce shares were priced at $244.73 as of Thursday, down 15% over the past year.

Salesforce is a leader in CRM software, with revenue of $10.2 billion in the latest quarter. Despite strong financials, the company faces challenges as competition in enterprise AI integration grows. Franklin Street Advisors’ decision to reduce its Salesforce position reflects a shift away from underperforming tech stocks.

Key holdings for Franklin Street Advisors after the sale include NVDA, MSFT, AAPL, GOOGL, and AMZN. The fund’s top holdings have seen double-digit gains, while Salesforce shares have lagged. Salesforce CEO Marc Benioff sees opportunity in AI workflows but must innovate to keep up with competition and reignite investor interest.

Read more at Nasdaq: Franklin Street Advisors Dumps Salesforce Shares as AI Competition Heats Up