Harbour Capital Advisors LLC Has $4.63 Million Stock Holdings in Salesforce Inc. (NYSE:CRM)

Harbour Capital Advisors LLC grew its position in Salesforce Inc. (NYSE:CRM) by 4.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,151 shares of the CRM provider’s stock after acquiring an additional 718 shares during the quarter. Salesforce accounts for about 1.1% of Harbour Capital Advisors LLC’s holdings, making the stock its 20th largest position. Harbour Capital Advisors LLC’s holdings in Salesforce were worth $4,633,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. Athena Investment Management bought a new stake in Salesforce in the 4th quarter valued at $236,000. Jag Capital Management LLC boosted its holdings in shares of Salesforce by 2,507.9% in the 4th quarter. Jag Capital Management LLC now owns 23,706 shares of the CRM provider’s stock worth $7,926,000 after acquiring an additional 22,797 shares in the last quarter. Atlantic Union Bankshares Corp increased its holdings in Salesforce by 2.7% during the 4th quarter. Atlantic Union Bankshares Corp now owns 27,358 shares of the CRM provider’s stock valued at $9,146,000 after purchasing an additional 723 shares in the last quarter. Millstone Evans Group LLC bought a new stake in shares of Salesforce during the fourth quarter worth $823,000. Finally, Heartland Bank & Trust Co lifted its position in Salesforce by 117.2% during the 1st quarter. Heartland Bank & Trust Co now owns 5,981 shares of the CRM provider’s stock worth $1,605,000 after buying an additional 3,227 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on CRM. Wells Fargo & Company increased their price objective on Salesforce from $255.00 to $275.00 and gave the company an “equal weight” rating in a research report on Thursday, May 29th. Needham & Company LLC reiterated a “buy” rating and issued a $400.00 price target on shares of Salesforce in a research report on Wednesday, May 28th. Bank of America decreased their price target on shares of Salesforce from $440.00 to $400.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Barclays lowered their price target on Salesforce from $425.00 to $347.00 and set an “overweight” rating for the company in a report on Thursday, May 29th. Finally, Royal Bank Of Canada cut shares of Salesforce from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $420.00 to $275.00 in a research report on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have assigned a buy rating and four have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $349.08.

Insider Buying and Selling

In other news, CAO Sundeep G. Reddy sold 500 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $275.00, for a total value of $137,500.00. Following the completion of the transaction, the chief accounting officer now owns 11,711 shares of the company’s stock, valued at approximately $3,220,525. This represents a 4.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Miguel Milano sold 705 shares of Salesforce stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $279.44, for a total transaction of $197,005.20. Following the sale, the insider now directly owns 9,323 shares in the company, valued at $2,605,219.12. This trade represents a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,992 shares of company stock worth $6,704,198 in the last ninety days. 3.20% of the stock is owned by insiders.

Salesforce Stock Performance

CRM opened at $263.14 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07. Salesforce Inc. has a 52-week low of $230.00 and a 52-week high of $369.00. The firm has a market cap of $251.56 billion, a P/E ratio of 41.18, a price-to-earnings-growth ratio of 2.36 and a beta of 1.38. The business’s fifty day moving average is $268.69 and its 200-day moving average is $296.11.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating the consensus estimate of $2.55 by $0.03. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The firm had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. During the same period last year, the firm earned $2.44 EPS. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. Sell-side analysts expect that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be issued a dividend of $0.416 per share. The ex-dividend date is Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.63%. Salesforce’s dividend payout ratio (DPR) is currently 25.98%.

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.