Canandaigua National Bank & Trust Co. Has $3.01 Million Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Canandaigua National Bank & Trust Co. lowered its stake in shares of Salesforce, Inc. (NYSE:CRM) by 32.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,988 shares of the CRM provider’s stock after selling 5,206 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Salesforce were worth $3,008,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Capital Research Global Investors raised its position in shares of Salesforce by 26.9% in the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after buying an additional 3,044,611 shares in the last quarter. GQG Partners LLC bought a new position in Salesforce in the first quarter valued at approximately $910,220,000. Swedbank AB acquired a new stake in shares of Salesforce in the 1st quarter valued at $874,748,000. Coatue Management LLC bought a new position in shares of Salesforce in the 4th quarter valued at $564,188,000. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of Salesforce by 48.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock worth $1,518,658,000 after buying an additional 1,922,674 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CRM. UBS Group raised their price target on shares of Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. JMP Securities restated a “market outperform” rating and set a $342.00 price objective on shares of Salesforce in a research report on Wednesday, August 28th. Truist Financial reiterated a “buy” rating and issued a $315.00 price objective (up previously from $300.00) on shares of Salesforce in a report on Thursday, September 19th. Loop Capital reaffirmed a “hold” rating and set a $270.00 price target on shares of Salesforce in a research note on Thursday, September 19th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $300.00 price objective on shares of Salesforce in a research note on Thursday, September 19th. Eight investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $310.74.

Salesforce Stock Up 0.5 %

Salesforce stock opened at $280.83 on Friday. Salesforce, Inc. has a fifty-two week low of $193.68 and a fifty-two week high of $318.71. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The firm’s 50-day simple moving average is $258.03 and its 200 day simple moving average is $264.86. The stock has a market cap of $272.12 billion, a PE ratio of 50.51, a price-to-earnings-growth ratio of 2.39 and a beta of 1.30.

Salesforce (NYSE:CRM) last announced its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. The firm had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The company’s revenue was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.63 EPS. Research analysts predict that Salesforce, Inc. will post 7.54 EPS for the current fiscal year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.57%. The ex-dividend date of this dividend is Wednesday, September 18th. Salesforce’s dividend payout ratio is presently 28.78%.

Insider Transactions at Salesforce

In related news, COO Brian Millham sold 8,427 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $280.00, for a total transaction of $2,359,560.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Parker Harris sold 4,200 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $271.75, for a total transaction of $1,141,350.00. Following the completion of the transaction, the insider now owns 118,514 shares in the company, valued at approximately $32,206,179.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Brian Millham sold 8,427 shares of Salesforce stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $280.00, for a total value of $2,359,560.00. The disclosure for this sale can be found here. Insiders have sold 80,612 shares of company stock worth $21,133,273 in the last ninety days. Company insiders own 3.20% of the company’s stock.

Salesforce Company Profile

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.