Harvey Capital Management Inc. Has $8.46 Million Holdings in Salesforce, Inc. (NYSE:CRM)

Harvey Capital Management Inc. trimmed its holdings in Salesforce, Inc. (NYSE:CRM) by 13.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,306 shares of the CRM provider’s stock after selling 3,830 shares during the period. Salesforce accounts for 2.0% of Harvey Capital Management Inc.’s holdings, making the stock its 13th largest position. Harvey Capital Management Inc.’s holdings in Salesforce were worth $8,461,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in CRM. RBA Wealth Management LLC lifted its position in shares of Salesforce by 3.7% during the 3rd quarter. RBA Wealth Management LLC now owns 16,172 shares of the CRM provider’s stock valued at $4,426,000 after acquiring an additional 574 shares during the period. Fiduciary Alliance LLC lifted its position in Salesforce by 5.3% during the third quarter. Fiduciary Alliance LLC now owns 1,262 shares of the CRM provider’s stock worth $345,000 after purchasing an additional 64 shares during the period. CX Institutional grew its stake in Salesforce by 2.0% during the third quarter. CX Institutional now owns 5,637 shares of the CRM provider’s stock worth $1,543,000 after buying an additional 110 shares in the last quarter. Creative Planning increased its holdings in Salesforce by 8.0% in the 3rd quarter. Creative Planning now owns 233,743 shares of the CRM provider’s stock valued at $63,978,000 after buying an additional 17,350 shares during the period. Finally, Boomfish Wealth Group LLC raised its position in shares of Salesforce by 0.4% in the 3rd quarter. Boomfish Wealth Group LLC now owns 9,312 shares of the CRM provider’s stock valued at $2,549,000 after buying an additional 38 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Miguel Milano sold 719 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $342.81, for a total transaction of $246,480.39. Following the completion of the sale, the insider now directly owns 4,659 shares of the company’s stock, valued at $1,597,151.79. The trade was a 13.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Sundeep G. Reddy sold 500 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $335.94, for a total transaction of $167,970.00. Following the completion of the transaction, the chief accounting officer now directly owns 6,557 shares in the company, valued at approximately $2,202,758.58. The trade was a 7.09 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,111,420 shares of company stock valued at $384,366,700. 3.20% of the stock is owned by company insiders.

Salesforce Price Performance

Shares of CRM opened at $324.50 on Wednesday. The firm has a market cap of $310.55 billion, a PE ratio of 53.37, a price-to-earnings-growth ratio of 2.66 and a beta of 1.31. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $369.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The business’s 50 day moving average price is $338.74 and its two-hundred day moving average price is $301.96.

Salesforce (NYSE:CRM) last issued its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.03). The company had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm’s revenue was up 8.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.62 earnings per share. On average, equities analysts anticipate that Salesforce, Inc. will post 7.48 EPS for the current year.

Salesforce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend was Wednesday, December 18th. Salesforce’s payout ratio is 26.32%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Royal Bank of Canada increased their price target on shares of Salesforce from $300.00 to $420.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Oppenheimer reaffirmed an “outperform” rating and issued a $415.00 target price (up previously from $385.00) on shares of Salesforce in a report on Wednesday, December 4th. The Goldman Sachs Group boosted their price target on Salesforce from $360.00 to $400.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Erste Group Bank raised Salesforce from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Finally, Barclays boosted their target price on Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, thirty-one have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and a consensus target price of $377.63.

About Salesforce

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.