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Salesforce CEO Marc Benioff sells over $4.2 million in company stock

Published 05/22/2024, 04:32 PM
© Reuters

Salesforce, Inc. (NYSE:CRM) CEO Marc Benioff has sold a substantial number of shares in the company, according to a recent filing. The transactions, which took place on May 21, 2024, involved the sale of Salesforce common stock totaling over $4.2 million.

Benioff, who also serves as the Chair of the company, sold shares in multiple transactions at prices ranging from $283.898 to $286.8241. Specifically, the sales included 5,024 shares at an average price of $283.898, with individual sale prices between $283.5400 and $284.4700. Another set of 3,844 shares were sold at an average of $285.0759, with a range from $284.6100 to $285.4900. Additionally, 2,541 shares were sold at an average price of $286.1003, within a range of $285.6100 to $286.6000, and 3,591 shares were sold at an average of $286.8241, with sale prices between $286.6100 and $287.0400.

Following these transactions, Benioff's direct holdings in Salesforce common stock have decreased, but he still maintains a significant stake in the company. The filing also indicates that some of the shares are held in the Marc R. Benioff Revocable Trust.

The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, which allows insiders to sell shares at predetermined times to avoid potential accusations of trading on non-public information. This plan had been adopted by Benioff on December 29, 2023.

Investors and followers of Salesforce will likely keep an eye on these transactions as part of their assessment of the company's stock performance and insider confidence. Salesforce, headquartered in San Francisco, California, is a leading provider of cloud-based customer relationship management software and has been a significant player in the tech industry for many years.

InvestingPro Insights

Salesforce's (NYSE:CRM) recent insider transactions coincide with some interesting financial metrics that provide a broader context for investors. The company's market capitalization stands at a robust $275.28 billion, reflecting its significant presence in the tech industry. Despite the high market cap, Salesforce is trading at a high earnings multiple, with a P/E ratio of 66.8, which adjusts to 52.32 when looking at the last twelve months as of Q4 2024. This high multiple indicates that investors may be expecting high growth or have confidence in the company's future profitability.

Revenue growth remains strong, with an 11.18% increase over the last twelve months as of Q4 2024, and a gross profit margin of 75.5%, showcasing the company's ability to maintain profitability. Furthermore, with a perfect Piotroski Score of 9, Salesforce demonstrates strong financial health, which may reassure investors about the company's operational efficiency and profitability potential.

For those interested in further detailed analysis, there are additional 11 InvestingPro Tips available, which delve into aspects such as Salesforce's valuation multiples and cash flow capabilities. As a reminder, you can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing even more insights to inform your investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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