Salesforce, Inc. (NYSE:CRM) Stock Position Boosted by Canandaigua National Bank & Trust Co.

Canandaigua National Bank & Trust Co. lifted its stake in Salesforce, Inc. (NYSE:CRM) by 3.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,332 shares of the CRM provider’s stock after acquiring an additional 344 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Salesforce were worth $3,789,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Illinois Municipal Retirement Fund boosted its stake in Salesforce by 2.7% in the 2nd quarter. Illinois Municipal Retirement Fund now owns 48,516 shares of the CRM provider’s stock worth $12,473,000 after purchasing an additional 1,290 shares during the period. Umpqua Bank grew its holdings in shares of Salesforce by 2.6% during the second quarter. Umpqua Bank now owns 7,674 shares of the CRM provider’s stock valued at $1,973,000 after buying an additional 194 shares in the last quarter. Strategic Financial Concepts LLC acquired a new position in Salesforce during the second quarter valued at $38,363,000. Chris Bulman Inc purchased a new stake in Salesforce in the 2nd quarter worth about $186,000. Finally, Asset Dedication LLC grew its stake in Salesforce by 1.3% during the 2nd quarter. Asset Dedication LLC now owns 12,072 shares of the CRM provider’s stock valued at $3,104,000 after acquiring an additional 158 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Stock Performance

Shares of NYSE CRM traded down $3.08 during mid-day trading on Monday, reaching $329.82. 5,615,966 shares of the company were exchanged, compared to its average volume of 4,401,663. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $369.00. The stock has a market capitalization of $315.64 billion, a P/E ratio of 54.25, a P/E/G ratio of 3.21 and a beta of 1.30. The company’s 50-day simple moving average is $332.81 and its 200-day simple moving average is $286.81. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last posted its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.03). The firm had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. Salesforce’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.62 EPS. As a group, research analysts predict that Salesforce, Inc. will post 7.48 earnings per share for the current year.

Salesforce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th will be given a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, December 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.49%. Salesforce’s payout ratio is presently 26.32%.

Insider Activity at Salesforce

In related news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $288.42, for a total transaction of $1,211,364.00. Following the sale, the insider now owns 118,514 shares in the company, valued at $34,181,807.88. This represents a 3.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R David Schmaier sold 1,785 shares of the stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $344.00, for a total value of $614,040.00. Following the transaction, the insider now owns 19,116 shares in the company, valued at $6,575,904. The trade was a 8.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,186,017 shares of company stock worth $405,971,793. Corporate insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

CRM has been the topic of a number of research reports. TD Cowen upped their price target on shares of Salesforce from $290.00 to $340.00 and gave the stock a “hold” rating in a research note on Thursday, November 21st. KeyCorp upgraded Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 price objective on the stock in a report on Friday, December 13th. Truist Financial restated a “buy” rating and set a $400.00 price target (up previously from $380.00) on shares of Salesforce in a research note on Wednesday, December 4th. Morgan Stanley lifted their price objective on shares of Salesforce from $330.00 to $405.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Finally, Northland Securities restated an “outperform” rating and set a $440.00 target price (up from $400.00) on shares of Salesforce in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, thirty have given a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $375.39.

Salesforce 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.