Harrell Investment Partners LLC Sells 913 Shares of Salesforce Inc. (NYSE:CRM)

Harrell Investment Partners LLC lowered its position in shares of Salesforce Inc. (NYSE:CRM) by 7.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 12,191 shares of the CRM provider’s stock after selling 913 shares during the quarter. Harrell Investment Partners LLC’s holdings in Salesforce were worth $3,272,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Tallon Kerry Patrick bought a new position in Salesforce during the fourth quarter worth about $236,000. Brighton Jones LLC boosted its position in Salesforce by 13.7% during the 4th quarter. Brighton Jones LLC now owns 25,668 shares of the CRM provider’s stock worth $8,582,000 after buying an additional 3,102 shares during the period. Union Bancaire Privee UBP SA bought a new position in Salesforce during the 4th quarter worth approximately $104,173,000. Revolve Wealth Partners LLC raised its holdings in Salesforce by 12.6% during the 4th quarter. Revolve Wealth Partners LLC now owns 1,827 shares of the CRM provider’s stock worth $611,000 after purchasing an additional 205 shares during the last quarter. Finally, Strategic Financial Concepts LLC bought a new stake in shares of Salesforce in the 4th quarter valued at $204,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Jefferies Financial Group reduced their price target on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Needham & Company LLC reissued a “buy” rating and issued a $400.00 price target on shares of Salesforce in a report on Wednesday, May 28th. Redburn Atlantic started coverage on shares of Salesforce in a research report on Wednesday, February 19th. They set a “buy” rating for the company. Loop Capital cut their price objective on shares of Salesforce from $330.00 to $300.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Finally, Northland Securities cut their price objective on shares of Salesforce from $423.00 to $396.00 and set an “outperform” rating for the company in a research report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have assigned a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and a consensus target price of $346.34.

Salesforce Stock Down 1.4%

NYSE CRM opened at $258.98 on Thursday. The firm has a market cap of $247.59 billion, a PE ratio of 40.53, a price-to-earnings-growth ratio of 2.38 and a beta of 1.38. Salesforce Inc. has a one year low of $230.00 and a one year high of $369.00. The stock’s 50 day simple moving average is $268.31 and its 200 day simple moving average is $298.72. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07.

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

Salesforce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be given a $0.416 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $1.66 annualized dividend and a dividend yield of 0.64%. Salesforce’s dividend payout ratio is currently 25.98%.

Insider Transactions at Salesforce

In related news, insider Miguel Milano sold 705 shares of the firm’s stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $279.44, for a total transaction of $197,005.20. Following the sale, the insider now owns 9,323 shares of the company’s stock, valued at approximately $2,605,219.12. This trade represents a 7.03% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Brian Millham sold 3,937 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $284.58, for a total value of $1,120,391.46. Following the sale, the chief executive officer now directly owns 5,518 shares in the company, valued at $1,570,312.44. The trade was a 41.64% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,111 shares of company stock worth $9,299,283 in the last three months. Insiders own 3.20% of the company’s stock.

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.