Salesforce, Inc. (NYSE:CRM) Stake Raised by Harmony Asset Management LLC

Harmony Asset Management LLC increased its stake in shares of Salesforce, Inc. (NYSE:CRM) by 15.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,529 shares of the CRM provider’s stock after acquiring an additional 209 shares during the quarter. Harmony Asset Management LLC’s holdings in Salesforce were worth $419,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Piscataqua Savings Bank raised its stake in Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after buying an additional 96 shares during the period. Infrastructure Capital Advisors LLC bought a new position in shares of Salesforce during the 3rd quarter worth $27,000. Clear Investment Research LLC raised its position in shares of Salesforce by 816.7% in the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after purchasing an additional 98 shares during the last quarter. Stephens Consulting LLC raised its holdings in Salesforce by 3,125.0% in the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 125 shares during the period. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in Salesforce during the second quarter valued at $33,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Stock Performance

NYSE:CRM opened at $330.82 on Tuesday. The stock’s fifty day moving average is $302.12 and its 200 day moving average is $270.49. The firm has a market capitalization of $316.26 billion, a PE ratio of 57.53, a PEG ratio of 2.99 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $348.86.

Salesforce Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.48%. The ex-dividend date was Wednesday, September 18th. Salesforce’s dividend payout ratio is currently 27.83%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. TD Cowen lifted their price objective on Salesforce from $290.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, November 21st. JMP Securities lifted their price objective on Salesforce from $342.00 to $450.00 and gave the company a “market outperform” rating in a research report on Friday, November 22nd. Sanford C. Bernstein boosted their target price on shares of Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Northland Securities upgraded shares of Salesforce from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $270.00 to $400.00 in a research report on Wednesday, October 2nd. Finally, Morgan Stanley raised their target price on shares of Salesforce from $320.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Seven analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $343.89.

Insider Activity at Salesforce

In other news, insider Sabastian Niles sold 2,484 shares of the stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total value of $608,108.04. Following the completion of the transaction, the insider now owns 828 shares of the company’s stock, valued at approximately $202,702.68. This represents a 75.00 % 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 719 shares of the firm’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 transaction, the insider now directly owns 4,659 shares in the company, valued at $1,597,151.79. The trade was a 13.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 140,982 shares of company stock worth $41,591,457 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

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.