Salesforce, Inc. (NYSE:CRM) CEO and Chair Marc Benioff has sold a total of 14,000 shares of company stock, according to a recent filing with the Securities and Exchange Commission. The transactions, which took place on May 9, 2024, amounted to over $4.1 million.
The sales were executed in multiple transactions at varying prices. For a portion of the shares, prices ranged from $272.1700 to $273.1500. Another set of shares was sold at prices between $273.1809 and $274.1751, while the remaining shares were disposed of within a price range from $274.1902 to $275.1900. The highest average price achieved for a batch of shares was $275.2112.
Following these transactions, Benioff's direct holdings in Salesforce have been adjusted to 12,617,327 shares. Additional shares are held indirectly through the Marc Benioff Fund LLC, amounting to 10,000,000 shares. These indirect holdings are either in Benioff's name or held in trust.
The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, which was adopted by Benioff on December 29, 2023. This plan allows company insiders to establish predetermined trading arrangements for selling stocks at a time when they are not in possession of material non-public information.
Investors often monitor insider transactions as they provide insights into executives' perspectives on the company's stock value. Salesforce, a leader in cloud-based customer relationship management software, remains a closely watched company in the tech sector.
The filing indicates Benioff's commitment to providing full information regarding the number of shares sold at each separate price within the ranges mentioned above, upon request by the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission.
InvestingPro Insights
As Salesforce, Inc. (NYSE:CRM) continues to make headlines with CEO Marc Benioff's recent stock sales, investors are keen on understanding the company's financial health and market position. According to InvestingPro data, Salesforce boasts a formidable market capitalization of $268.4 billion, reflecting its significant presence in the tech industry.
With a high Price/Earnings (P/E) ratio of 65.03, which adjusts down to 51.01 for the last twelve months as of Q4 2024, Salesforce is trading at a high earnings multiple. This is often indicative of investor expectations for future growth and may suggest confidence in the company's profitability trajectory. The company's revenue has grown by 11.18% over the last twelve months as of Q4 2024, underlining its robust performance in the software sector.
InvestingPro Tips highlight Salesforce as a prominent player in the Software industry with a perfect Piotroski Score of 9, which suggests strong financial health. Additionally, the company's cash flows are noted to sufficiently cover interest payments, pointing to a sound financial structure. For investors looking for more comprehensive analysis and insights, there are a total of 12 InvestingPro Tips available for Salesforce, which can be accessed through the platform's professional suite at https://www.investing.com/pro/CRM.
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