Salesforce Inc. $CRM Shares Sold by Torrey Growth & Income Advisors

Key Points

• Torrey Growth & Income Advisors cut its Salesforce stake by 16.4% in the third quarter, selling 4,299 shares; it retained 21,915 shares valued at about $5.1 million.
• Analyst sentiment is broadly positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $278.98, though ratings range from strong buy to sell.
• Salesforce beat quarterly earnings estimates, reporting $5.90 per share versus a $3.27 consensus, while revenue rose 10.8% year over year to $11.35 billion.

Torrey Growth & Income Advisors cut its stake in Salesforce Inc. (NYSE:CRM - Free Report) by 16.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,915 shares of the CRM provider's stock after selling 4,299 shares during the period. Salesforce accounts for 1.6% of Torrey Growth & Income Advisors' investment portfolio, making the stock its 15th largest holding. Torrey Growth & Income Advisors' holdings in Salesforce were worth $5,075,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Latitude Advisors LLC bought a new position in Salesforce during the 3rd quarter worth approximately $25,000. ABS Investment Management LLC acquired a new position in shares of Salesforce in the 2nd quarter worth approximately $610,974,000. ABS Direct Equity Fund LLC bought a new stake in shares of Salesforce in the 2nd quarter valued at $25,000. Manning & Napier Advisors LLC bought a new stake in shares of Salesforce in the 2nd quarter valued at $26,000. Finally, Persistent Asset Partners Ltd acquired a new stake in shares of Salesforce during the second quarter worth $27,000. Institutional investors and hedge funds own 80.43% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CRM shares. Guggenheim lifted their target price on shares of Salesforce from $270.00 to $300.00 and gave the stock a "buy" rating in a research note on Thursday, September 17th. DA Davidson boosted their target price on shares of Salesforce from $225.00 to $250.00 and gave the company a "neutral" rating in a report on Wednesday, October 21st. Wells Fargo & Company cut shares of Salesforce from a "buy" rating to a "strong sell" rating in a research report on Monday, October 12th. Morgan Stanley set a $315.00 price target on Salesforce in a report on Wednesday, September 2nd. Finally, Zacks Research raised Salesforce from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, November 3rd. Four research analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating, thirteen have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $278.98.

Insider Buying and Selling at Salesforce

In related news, Director David Blair Kirk acquired 4,176 shares of the company's stock in a transaction dated Friday, September 18th. The shares were purchased at an average price of $239.33 per share, for a total transaction of $999,442.08. Following the completion of the acquisition, the director owned 18,748 shares of the company's stock, valued at approximately $4,486,958.84. This trade represents a 28.66% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Craig Conway sold 4,500 shares of the stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $260.61, for a total transaction of $1,172,745.00. Following the transaction, the director directly owned 5,437 shares in the company, valued at $1,416,936.57. This trade represents a 45.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 3.50% of the company's stock.

Salesforce Stock Performance

Shares of CRM stock opened at $214.62 on Tuesday. The company has a market cap of $176.63 billion, a price-to-earnings ratio of 19.56, a price-to-earnings-growth ratio of 1.03 and a beta of 1.24. Salesforce Inc. has a 52 week low of $146.32 and a 52 week high of $269.11. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.02. The firm has a 50 day moving average of $238.69 and a 200-day moving average of $198.60.

Salesforce (NYSE:CRM - Get Free Report) last released its quarterly earnings data 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. Salesforce had a net margin of 21.99% and a return on equity of 24.90%. The company had revenue of $11.35 billion during the quarter, compared to analyst estimates of $11.33 billion. During the same quarter in the previous year, the business posted $2.91 EPS. Salesforce's revenue for the quarter was up 10.8% compared to the same quarter last year. Salesforce has set its FY 2027 guidance at 16.670-16.710 EPS and its Q3 2027 guidance at 3.420-3.440 EPS. On average, equities analysts forecast that Salesforce Inc. will post 12.82 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Thursday, September 17th. Salesforce's payout ratio is 16.04%.

Salesforce Company Profile

Salesforce, Inc is a cloud-based software company best known for customer relationship management (CRM) tools. Its platform helps businesses manage sales, customer service, marketing, commerce and customer data, and includes products such as Sales Cloud, Service Cloud, Data Cloud and Agentforce.

The company also offers Slack for workplace collaboration, Tableau for data analytics and visualization, and MuleSoft for connecting applications and data. Salesforce's products are used by organizations across a range of industries and are available to customers around the world.

Founded in 1999 by Marc Benioff and other co-founders, Salesforce is headquartered in San Francisco.

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