Salesforce, Inc. (NYSE:CRM) Stake Increased by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd grew its holdings in Salesforce, Inc. (NYSE:CRM) by 408.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,462 shares of the CRM provider’s stock after purchasing an additional 36,526 shares during the period. Salesforce makes up 0.7% of Harvest Fund Management Co. Ltd’s portfolio, making the stock its 21st biggest position. Harvest Fund Management Co. Ltd’s holdings in Salesforce were worth $15,207,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of CRM. United Bank lifted its holdings in shares of Salesforce by 1.1% in the third quarter. United Bank now owns 7,303 shares of the CRM provider’s stock valued at $1,999,000 after purchasing an additional 76 shares in the last quarter. GLOBALT Investments LLC GA raised its holdings in shares of Salesforce by 3.8% during the third quarter. GLOBALT Investments LLC GA now owns 1,319 shares of the CRM provider’s stock worth $361,000 after acquiring an additional 48 shares in the last quarter. LMR Partners LLP purchased a new stake in shares of Salesforce during the third quarter worth $1,051,000. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Salesforce during the third quarter worth $213,000. Finally, Joseph Group Capital Management raised its holdings in shares of Salesforce by 35.0% during the third quarter. Joseph Group Capital Management now owns 9,696 shares of the CRM provider’s stock worth $2,654,000 after acquiring an additional 2,515 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Stock Performance

NYSE:CRM opened at $278.98 on Wednesday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $268.10 billion, a P/E ratio of 45.88, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. The firm has a 50 day moving average of $316.13 and a 200-day moving average of $309.71. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $369.00.

Insider Activity at Salesforce

In related news, COO Brian Millham sold 16,487 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $340.68, for a total value of $5,616,791.16. Following the completion of the sale, the chief operating officer now owns 1,662 shares of the company’s stock, valued at $566,210.16. This trade represents a 90.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $343.00, for a total transaction of $2,133,803.00. Following the sale, the chief financial officer now directly owns 53,861 shares of the company’s stock, valued at $18,474,323. This represents a 10.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 75,609 shares of company stock valued at $24,920,821 over the last quarter. Corporate insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CRM. Morgan Stanley increased their price objective on Salesforce from $330.00 to $405.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Robert W. Baird cut their price objective on Salesforce from $430.00 to $400.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. Stifel Nicolaus lowered their target price on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Loop Capital lowered their target price on shares of Salesforce from $330.00 to $300.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. Finally, Northland Securities reissued an “outperform” rating and set a $440.00 target price (up from $400.00) on shares of Salesforce in a research report on Wednesday, December 4th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-one have issued a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $364.14.

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.