Canvas Wealth Advisors LLC Takes Position in Salesforce Inc. $CRM

Key Points

• Canvas Wealth Advisors initiated a Salesforce position in the second quarter, purchasing 13,416 shares valued at approximately $2.1 million. Institutional investors collectively own 80.43% of Salesforce.
• Salesforce reported quarterly EPS of $3.88, exceeding estimates of $3.13, while revenue reached $11.13 billion, up 13.3% year over year. The company also declared a quarterly dividend of $0.44 per share, representing a 0.9% annualized yield.
• Analysts maintain a generally positive view, with Salesforce carrying a consensus “Moderate Buy” rating and an average price target of $249.51, compared with a recent share price of $197.35.

Canvas Wealth Advisors LLC purchased a new position in Salesforce Inc. (NYSE:CRM - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 13,416 shares of the CRM provider's stock, valued at approximately $2,103,000.

A number of other hedge funds also recently bought and sold shares of CRM. Temasek Holdings Private Ltd raised its stake in shares of Salesforce by 3.7% in the fourth quarter. Temasek Holdings Private Ltd now owns 683,790 shares of the CRM provider's stock worth $181,143,000 after purchasing an additional 24,332 shares during the last quarter. SFE Investment Counsel boosted its position in shares of Salesforce by 82.7% during the fourth quarter. SFE Investment Counsel now owns 17,394 shares of the CRM provider's stock valued at $4,608,000 after buying an additional 7,871 shares during the last quarter. Fluent Financial LLC bought a new stake in Salesforce in the 2nd quarter worth about $2,265,000. Secured Retirement Advisors LLC bought a new stake in Salesforce in the 1st quarter worth about $1,004,000. Finally, Janus Henderson Group PLC raised its position in Salesforce by 2.5% in the 1st quarter. Janus Henderson Group PLC now owns 127,739 shares of the CRM provider's stock worth $23,846,000 after buying an additional 3,125 shares during the last quarter. Institutional investors own 80.43% of the company's stock.

Salesforce Stock Down 0.1%

CRM opened at $197.35 on Wednesday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.15. 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 $161.63 billion, a PE ratio of 22.84, a PEG ratio of 1.07 and a beta of 1.16. The firm's 50 day simple moving average is $170.92 and its two-hundred day simple moving average is $182.62.

Salesforce (NYSE:CRM - Get Free Report) last issued its quarterly earnings data on Wednesday, May 27th. The CRM provider reported $3.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.13 by $0.75. The firm had revenue of $11.13 billion during the quarter, compared to the consensus estimate of $11.05 billion. Salesforce had a net margin of 18.73% and a return on equity of 18.72%. The company's revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $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. As a group, equities analysts forecast that Salesforce Inc. will post 10.27 EPS for the current year.

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Thursday, June 11th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Thursday, June 11th. Salesforce's payout ratio is currently 20.37%.

Analyst Upgrades and Downgrades

CRM has been the topic of a number of recent analyst reports. Evercore reaffirmed an "outperform" rating on shares of Salesforce in a report on Tuesday, July 14th. UBS Group reissued a "buy" rating on shares of Salesforce in a report on Tuesday. Guggenheim upgraded shares of Salesforce from a "neutral" rating to a "buy" rating and set a $228.00 price objective on the stock in a research report on Wednesday, July 1st. B. Riley Financial raised their target price on shares of Salesforce from $205.00 to $240.00 and gave the stock a "buy" rating in a report on Thursday, May 28th. Finally, Daiwa Securities Group cut their target price on shares of Salesforce from $295.00 to $280.00 and set a "buy" rating for the company in a research report on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, fifteen have assigned a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat, Salesforce currently has a consensus rating of "Moderate Buy" and an average price target of $249.51.

Salesforce 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.

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