Salesforce, Inc. (NYSE:CRM) CEO Marc Benioff has sold a significant number of shares in the company, according to a recent SEC filing. Benioff, who also serves as Chair of the board, parted with a total of $4,493,875 worth of stock in a series of transactions dated March 19, 2024. The shares were sold at prices ranging from $297.42 to $301.42.
The transactions were executed automatically under a pre-arranged trading plan, known as a Rule 10b5-1 plan, which was established by Benioff on September 21, 2023. This plan allows company insiders to set up a predetermined schedule for buying or selling stocks at a time when they are not in possession of material non-public information.
The sales were carried out in multiple transactions, with the first batch of 2,653 shares being sold at an average price of $297.42. Subsequent sales included 1,632 shares at an average price of $298.13, 2,334 shares at $299.36, 6,267 shares at $300.36, and 2,114 shares at $301.42.
Following the sales, Benioff still holds a substantial amount of Salesforce stock directly or through the Marc R. Benioff Revocable Trust. Additionally, the Marc Benioff Fund LLC indirectly holds 10,000,000 shares of the company's common stock.
These transactions come as part of the regular financial planning of many executives and are not necessarily indicative of the company's performance or future prospects. Salesforce investors often monitor such insider trading activities for insights into executives' confidence in the company's trajectory.
Salesforce, headquartered at Salesforce Tower in San Francisco, California, is a leading provider of customer relationship management software and cloud-based enterprise applications.
InvestingPro Insights
As Salesforce (NYSE:CRM) continues to navigate the dynamic tech landscape, recent data from InvestingPro provides a snapshot of the company's financial health and market perception. With a robust market capitalization of $296.88 billion, Salesforce stands as a major player in the software industry. Its P/E ratio, a metric often used to gauge a stock's valuation, currently stands at 72.09, indicating a premium valuation which is further supported by an adjusted P/E ratio of 56.57 for the last twelve months as of Q4 2024.
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Revenue growth remains a key indicator of a company's expansion, and Salesforce has shown an 11.18% growth in revenue over the last twelve months as of Q4 2024, with a quarterly growth of 10.77% in Q4 2024. These figures, coupled with a gross profit margin of 75.5%, reflect the company's ability to maintain profitability amidst competitive pressures.
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