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

Harbour Capital Advisors LLC grew its stake in Salesforce Inc. (NYSE:CRM) by 4.1% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 18,151 shares of the CRM provider’s stock after buying an additional 718 shares during the period. Salesforce makes up 1.1% of Harbour Capital Advisors LLC’s investment portfolio, making the stock its 20th biggest position. Harbour Capital Advisors LLC’s holdings in Salesforce were worth $4,633,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Brighton Jones LLC increased its stake in Salesforce by 13.7% in the fourth quarter. Brighton Jones LLC now owns 25,668 shares of the CRM provider’s stock valued at $8,582,000 after purchasing an additional 3,102 shares in the last quarter. Revolve Wealth Partners LLC raised its stake 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 buying an additional 205 shares during the period. First Horizon Advisors Inc. boosted its holdings in Salesforce by 3.3% in the fourth quarter. First Horizon Advisors Inc. now owns 19,451 shares of the CRM provider’s stock worth $6,503,000 after acquiring an additional 621 shares in the last quarter. Wealthspire Advisors LLC raised its position in shares of Salesforce by 4.4% during the fourth quarter. Wealthspire Advisors LLC now owns 7,898 shares of the CRM provider’s stock worth $2,641,000 after purchasing an additional 332 shares during the period. Finally, Howard Capital Management Inc. grew its position in Salesforce by 9.5% in the 4th quarter. Howard Capital Management Inc. now owns 6,290 shares of the CRM provider’s stock valued at $2,103,000 after purchasing an additional 548 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

Wall Street Analysts Forecast Growth

CRM has been the subject of a number of analyst reports. Canaccord Genuity Group reduced their price objective on shares of Salesforce from $400.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, May 28th. Scotiabank cut their price target on Salesforce from $400.00 to $345.00 and set a “sector outperform” rating for the company in a research note on Monday, March 17th. BMO Capital Markets lowered their price objective on Salesforce from $367.00 to $350.00 and set an “outperform” rating for the company in a research note on Tuesday, May 27th. Piper Sandler raised their target price on Salesforce from $315.00 to $335.00 and gave the company an “overweight” rating in a report on Wednesday, May 28th. Finally, Bank of America decreased their price target on Salesforce from $440.00 to $400.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $349.08.

Insider Transactions at Salesforce

In other Salesforce news, insider Miguel Milano sold 705 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $279.44, for a total value of $197,005.20. Following the completion of the sale, the insider now owns 9,323 shares of the company’s stock, valued at $2,605,219.12. This represents a 7.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R David Schmaier sold 1,785 shares of Salesforce stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $288.34, for a total transaction of $514,686.90. Following the transaction, the insider now directly owns 29,190 shares in the company, valued at $8,416,644.60. This trade represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,992 shares of company stock valued at $6,704,198 in the last quarter. Insiders own 3.20% of the company’s stock.

Salesforce Price Performance

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

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. During the same quarter last year, the company posted $2.44 EPS. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. On average, research analysts expect that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th will be paid a $0.416 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a yield of 0.63%. Salesforce’s dividend payout ratio is presently 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.