Salesforce CEO Marc Benioff sells over $3.5 million in company stock By Investing.com

Salesforce, Inc. (NYSE:) CEO Marc Benioff has sold a total of $3,508,784 worth of company stock, according to a recent SEC filing. The transactions, all executed on June 3, 2024, were carried out at varying prices ranging from $231.14 to $239.76 per share.

The series of stock sales by Benioff were part of an automated trading plan, set in place on December 29, 2023, under Rule 10b5-1. This allows company insiders to sell shares at predetermined times to avoid accusations of insider trading. The SEC filing details multiple transactions, with Benioff disposing of shares in several tranches throughout the day.

The first batch of 900 shares fetched an average price of $231.14. These were sold in multiple transactions with prices spanning from $230.57 to $231.40. Following this, Benioff sold 3,900 shares at an average price of $232.20, with individual sales prices ranging from $231.76 to $232.71.

As the day progressed, further sales included 2,500 shares at an average price of $233.29, with a price range of $232.79 to $233.71, and 3,387 shares at an average of $234.28, priced between $233.80 and $234.62. Benioff continued the selling spree with 2,155 shares at an average price of $235.26, ranging from $234.81 to $235.73, followed by 1,008 shares at an average of $236.21, with a sale price range of $235.81 to $236.79.

The transactions concluded with smaller lots: 700 shares sold at an average price of $236.99, with a range of $236.87 to $237.03, and the final 350 shares at an average of $238.58, priced between $238.20 and $238.84. The last transaction of the day was the sale of 100 shares at $239.76 each.

Following these transactions, Benioff’s direct holdings in Salesforce stock have been adjusted to 12,377,327 shares. Additionally, the filing noted that Benioff holds indirect ownership through the Marc Benioff Fund LLC, which owns 10,000,000 shares of Salesforce common stock.

Investors and followers of Salesforce’s stock movements will note that these sales are part of a structured financial plan and may not necessarily reflect Benioff’s outlook on the company’s future performance. The SEC filing ensures transparency and provides shareholders with the necessary information regarding the CEO’s trading activities.

InvestingPro Insights

As Salesforce’s CEO Marc Benioff adjusts his stake in the company, investors might be curious about the current financial health and market sentiment surrounding Salesforce (NYSE:CRM). According to InvestingPro data, Salesforce boasts a robust market capitalization of $227.72 billion, indicating its significant presence in the market. The company’s P/E ratio stands at 41.63, which, while high, reflects investor expectations of future earnings growth.

An impressive gross profit margin of 76.0% over the last twelve months as of Q1 2023 underscores the company’s efficiency in generating revenue relative to its cost of goods sold. This is a critical metric for investors, as it can be a predictor of the company’s ability to maintain profitability. Furthermore, despite recent market volatility, Salesforce has exhibited a strong revenue growth of 11.04% over the last twelve months, a testament to its expanding business operations.

Two InvestingPro Tips for Salesforce highlight the company’s financial prowess and challenges. Firstly, Salesforce has a perfect Piotroski Score of 9, suggesting that it is in top financial health. Secondly, despite this strength, it’s worth noting that 27 analysts have revised their earnings downwards for the upcoming period. This could be a signal for investors to watch for potential changes in the company’s earnings trajectory.

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