Harvey Capital Management Inc. Acquires 20,661 Shares of Salesforce, Inc. (NYSE:CRM)

Harvey Capital Management Inc. grew its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 243.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 29,136 shares of the CRM provider’s stock after acquiring an additional 20,661 shares during the period. Salesforce comprises 2.0% of Harvey Capital Management Inc.’s holdings, making the stock its 12th largest holding. Harvey Capital Management Inc.’s holdings in Salesforce were worth $7,975,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Westbourne Investment Advisors Inc. raised its position in shares of Salesforce by 3.5% during the third quarter. Westbourne Investment Advisors Inc. now owns 21,388 shares of the CRM provider’s stock worth $5,854,000 after acquiring an additional 714 shares during the last quarter. Private Wealth Management Group LLC increased its position in Salesforce by 11.6% during the 3rd quarter. Private Wealth Management Group LLC now owns 357 shares of the CRM provider’s stock valued at $98,000 after purchasing an additional 37 shares during the period. Veritas Asset Management LLP bought a new position in Salesforce during the 3rd quarter worth approximately $733,805,000. BSW Wealth Partners lifted its position in shares of Salesforce by 16.1% in the 3rd quarter. BSW Wealth Partners now owns 3,680 shares of the CRM provider’s stock worth $1,007,000 after purchasing an additional 511 shares during the period. Finally, Nvwm LLC boosted its stake in shares of Salesforce by 1.4% in the 3rd quarter. Nvwm LLC now owns 2,565 shares of the CRM provider’s stock valued at $667,000 after purchasing an additional 36 shares during the last quarter. Institutional investors own 80.43% of the company’s stock.

Analyst Ratings Changes

CRM has been the subject of a number of analyst reports. Oppenheimer reissued an “outperform” rating and set a $330.00 target price (up previously from $300.00) on shares of Salesforce in a research note on Thursday, October 24th. BNP Paribas raised Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Northland Capmk upgraded Salesforce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. BMO Capital Markets lifted their target price on Salesforce from $265.00 to $305.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Finally, TD Cowen boosted their price target on Salesforce from $285.00 to $290.00 and gave the company a “hold” rating in a research note on Thursday, August 29th. Nine analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $313.37.

Insider Buying and Selling

In other Salesforce news, insider Parker Harris sold 1,400 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $251.62, for a total transaction of $352,268.00. Following the sale, the insider now owns 117,581 shares of the company’s stock, valued at $29,585,731.22. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Sabastian Niles sold 2,484 shares of the firm’s stock in a transaction that occurred on 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 directly owns 828 shares in the company, valued at approximately $202,702.68. This trade represents a 0.00 % 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 Parker Harris sold 1,400 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $251.62, for a total transaction of $352,268.00. Following the sale, the insider now directly owns 117,581 shares in the company, valued at $29,585,731.22. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 148,303 shares of company stock valued at $42,024,385. Company insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

NYSE:CRM traded up $3.35 during trading hours on Friday, reaching $294.72. The stock had a trading volume of 3,527,502 shares, compared to its average volume of 3,816,890. The stock has a market cap of $281.75 billion, a P/E ratio of 51.26, a price-to-earnings-growth ratio of 2.64 and a beta of 1.29. The stock has a 50 day simple moving average of $273.02 and a 200 day simple moving average of $263.27. 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 12-month low of $204.69 and a 12-month high of $318.71.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.20. The company had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.63 EPS. On average, research analysts forecast that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s payout ratio is currently 27.83%.

Salesforce Company 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.