Canandaigua National Bank & Trust Co. Takes Position in Salesforce Inc. $CRM

Canandaigua National Bank & Trust Co. bought a new stake in shares of Salesforce Inc. (NYSE:CRM) in the 2nd quarter, Holdings Channel.com reports. The firm bought 14,900 shares of the CRM provider’s stock, valued at approximately $2,334,000.

A number of other large investors have also bought and sold shares of CRM. Commonwealth Retirement Investments LLC bought a new stake in Salesforce during the 4th quarter valued at $25,000. Key Capital Management INC bought a new stake in Salesforce in the 4th quarter worth $26,000. Gilpin Wealth Management LLC purchased a new position in shares of Salesforce in the fourth quarter valued at about $26,000. Legacy Bridge LLC bought a new position in shares of Salesforce during the fourth quarter valued at about $27,000. Finally, Costello Asset Management INC boosted its holdings in shares of Salesforce by 410.3% during the first quarter. Costello Asset Management INC now owns 148 shares of the CRM provider’s stock worth $28,000 after purchasing an additional 119 shares during the period. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Stock Up 2.7%

NYSE:CRM opened at $191.02 on Wednesday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market cap 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. Salesforce Inc. has a fifty-two week low of $146.32 and a fifty-two week high of $269.11. The firm has a 50-day simple moving average of $170.69 and a two-hundred day simple moving average of $183.76.

Salesforce (NYSE:CRM) last announced 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 firm had revenue of $11.13 billion during the quarter, compared to analyst estimates of $11.05 billion. Salesforce had a net margin of 18.73% and a return on equity of 18.72%. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the previous year, the business posted $2.58 earnings per share. Salesforce has set its FY 2027 guidance at 14.060-14.120 EPS and its Q2 2027 guidance at 3.250-3.270 EPS. Analysts predict that Salesforce Inc. will post 10.27 earnings per share for the current fiscal year.

Salesforce Announces Dividend

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

Analyst Ratings Changes

Several equities analysts have recently issued reports on CRM shares. Monness Crespi & Hardt raised Salesforce from a “neutral” rating to a “buy” rating and set a $200.00 target price on the stock in a research note on Thursday, June 18th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $185.00 price target (down from $287.00) on shares of Salesforce in a research note on Tuesday, July 21st. UBS Group reiterated an “equal weight” rating on shares of Salesforce in a report on Tuesday, July 21st. Needham & Company LLC reissued a “buy” rating on shares of Salesforce in a research report on Tuesday, June 16th. Finally, HSBC upped their price objective on shares of Salesforce from $350.00 to $356.00 and gave the stock a “buy” rating in a report on Friday, May 29th. Two equities research 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 given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $249.51.

About Salesforce

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.