Collaborative Fund Advisors LLC acquired a new stake in shares of Salesforce Inc. (NYSE:CRM – Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,673 shares of the CRM provider’s stock, valued at approximately $614,000.
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Several other large investors have also recently bought and sold shares of the company. Fluent Financial LLC acquired a new stake in Salesforce in the 2nd quarter valued at approximately $2,265,000. TAM Capital Management Inc. bought a new position in shares of Salesforce during the 1st quarter worth approximately $40,945,000. Janus Henderson Group PLC grew its stake in shares of Salesforce by 2.5% during the 1st quarter. Janus Henderson Group PLC now owns 127,739 shares of the CRM provider’s stock worth $23,846,000 after acquiring an additional 3,125 shares in the last quarter. Anchor Investment Management LLC raised its holdings in shares of Salesforce by 184.5% in the second quarter. Anchor Investment Management LLC now owns 17,983 shares of the CRM provider’s stock valued at $2,817,000 after purchasing an additional 11,663 shares during the last quarter. Finally, Next Capital Management LLC acquired a new stake in shares of Salesforce in the first quarter valued at approximately $2,119,000. Institutional investors own 80.43% of the company’s stock.
Insider Buying and Selling
In related news, Director Craig Conway sold 4,500 shares of Salesforce stock in a transaction that occurred on 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 completion of the sale, the director directly owned 5,437 shares of the company’s stock, valued at approximately $1,416,936.57. This trade represents a 45.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David Blair Kirk bought 4,176 shares of Salesforce stock in a transaction dated Friday, September 18th. The stock was acquired at an average cost of $239.33 per share, with a total value of $999,442.08. Following the transaction, the director owned 18,748 shares of the company’s stock, 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. Insiders own 3.50% of the company’s stock.
Key Stories Impacting Salesforce
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Here are the key news stories impacting Salesforce this week:
- Positive Sentiment:Zacks upgraded Salesforce to Rank #1, or “Strong Buy,” citing improving earnings prospects. Zacks upgrade
- Positive Sentiment:A historical review notes that after Salesforce shares previously fell at least 50% from a record high, they rose about 63% and 44% in the following years. Past performance does not guarantee a repeat. Historical performance analysis
- Neutral Sentiment:Salesforce agreed to acquire AI startup Cresta for about $2.7 billion, its fifth major acquisition this year. The deal could expand its AI capabilities, though the pace of acquisitions raises questions about integration. Cresta acquisition announcement
- Negative Sentiment:S&P Global Ratings cut Salesforce’s credit rating to “A” from “A+,” citing acquisition spending and a $25 billion debt-financed share repurchase program. The agency said pro forma net debt-to-EBITDA exceeded its prior 2x downgrade threshold, highlighting increased financial risk. S&P rating downgrade report
- Negative Sentiment:ETFs were net sellers of $15.2 million in Salesforce shares on Nov. 2, a modest potential source of selling pressure. ETF flows report
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on CRM. Wolfe Research raised shares of Salesforce from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 27th. KeyCorp assumed coverage on shares of Salesforce in a research report on Monday, October 12th. They issued a “sector weight” rating for the company. Wells Fargo & Company lowered shares of Salesforce from a “buy” rating to a “strong sell” rating in a research note on Monday, October 12th. TD Cowen assumed coverage on shares of Salesforce in a research report on Monday, October 12th. They set a “buy” rating on the stock. Finally, Yorkville Ives began coverage on shares of Salesforce in a research note on Monday, October 5th. They set an “outperform” rating and a $290.00 price objective for the company. Three research analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating, thirteen have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $278.98.
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