Harbour Capital Advisors LLC Lowers Position in Salesforce, Inc. (NYSE:CRM)

Harbour Capital Advisors LLC decreased its stake in shares of Salesforce, Inc. (NYSE:CRM) by 1.8% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 17,594 shares of the CRM provider’s stock after selling 322 shares during the period. Salesforce makes up about 1.2% of Harbour Capital Advisors LLC’s portfolio, making the stock its 21st largest position. Harbour Capital Advisors LLC’s holdings in Salesforce were worth $5,066,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. XN LP raised its holdings in shares of Salesforce by 24.2% in the second quarter. XN LP now owns 464,489 shares of the CRM provider’s stock valued at $119,420,000 after purchasing an additional 90,616 shares during the last quarter. Atomi Financial Group Inc. increased its stake in Salesforce by 27.5% in the 3rd quarter. Atomi Financial Group Inc. now owns 11,999 shares of the CRM provider’s stock valued at $3,284,000 after buying an additional 2,589 shares during the last quarter. M&G Plc bought a new position in shares of Salesforce during the 1st quarter worth approximately $2,178,000. First Foundation Advisors boosted its stake in shares of Salesforce by 38.0% in the 1st quarter. First Foundation Advisors now owns 828 shares of the CRM provider’s stock worth $249,000 after buying an additional 228 shares during the last quarter. Finally, St. Johns Investment Management Company LLC grew its holdings in shares of Salesforce by 4.1% in the first quarter. St. Johns Investment Management Company LLC now owns 5,834 shares of the CRM provider’s stock valued at $1,757,000 after acquiring an additional 228 shares in the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Price Performance

CRM opened at $291.12 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $282.10 billion, a P/E ratio of 52.36, a PEG ratio of 2.61 and a beta of 1.30. The stock has a 50-day moving average price of $265.84 and a 200-day moving average price of $263.84. Salesforce, Inc. has a 12-month low of $193.68 and a 12-month high of $318.71.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same quarter in the prior year, the firm earned $1.63 earnings per share. Salesforce’s revenue for the quarter was up 8.5% on a year-over-year basis. Equities analysts predict that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date was Wednesday, September 18th. Salesforce’s payout ratio is presently 28.78%.

Wall Street Analysts Forecast Growth

CRM has been the subject of a number of recent analyst reports. Roth Mkm restated a “buy” rating and issued a $335.00 price objective on shares of Salesforce in a research note on Thursday, August 29th. Robert W. Baird increased their price target on shares of Salesforce from $295.00 to $315.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. FBN Securities raised shares of Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. TD Cowen increased their target price on shares of Salesforce from $285.00 to $290.00 and gave the company a “hold” rating in a research report on Thursday, August 29th. Finally, BNP Paribas upgraded shares of Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Nine analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $310.74.

Insiders Place Their Bets

In other news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the transaction, the chief accounting officer now owns 6,431 shares in the company, valued at approximately $1,644,921.18. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the transaction, the chief accounting officer now directly owns 6,431 shares of the company’s stock, valued at $1,644,921.18. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Amy E. Weaver sold 897 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $229,434.66. Following the sale, the chief financial officer now directly owns 51,109 shares of the company’s stock, valued at approximately $13,072,660.02. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 80,612 shares of company stock valued at $21,429,961 over the last three months. Insiders own 3.20% of the company’s stock.

About Salesforce

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.