SAN FRANCISCO—G. Mason Morfit, a director at Salesforce, Inc. (NYSE:CRM), has sold a substantial portion of the company's stock in the $328 billion market cap company, according to a recent regulatory filing. The transactions, spanning three days, amounted to a total of $349,993,962. According to InvestingPro analysis, Salesforce currently appears slightly undervalued, with the stock showing impressive momentum, gaining nearly 40% over the past six months.
On December 18, Morfit sold 722,300 shares at an average price of $346.11 per share. The following day, an additional 278,147 shares were sold at $340.72 per share. The final transaction occurred on December 20, with 15,353 shares sold at $340.55 per share. These sales leave Morfit with a remaining direct ownership of 2,898,509 shares. Notably, InvestingPro data shows Salesforce maintains excellent financial health with a perfect Piotroski Score of 9, suggesting strong operational efficiency.
The sales were executed through ValueAct Capital Master Fund, L.P., a fund that Morfit is associated with. Each reporting entity involved in these transactions has disclaimed beneficial ownership of the securities except to the extent of their pecuniary interest. The transactions were reported in a Form 4 filing with the Securities and Exchange Commission. For deeper insights into Salesforce's valuation metrics and 16 additional key ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Salesforce has been the focus of several analysts following its recent developments. Truist Securities maintains a $400 target on Salesforce, affirming its optimistic stance after an event showcasing Agentforce. The firm highlighted Salesforce's operational efficiency, with a gross profit margin of 76.94% and a Piotroski Score of 9. Truist also emphasized the potential of Data Cloud as a near-term revenue driver.
Salesforce has also received positive attention from Stifel, which maintained its Buy rating and a $425 price target following the release of Agentforce 2.0. The firm highlighted the Atlas (NYSE:ATCO) Reasoning Engine updates as significant developments. Mizuho (NYSE:MFG) Securities echoed this sentiment, maintaining an Outperform rating and a $425 price target, highlighting the potential impact of Agentforce 2.0 on Salesforce's future growth.
Goldman Sachs (NYSE:GS) reaffirmed its Buy rating with a steady price target of $400, highlighting Salesforce's AI execution and potential growth in the digital labor market. Meanwhile, BMO Capital Markets reiterated its Outperform rating, citing Salesforce's growth prospects in the context of broader IT budget forecasts and the potential of its Agentforce platform. These are the recent developments for Salesforce.
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