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

Torrey Growth & Income Advisors reduced its position in shares of Salesforce Inc. (NYSE:CRM) by 16.4% during the third quarter, Holdings Channel reports. The firm owned 21,915 shares of the CRM provider’s stock after selling 4,299 shares during the period. Salesforce makes up 1.6% of Torrey Growth & Income Advisors’ holdings, 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).

Several other hedge funds and other institutional investors have also bought and sold shares of CRM. BlackRock Inc. bought a new stake in shares of Salesforce in the second quarter valued at $11,396,844,000. Arrowstreet Capital Limited Partnership lifted its position in shares of Salesforce by 130.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 12,659,217 shares of the CRM provider’s stock valued at $2,363,096,000 after buying an additional 7,160,302 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Salesforce by 28.0% during the 1st quarter. Bank of America Corp DE now owns 11,724,790 shares of the CRM provider’s stock worth $2,188,666,000 after acquiring an additional 2,561,923 shares during the period. Legal & General Group Plc bought a new position in shares of Salesforce during the 2nd quarter worth $927,332,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Salesforce during the 2nd quarter worth $844,928,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CRM shares. Monness Crespi & Hardt lifted their price objective on Salesforce from $222.00 to $266.00 and gave the stock a “buy” rating in a report on Thursday, August 27th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Salesforce in a report on Thursday, August 27th. Guggenheim increased their target price on shares of Salesforce from $270.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday, September 17th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 target price on shares of Salesforce in a research note on Wednesday, October 21st. Finally, Zacks Research raised shares of Salesforce from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 3rd. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Salesforce currently has an average rating of “Moderate Buy” and an average price target of $278.98.

Salesforce Price Performance

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

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, August 26th. The CRM provider reported $5.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.27 by $2.63. Salesforce had a return on equity of 24.90% and a net margin of 21.99%. The company had revenue of $11.35 billion for the quarter, compared to analyst estimates of $11.33 billion. During the same period in the previous year, the company posted $2.91 EPS. The firm’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. Equities research analysts anticipate that Salesforce Inc. will post 12.82 earnings per share for the current year.

Salesforce Dividend Announcement

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

Insider Transactions at Salesforce

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

Salesforce 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.