Salesforce, Inc. (NYSE:CRM) Shares Sold by Oak Harvest Investment Services

Oak Harvest Investment Services cut its stake in shares of Salesforce, Inc. (NYSE:CRM) by 8.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,134 shares of the CRM provider’s stock after selling 465 shares during the period. Oak Harvest Investment Services’ holdings in Salesforce were worth $1,351,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Fairfield Bush & CO. lifted its stake in Salesforce by 8.7% in the first quarter. Fairfield Bush & CO. now owns 4,468 shares of the CRM provider’s stock worth $949,000 after acquiring an additional 357 shares during the last quarter. Roundview Capital LLC increased its holdings in shares of Salesforce by 18.8% in the 1st quarter. Roundview Capital LLC now owns 24,037 shares of the CRM provider’s stock valued at $5,104,000 after acquiring an additional 3,809 shares during the period. Covestor Ltd increased its holdings in shares of Salesforce by 42.8% in the 1st quarter. Covestor Ltd now owns 621 shares of the CRM provider’s stock valued at $132,000 after acquiring an additional 186 shares during the period. Ergoteles LLC acquired a new position in Salesforce in the 1st quarter valued at $455,000. Finally, Mackenzie Financial Corp increased its stake in Salesforce by 21.3% in the 1st quarter. Mackenzie Financial Corp now owns 860,950 shares of the CRM provider’s stock valued at $182,797,000 after buying an additional 151,440 shares during the period. Hedge funds and other institutional investors own 77.52% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Needham & Company LLC boosted their price objective on shares of Salesforce from $275.00 to $345.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Wedbush boosted their price objective on shares of Salesforce from $280.00 to $325.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Canaccord Genuity Group restated a “buy” rating and issued a $350.00 target price on shares of Salesforce in a report on Thursday, March 7th. Stifel Nicolaus upped their target price on shares of Salesforce from $300.00 to $330.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Finally, JMP Securities upped their price objective on shares of Salesforce from $293.00 to $342.00 and gave the company a “market outperform” rating in a research note on Thursday, February 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $304.32.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 216 shares of Salesforce stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $278.71, for a total transaction of $60,201.36. Following the sale, the chief accounting officer now directly owns 2,869 shares in the company, valued at $799,618.99. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Salesforce news, COO Brian Millham sold 293,965 shares of the business’s stock in a transaction dated Friday, January 19th. The shares were sold at an average price of $280.00, for a total value of $82,310,200.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Sundeep G. Reddy sold 216 shares of Salesforce stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $278.71, for a total value of $60,201.36. Following the completion of the transaction, the chief accounting officer now directly owns 2,869 shares in the company, valued at approximately $799,618.99. The disclosure for this sale can be found here. Insiders have sold a total of 1,169,296 shares of company stock worth $326,477,726 over the last ninety days. 3.70% of the stock is currently owned by corporate insiders.

Salesforce Stock Performance

Shares of CRM opened at $307.77 on Friday. The business’s fifty day moving average price is $292.17 and its 200 day moving average price is $250.17. Salesforce, Inc. has a 12-month low of $185.58 and a 12-month high of $318.71. The stock has a market capitalization of $298.54 billion, a PE ratio of 73.28, a price-to-earnings-growth ratio of 2.37 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.06. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The company had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter in the previous year, the company posted $1.01 earnings per share. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. Equities research analysts forecast that Salesforce, Inc. will post 7.45 EPS for the current year.

Salesforce Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 11th. Stockholders of record on Thursday, March 14th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.52%. The ex-dividend date of this dividend is Wednesday, March 13th. Salesforce’s dividend payout ratio (DPR) is 9.52%.

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.