Harbor Spring Capital LLC lowered its stake in shares of Salesforce, Inc. (NYSE:CRM – Get Rating) by 32.1% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 110,000 shares of the CRM provider's stock after selling 52,000 shares during the period. Salesforce comprises approximately 4.4% of Harbor Spring Capital LLC's investment portfolio, making the stock its 12th biggest holding. Harbor Spring Capital LLC's holdings in Salesforce were worth $18,154,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. MCF Advisors LLC bought a new position in Salesforce during the first quarter worth about $30,000. FSC Wealth Advisors LLC boosted its position in Salesforce by 1,350.0% during the first quarter. FSC Wealth Advisors LLC now owns 145 shares of the CRM provider's stock worth $31,000 after purchasing an additional 135 shares during the period. Verity Asset Management Inc. bought a new position in Salesforce during the first quarter worth about $35,000. Retirement Group LLC boosted its position in Salesforce by 65.5% during the first quarter. Retirement Group LLC now owns 182 shares of the CRM provider's stock worth $39,000 after purchasing an additional 72 shares during the period. Finally, HBC Financial Services PLLC boosted its position in Salesforce by 350.0% during the second quarter. HBC Financial Services PLLC now owns 225 shares of the CRM provider's stock worth $39,000 after purchasing an additional 175 shares during the period. Institutional investors own 77.02% of the company's stock.
Get Salesforce alerts:Insider Transactions at Salesforce
In other news, CEO Marc Benioff sold 2,300 shares of the firm's stock in a transaction that occurred on Tuesday, October 11th. The shares were sold at an average price of $142.30, for a total value of $327,290.00. Following the transaction, the chief executive officer now owns 27,761,368 shares in the company, valued at $3,950,442,666.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Amy E. Weaver sold 937 shares of Salesforce stock in a transaction on Friday, September 23rd. The shares were sold at an average price of $146.36, for a total value of $137,139.32. Following the sale, the chief financial officer now owns 29,549 shares in the company, valued at $4,324,791.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Marc Benioff sold 2,300 shares of Salesforce stock in a transaction on Tuesday, October 11th. The shares were sold at an average price of $142.30, for a total transaction of $327,290.00. Following the completion of the sale, the chief executive officer now owns 27,761,368 shares in the company, valued at approximately $3,950,442,666.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 207,522 shares of company stock worth $31,643,534. Insiders own 3.60% of the company's stock.
Analysts Set New Price Targets
A number of equities analysts have weighed in on the stock. Robert W. Baird cut their target price on shares of Salesforce from $260.00 to $230.00 and set an "outperform" rating for the company in a research report on Thursday, August 25th. Canaccord Genuity Group lowered their price target on shares of Salesforce from $260.00 to $215.00 and set a "buy" rating on the stock in a report on Thursday, August 25th. Oppenheimer lowered their price target on shares of Salesforce from $240.00 to $200.00 and set an "outperform" rating on the stock in a report on Thursday, November 10th. Guggenheim raised shares of Salesforce from a "sell" rating to a "neutral" rating and set a $150.00 price target on the stock in a report on Friday, September 2nd. Finally, BMO Capital Markets lowered their price target on shares of Salesforce from $190.00 to $180.00 in a report on Friday, November 18th. Six investment analysts have rated the stock with a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $224.24.Salesforce Price Performance
Shares of CRM stock traded up $2.43 during trading hours on Wednesday, hitting $151.68. 175,770 shares of the company's stock were exchanged, compared to its average volume of 7,085,639. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.16. Salesforce, Inc. has a 12-month low of $136.04 and a 12-month high of $299.27. The company has a market capitalization of $151.68 billion, a PE ratio of 277.39, a PEG ratio of 3.92 and a beta of 1.12. The business's 50 day simple moving average is $151.77 and its 200-day simple moving average is $164.81.
Salesforce (NYSE:CRM – Get Rating) last issued its earnings results on Wednesday, August 24th. The CRM provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.15. Salesforce had a net margin of 1.83% and a return on equity of 3.32%. The firm had revenue of $7.72 billion for the quarter, compared to analysts' expectations of $7.70 billion. During the same quarter last year, the business earned $0.87 earnings per share. The business's revenue was up 21.8% on a year-over-year basis. On average, equities research analysts anticipate that Salesforce, Inc. will post 2.21 earnings per share for the current year.
Salesforce announced that its Board of Directors has approved a share buyback plan on Wednesday, August 24th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the CRM provider to reacquire up to 6.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.
Salesforce Profile
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Salesforce, Inc provides customer relationship management technology that brings companies and customers together worldwide. Its Customer 360 platform empowers its customers to work together to deliver connected experiences for their customers. The company's service offerings include Sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and relationship intelligence, and deliver quotes, contracts, and invoices; and Service that enables companies to deliver trusted and highly personalized customer service and support at scale.
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