Harbour Investments Inc. Decreases Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Harbour Investments Inc. cut its stake in Salesforce, Inc. (NYSE:CRM) by 1.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 3,107 shares of the CRM provider’s stock after selling 40 shares during the quarter. Harbour Investments Inc.’s holdings in Salesforce were worth $850,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Piscataqua Savings Bank raised its stake in shares of Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after buying an additional 96 shares during the last quarter. Clear Investment Research LLC increased its holdings in Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after acquiring an additional 98 shares in the last quarter. Stephens Consulting LLC raised its position in Salesforce by 3,125.0% during the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 125 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Salesforce in the second quarter valued at about $33,000. Finally, Godsey & Gibb Inc. grew its position in shares of Salesforce by 300.0% in the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 90 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Trading Down 1.9 %

NYSE:CRM opened at $325.28 on Friday. The business’s 50-day moving average is $284.99 and its two-hundred day moving average is $266.30. The firm has a market capitalization of $310.96 billion, a PE ratio of 56.73, a price-to-earnings-growth ratio of 3.09 and a beta of 1.29. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $348.86. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04.

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

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were paid a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.49%. Salesforce’s dividend payout ratio (DPR) is presently 27.83%.

Insider Activity at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the transaction, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at $1,998,741.74. This represents a 5.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Miguel Milano sold 2,934 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $262.95, for a total transaction of $771,495.30. Following the sale, the insider now directly owns 3,716 shares of the company’s stock, valued at $977,122.20. The trade was a 44.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 144,373 shares of company stock valued at $41,250,680. Corporate insiders own 3.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CRM shares. UBS Group upped their target price on Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Needham & Company LLC restated a “buy” rating and issued a $345.00 price objective on shares of Salesforce in a research report on Friday, September 20th. Piper Sandler cut Salesforce from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 10th. FBN Securities upgraded shares of Salesforce to a “strong-buy” rating in a report on Thursday, August 29th. Finally, Jefferies Financial Group raised their price target on shares of Salesforce from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Nine investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus target price of $322.51.

Salesforce Profile

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.