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Salesforce CTO Parker Harris sells shares worth over $1.19m

Published 05/22/2024, 06:12 PM
© Reuters

Salesforce, Inc.'s (NYSE:CRM) Co-Founder and Chief Technology Officer (CTO) of Slack, Parker Harris, has recently made significant transactions involving the company's common stock. According to the latest filings, Harris sold a total of 4,200 shares at prices ranging from $283.94 to $286.91, amounting to over $1.19 million.

The sales took place on May 21, 2024, and were executed through a pre-arranged trading plan under Rule 10b5-1, which allows insiders to sell shares at predetermined times to avoid accusations of insider trading. The transactions were part of a series of trades that included both acquisitions and disposals of Salesforce stock.

On the same day, Harris also exercised options to acquire 4,200 shares of Salesforce common stock at a price of $118.04 per share, totaling $495,768. These options were part of a non-qualified stock option plan that vested over four years, with the first 25% available on March 22, 2019, and the remainder vesting in equal monthly installments over the subsequent 36 months.

The sales reported ranged in price as follows: 1,619 shares were sold at a weighted average price of $283.9404, with prices ranging from $283.53 to $284.44. Another 1,016 shares were sold at an average price of $285.1994, within a price bracket of $284.57 to $285.56. Harris also sold 824 shares at an average of $286.1367, with individual sales prices between $285.75 and $286.74, and 741 shares at a weighted average price of $286.9147, with a range from $286.75 to $287.15.

Following these transactions, Harris's direct holdings in Salesforce common stock have changed, but he also holds indirect interests through several LLCs managed by him and his spouse, as well as The G. Parker Harris III & Holly L. Johnson Family Trust.

The transactions reflect the CTO's trading activities and are disclosed to the public to maintain transparency. Salesforce investors often monitor such insider trades for insights into executive confidence in the company's performance and future prospects.

InvestingPro Insights

Salesforce (NYSE:CRM) has been a topic of interest for investors, especially with the recent insider stock transactions by Co-Founder and CTO of Slack, Parker Harris. To provide a deeper understanding of Salesforce's financial health and market position, here are some key metrics and insights from InvestingPro.

With a robust Market Cap of approximately $275.28 billion, Salesforce stands as a significant entity in the tech sector. Its Price to Earnings (P/E) Ratio is currently 66.8, which, while high, reflects investor confidence in the company's growth prospects, particularly as the P/E Ratio is expected to adjust to 52.31 in the last twelve months as of Q4 2024. This forward-looking metric suggests a potential normalization of earnings relative to the company's share price.

InvestingPro Tips highlight that Salesforce has a perfect Piotroski Score of 9, indicating strong financial health, and analysts predict the company will be profitable this year, which is consistent with its profitability over the last twelve months. This information could be particularly relevant for investors considering the context of Harris's recent stock transactions.

Revenue growth also remains solid, with an 11.18% increase in the last twelve months as of Q4 2024. This growth is supported by a substantial Gross Profit Margin of 75.5%, underscoring the company's efficiency in generating earnings relative to its revenue.

For investors seeking more comprehensive analysis and additional InvestingPro Tips, Salesforce has 11 more tips listed on InvestingPro. These insights can be accessed by visiting https://www.investing.com/pro/CRM, and readers can use the coupon code PRONEWS24 to receive an extra 10% off a yearly or biyearly Pro and Pro+ subscription, enriching their investment strategy with expert data and analysis.

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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