Harvey Capital Management Inc. Takes Position in Salesforce Inc. $CRM

Harvey Capital Management Inc. bought a new position in Salesforce Inc. (NYSE:CRM) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 26,657 shares of the CRM provider’s stock, valued at approximately $4,176,000.

Several other hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Salesforce in the 2nd quarter worth $11,396,844,000. J. Stern & Co. LLP raised its stake in shares of Salesforce by 24,056.7% during the fourth quarter. J. Stern & Co. LLP now owns 47,385,511 shares of the CRM provider’s stock valued at $12,552,896,000 after acquiring an additional 47,189,352 shares during the last quarter. Bank of America Corp DE purchased a new stake in shares of Salesforce during the second quarter worth about $1,914,086,000. Norges Bank purchased a new stake in shares of Salesforce during the fourth quarter worth about $3,182,951,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Salesforce by 130.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 12,659,217 shares of the CRM provider’s stock worth $2,363,096,000 after purchasing an additional 7,160,302 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Stock Up 22.6%

CRM stock opened at $252.15 on Friday. Salesforce Inc. has a fifty-two week low of $146.32 and a fifty-two week high of $269.11. The company has a market capitalization of $206.51 billion, a price-to-earnings ratio of 22.99, a price-to-earnings-growth ratio of 1.11 and a beta of 1.16. The business’s 50 day moving average price is $179.14 and its two-hundred day moving average price is $182.03. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.79 and a current ratio of 0.79.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, August 26th. The CRM provider reported $5.90 earnings per share for the quarter, beating the consensus estimate of $3.27 by $2.63. The company had revenue of $11.35 billion for the quarter, compared to analyst estimates of $11.33 billion. Salesforce had a return on equity of 23.35% and a net margin of 21.99%.The firm’s revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.91 earnings per share. Salesforce has set its FY 2027 guidance at 16.670-16.710 EPS and its Q3 2027 guidance at 3.420-3.440 EPS. As a group, analysts forecast that Salesforce Inc. will post 10.27 earnings per share for the current fiscal year.

Key Stories Impacting Salesforce

Here are the key news stories impacting Salesforce this week:

• Positive Sentiment: Strong quarterly performance: Salesforce reported adjusted EPS of $5.90, well above the $3.27 consensus, while revenue rose 10.8% year over year to $11.35 billion, slightly exceeding expectations. Profit was also helped by gains on strategic investments, including Salesforce’s stake in Anthropic. Salesforce stock jumps on AI growth and Anthropic investment gain
• Positive Sentiment: Raised outlook: Management lifted fiscal 2027 revenue guidance to $46.1 billion-$46.4 billion and EPS guidance to $16.67-$16.71. Third-quarter EPS guidance of $3.42-$3.44 also topped the $3.16 analyst estimate, signaling confidence in demand and profitability. Salesforce raises annual revenue forecasts on AI product momentum
• Positive Sentiment: AI adoption is gaining traction: Current remaining performance obligations accelerated 14% in constant currency, while Agentforce and Data 360 annual recurring revenue approached $3.9 billion. Reports also highlighted a sixfold increase in AI usage, supporting the view that AI may expand Salesforce’s platform rather than replace it. Jim Cramer says Nvidia and Salesforce earnings upended two bear narratives
• Positive Sentiment: Anthropic partnership expands Salesforce’s AI offering: The “Claudeforce” initiative integrates Anthropic’s Claude with Salesforce workflows, data and governance, including prebuilt sales skills. Investors view the partnership as a potential catalyst for Agentforce adoption and AI monetization. Salesforce and Anthropic announce Claudeforce
• Positive Sentiment: Analyst reaction improved: JPMorgan, Mizuho, BMO, Truist and Monness Crespi raised their price targets, with targets ranging from $260 to $300; Needham maintained a Buy rating with a $400 target. The results were widely described as weakening the “SaaSpocalypse” bear thesis. Salesforce Q2 results squash SaaSpocalypse fears

Analysts Set New Price Targets

A number of brokerages recently issued reports on CRM. Wells Fargo & Company boosted their price target on Salesforce from $205.00 to $230.00 and gave the company an “equal weight” rating in a report on Thursday. Macquarie Infrastructure cut their price objective on Salesforce from $200.00 to $190.00 and set a “neutral” rating on the stock in a research report on Thursday, May 28th. Daiwa Securities Group reduced their target price on Salesforce from $295.00 to $280.00 and set a “buy” rating on the stock in a research note on Tuesday, June 2nd. Wolfe Research downgraded Salesforce from an “outperform” rating to a “hold” rating in a report on Wednesday, July 1st. Finally, Mizuho raised their price target on Salesforce from $250.00 to $265.00 and gave the stock an “outperform” rating in a research note on Thursday. Two research analysts have rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, sixteen have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus target price of $261.15.

Salesforce Company Profile

Salesforce, founded in 1999 and headquartered in San Francisco, is a global provider of cloud-based software focused on customer relationship management (CRM) and enterprise applications. The company popularized the software-as-a-service (SaaS) model for CRM and has built a broad portfolio of products designed to help organizations manage sales, service, marketing, commerce and analytics through a unified, cloud-first platform.

Core offerings include Sales Cloud for sales automation, Service Cloud for customer support, Marketing Cloud for digital marketing and engagement, and Commerce Cloud for e-commerce.