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

Harbour Capital Advisors LLC decreased its position in shares of Salesforce, Inc. (NYSE:CRM) by 0.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,433 shares of the CRM provider’s stock after selling 161 shares during the period. Salesforce accounts for 1.3% of Harbour Capital Advisors LLC’s holdings, making the stock its 18th biggest position. Harbour Capital Advisors LLC’s holdings in Salesforce were worth $5,803,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Infrastructure Capital Advisors LLC purchased a new position in Salesforce in the 3rd quarter valued at about $27,000. Clear Investment Research LLC increased its position in shares of Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after purchasing an additional 98 shares in the last quarter. Godsey & Gibb Inc. boosted its stake in Salesforce by 300.0% during the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 90 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Salesforce in the second quarter valued at about $33,000. Finally, Annapolis Financial Services LLC raised its position in shares of Salesforce by 135.6% in the third quarter. Annapolis Financial Services LLC now owns 139 shares of the CRM provider’s stock valued at $38,000 after buying an additional 80 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Salesforce

In other news, insider R David Schmaier sold 1,785 shares of Salesforce stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $344.00, for a total value of $614,040.00. Following the completion of the transaction, the insider now directly owns 19,116 shares in the company, valued at approximately $6,575,904. The trade was a 8.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director G Mason Morfit sold 722,300 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $346.11, for a total value of $249,995,253.00. Following the transaction, the director now directly owns 3,192,009 shares of the company’s stock, valued at $1,104,786,234.99. The trade was a 18.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,181,817 shares of company stock valued at $404,760,429 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Needham & Company LLC increased their price target on Salesforce from $375.00 to $400.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Northland Securities reiterated an “outperform” rating and issued a $440.00 price objective (up previously from $400.00) on shares of Salesforce in a report on Wednesday, December 4th. Jefferies Financial Group raised their target price on Salesforce from $400.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Truist Financial restated a “buy” rating and issued a $400.00 price objective (up previously from $380.00) on shares of Salesforce in a report on Wednesday, December 4th. Finally, Wells Fargo & Company boosted their price target on shares of Salesforce from $275.00 to $330.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirty have assigned a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $376.05.

Salesforce Stock Performance

Salesforce stock traded up $0.12 during trading hours on Monday, hitting $317.97. The company had a trading volume of 2,279,183 shares, compared to its average volume of 4,544,374. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a 50-day moving average of $335.82 and a 200 day moving average of $289.73. Salesforce, Inc. has a one year low of $212.00 and a one year high of $369.00. The firm has a market cap of $304.30 billion, a PE ratio of 52.30, a PEG ratio of 3.21 and a beta of 1.30.

Salesforce (NYSE:CRM) last released its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.35 billion. During the same quarter in the prior year, the firm earned $1.62 EPS. The business’s revenue was up 8.3% on a year-over-year basis. On average, sell-side analysts expect that Salesforce, Inc. will post 7.48 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date of this dividend was Wednesday, December 18th. Salesforce’s payout ratio is currently 26.32%.

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.