Salesforce Inc. (NYSE:CRM) CEO Marc Benioff has sold a substantial number of shares in the company, according to a recent SEC filing. On March 20, 2024, Benioff sold shares totaling over $4.5 million, with prices ranging from $301.60 to $306.89.
The transactions were executed under a pre-arranged trading plan, known as a Rule 10b5-1 plan, which Benioff had adopted on September 21, 2023. This type of plan allows company insiders to sell shares at predetermined times to avoid accusations of insider trading.
The share sales occurred in multiple transactions, with the largest single sale being 6,319 shares at an average price of $306.23. Other significant transactions included sales of 3,475 shares and 2,900 shares at average prices of $301.60 and $302.46, respectively. Additional sales were made in smaller amounts, but all contributed to the total value of shares sold.
Following these transactions, Benioff still holds a substantial number of shares directly or through the Marc R. Benioff Revocable Trust. Furthermore, an additional 10,000,000 shares are held indirectly by the Marc Benioff Fund LLC, indicating continued substantial investment in Salesforce by its CEO.
Investors often monitor the buying and selling activities of company executives as an indicator of their confidence in the firm's future prospects. The filing details the share amounts and prices, providing transparency for investors and regulatory bodies.
InvestingPro Insights
Amid recent news of Salesforce Inc. (NYSE:CRM) CEO Marc Benioff's share sales, investors are keenly observing the company's financial health and market performance. According to InvestingPro data, Salesforce boasts a significant market capitalization of $299.07 billion, reflecting its stature in the industry. The company's Price to Earnings (P/E) ratio stands at 72.75, which is high, indicating that investors may expect strong growth from the company. This is further supported by a notable revenue growth of 11.18% over the last twelve months as of Q4 2024.
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