Canandaigua National Bank & Trust Co. Acquires New Shares in Salesforce Inc. $CRM

Canandaigua National Bank & Trust Co. bought a new stake in shares of Salesforce Inc. (NYSE:CRM) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 14,900 shares of the CRM provider’s stock, valued at approximately $2,334,000.

Several other institutional investors have also recently made changes to their positions in the stock. Fred Alger Management LLC lifted its holdings in Salesforce by 0.3% during the 3rd quarter. Fred Alger Management LLC now owns 14,943 shares of the CRM provider’s stock worth $3,548,000 after purchasing an additional 45 shares in the last quarter. Richards Merrill & Peterson Inc. grew its holdings in Salesforce by 1.1% during the 4th quarter. Richards Merrill & Peterson Inc. now owns 4,239 shares of the CRM provider’s stock valued at $1,123,000 after buying an additional 46 shares in the last quarter. Wright Investors Service Inc. increased its position in shares of Salesforce by 0.8% during the fourth quarter. Wright Investors Service Inc. now owns 6,186 shares of the CRM provider’s stock valued at $1,639,000 after buying an additional 47 shares during the period. Mowery & Schoenfeld Wealth Management LLC lifted its holdings in shares of Salesforce by 6.9% in the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 745 shares of the CRM provider’s stock worth $197,000 after buying an additional 48 shares in the last quarter. Finally, Synergy Financial Group LTD lifted its holdings in shares of Salesforce by 2.4% in the third quarter. Synergy Financial Group LTD now owns 2,035 shares of the CRM provider’s stock worth $482,000 after buying an additional 48 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Trading Up 2.7%

Shares of CRM opened at $191.02 on Wednesday. Salesforce Inc. has a 1-year low of $146.32 and a 1-year high of $269.11. The company has a market capitalization of $156.45 billion, a P/E ratio of 22.11, a P/E/G ratio of 1.01 and a beta of 1.16. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.79 and a quick ratio of 0.79. The firm’s 50 day simple moving average is $170.69 and its 200 day simple moving average is $183.76.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, May 27th. The CRM provider reported $3.88 EPS for the quarter, topping analysts’ consensus estimates of $3.13 by $0.75. The business had revenue of $11.13 billion during the quarter, compared to analysts’ expectations of $11.05 billion. Salesforce had a net margin of 18.73% and a return on equity of 18.72%. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.58 EPS. Salesforce has set its FY 2027 guidance at 14.060-14.120 EPS and its Q2 2027 guidance at 3.250-3.270 EPS. Sell-side analysts forecast that Salesforce Inc. will post 10.27 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Thursday, June 11th were issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Thursday, June 11th. Salesforce’s dividend payout ratio (DPR) is currently 20.37%.

Wall Street Analysts Forecast Growth

CRM has been the subject of several recent analyst reports. Morgan Stanley reaffirmed an “equal weight” rating and set a $185.00 price objective (down from $287.00) on shares of Salesforce in a research note on Tuesday, July 21st. Macquarie Infrastructure lowered their target price on shares of Salesforce from $200.00 to $190.00 and set a “neutral” rating on the stock in a research note on Thursday, May 28th. Raymond James Financial reissued a “strong-buy” rating on shares of Salesforce in a report on Tuesday, July 21st. Guggenheim raised shares of Salesforce from a “neutral” rating to a “buy” rating and set a $228.00 price target on the stock in a report on Wednesday, July 1st. Finally, HC Wainwright downgraded Salesforce to a “negative” rating in a research report on Thursday, June 18th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, sixteen have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $249.51.

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.