Salesforce, Inc. (NYSE:CRM) CEO Marc Benioff has sold a total of $4,593,481 worth of company stock, according to a recent SEC filing. The transactions, dated March 13, 2024, involved selling shares at prices ranging from $304.8569 to $307.4845.
Benioff disposed of several blocks of shares in multiple transactions. The sales were executed automatically pursuant to a Rule 10b5-1 trading plan, which was adopted on September 21, 2023. This plan allows company insiders to set up a predetermined schedule for selling shares to avoid accusations of insider trading.
The SEC filing revealed that the sales occurred in ranges, with the first block of 2,009 shares sold at prices from $304.2400 to $305.2100. Another set of 4,974 shares was sold at prices between $305.3099 and $306.2900. A third transaction involved 7,745 shares sold in the range of $306.3300 to $307.2803, and the final reported sale was of 272 shares with prices from $307.3811 to $307.5100.
Following these transactions, Benioff still holds a significant number of Salesforce shares directly or through the Marc R. Benioff Revocable Trust. Additionally, the Marc Benioff Fund LLC indirectly holds 10,000,000 shares of Salesforce common stock.
The sales were confirmed by a signature from Sarah Dale, Attorney-in-Fact for Marc Benioff, on the SEC filing dated March 14, 2024. Salesforce, headquartered in San Francisco, California, is a leader in cloud-based customer relationship management software.
InvestingPro Insights
As Salesforce CEO Marc Benioff sells a portion of his stock, investors and analysts are keeping a close eye on the company's financial health and market performance. With a solid market capitalization of $294.02 billion, Salesforce stands as a significant player in the software industry. The company's robust revenue growth, with an 11.18% increase over the last twelve months as of Q1 2024, underscores its expanding market presence and operational success.
InvestingPro data highlights Salesforce's high P/E ratio of 71.25, reflecting investor confidence and a willingness to pay a premium for the company's earnings potential. This is further supported by the company's gross profit margin of 75.5%, indicating strong profitability from its core operations.
One of the InvestingPro Tips for Salesforce is its perfect Piotroski Score of 9, which suggests the company is financially healthy and has strong profitability prospects. Additionally, 33 analysts have revised their earnings upwards for the upcoming period, signaling positive sentiment about Salesforce's future performance. With these factors in mind, Salesforce's stock may continue to be attractive to investors looking for growth opportunities in the technology sector.
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