Salesforce, Inc. (NYSE:CRM) CEO Marc Benioff has sold a total of $4,521,823 worth of company stock, as reported in a recent filing with the Securities and Exchange Commission. The transactions took place on March 27, 2024, involving sales of the company's common stock at prices ranging from $299.2804 to $308.6886 per share.
The series of transactions were executed automatically according to a Rule 10b5-1 trading plan, which was previously adopted by Benioff on September 21, 2023. Such plans allow company insiders to establish predetermined trading arrangements for selling stocks at a time when they are not in possession of material non-public information.
The SEC filing detailed multiple sales transactions with prices for the common stock varying within specific ranges. The lowest price per share reported was $299.2804, with the highest reaching $308.6886. These sales were part of a larger plan and represent a portion of Benioff's holdings in Salesforce.
Following these sales, Marc Benioff's direct ownership in Salesforce's common stock has decreased, yet he still retains a significant number of shares. According to the filing, Benioff continues to hold over 13 million shares directly, with an additional 10 million shares held indirectly through the Marc Benioff Fund LLC.
The transactions come as part of routine financial management by corporate executives, and they provide insights into the trading activities of top insiders within the company. Investors often monitor such filings for indications of executives' confidence in their company's future prospects.
Salesforce has not provided any official comment on the transactions, and the sales were conducted in accordance with all regulatory requirements. Benioff's remaining stake in the company demonstrates a continued vested interest in the success and growth of Salesforce.
InvestingPro Insights
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With a robust Market Cap of $292.34B and a high P/E Ratio currently at 71.02, Salesforce reflects a significant market valuation. The company's revenue shows healthy growth, with the last twelve months as of Q4 2024 reporting an 11.18% increase, indicating a strong business performance. Additionally, the company's substantial Gross Profit Margin of 75.5% over the same period underscores its profitability and efficiency in generating income from its sales.
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As Salesforce continues to navigate the market, these insights and data points will be crucial for investors looking to understand the implications of insider transactions and the company's broader financial trajectory.
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