Harvest Fund Management Co. Ltd Has $1.54 Million Position in Salesforce, Inc. (NYSE:CRM)

Harvest Fund Management Co. Ltd grew its holdings in Salesforce, Inc. (NYSE:CRM) by 53.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,859 shares of the CRM provider’s stock after purchasing an additional 2,035 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Salesforce were worth $1,542,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Graypoint LLC lifted its holdings in shares of Salesforce by 0.3% in the fourth quarter. Graypoint LLC now owns 10,504 shares of the CRM provider’s stock valued at $2,764,000 after purchasing an additional 36 shares in the last quarter. Opes Wealth Management LLC lifted its holdings in shares of Salesforce by 2.9% in the fourth quarter. Opes Wealth Management LLC now owns 1,295 shares of the CRM provider’s stock valued at $341,000 after purchasing an additional 37 shares in the last quarter. Prentice Wealth Management LLC lifted its holdings in shares of Salesforce by 1.7% in the fourth quarter. Prentice Wealth Management LLC now owns 2,294 shares of the CRM provider’s stock valued at $604,000 after purchasing an additional 38 shares in the last quarter. MV Capital Management Inc. lifted its holdings in shares of Salesforce by 3.9% in the fourth quarter. MV Capital Management Inc. now owns 1,045 shares of the CRM provider’s stock valued at $275,000 after purchasing an additional 39 shares in the last quarter. Finally, Beaumont Asset Management L.L.C. lifted its holdings in shares of Salesforce by 0.4% in the fourth quarter. Beaumont Asset Management L.L.C. now owns 8,901 shares of the CRM provider’s stock valued at $2,342,000 after purchasing an additional 39 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CRM. KeyCorp began coverage on shares of Salesforce in a research note on Thursday, March 21st. They issued a “sector weight” rating on the stock. JPMorgan Chase & Co. upped their price target on shares of Salesforce from $260.00 to $310.00 and gave the stock an “overweight” rating in a research note on Thursday, February 29th. Argus upped their price target on shares of Salesforce from $290.00 to $354.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Wells Fargo & Company upped their price target on shares of Salesforce from $280.00 to $290.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 21st. Finally, Wedbush upped their price target on shares of Salesforce from $280.00 to $325.00 and gave the stock a “buy” rating in a research note on Thursday, February 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and an average price target of $310.61.

Insider Activity at Salesforce

In related news, CFO Amy E. Weaver sold 7,075 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $309.32, for a total value of $2,188,439.00. Following the completion of the sale, the chief financial officer now owns 38,483 shares of the company’s stock, valued at $11,903,561.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Salesforce news, CFO Amy E. Weaver sold 7,075 shares of Salesforce stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $309.32, for a total transaction of $2,188,439.00. Following the completion of the sale, the chief financial officer now owns 38,483 shares of the company’s stock, valued at approximately $11,903,561.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Brian Millham sold 24,453 shares of Salesforce stock in a transaction on Monday, April 1st. The stock was sold at an average price of $302.08, for a total transaction of $7,386,762.24. The disclosure for this sale can be found here. Insiders sold a total of 631,982 shares of company stock valued at $185,360,646 over the last quarter. Corporate insiders own 3.70% of the company’s stock.

Salesforce Price Performance

Shares of NYSE:CRM traded up $2.82 during trading on Tuesday, reaching $276.63. The stock had a trading volume of 6,283,041 shares, compared to its average volume of 5,718,907. Salesforce, Inc. has a 52 week low of $190.57 and a 52 week high of $318.71. The business’s 50-day moving average price is $296.91 and its 200 day moving average price is $263.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a market capitalization of $268.33 billion, a PE ratio of 65.86, a P/E/G ratio of 2.08 and a beta of 1.28.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter in the previous year, the company posted $1.01 earnings per share. Salesforce’s quarterly revenue was up 10.8% compared to the same quarter last year. As a group, equities analysts predict that Salesforce, Inc. will post 7.45 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 14th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date of this dividend was Wednesday, March 13th. Salesforce’s dividend payout ratio is currently 9.52%.

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.