Salesforce, Inc. (NYSE:CRM) CEO Sells $132,812.75 in Stock

Posted by Defense World Staff on Mar 12th, 2023

Salesforce, Inc. (NYSE:CRM – Get Rating) CEO Marc Benioff sold 725 shares of the firm’s stock in a transaction on Wednesday, March 8th. The stock was sold at an average price of $183.19, for a total transaction of $132,812.75. Following the completion of the transaction, the chief executive officer now directly owns 27,753,609 shares of the company’s stock, valued at approximately $5,084,183,632.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Marc Benioff also recently made the following trade(s):

On Monday, March 6th, Marc Benioff sold 725 shares of Salesforce stock. The stock was sold at an average price of $186.62, for a total value of $135,299.50.
On Thursday, March 2nd, Marc Benioff sold 725 shares of Salesforce stock. The shares were sold at an average price of $188.10, for a total value of $136,372.50.
On Monday, February 27th, Marc Benioff sold 725 shares of Salesforce stock. The stock was sold at an average price of $163.07, for a total value of $118,225.75.
On Friday, February 24th, Marc Benioff sold 725 shares of Salesforce stock. The stock was sold at an average price of $160.98, for a total transaction of $116,710.50.
On Wednesday, February 22nd, Marc Benioff sold 725 shares of Salesforce stock. The shares were sold at an average price of $163.33, for a total transaction of $118,414.25.
On Wednesday, February 15th, Marc Benioff sold 725 shares of Salesforce stock. The stock was sold at an average price of $169.61, for a total transaction of $122,967.25.
On Monday, February 13th, Marc Benioff sold 725 shares of Salesforce stock. The shares were sold at an average price of $169.83, for a total transaction of $123,126.75.
On Friday, February 10th, Marc Benioff sold 725 shares of Salesforce stock. The shares were sold at an average price of $166.91, for a total value of $121,009.75.
On Wednesday, February 8th, Marc Benioff sold 725 shares of Salesforce stock. The stock was sold at an average price of $170.22, for a total value of $123,409.50.
On Monday, February 6th, Marc Benioff sold 725 shares of Salesforce stock. The stock was sold at an average price of $169.48, for a total value of $122,873.00.

Salesforce Price Performance

CRM stock opened at $173.18 on Friday. The business’s fifty day moving average price is $161.84 and its 200 day moving average price is $153.29. Salesforce, Inc. has a 12-month low of $126.34 and a 12-month high of $222.15. The company has a market capitalization of $173.18 billion, a PE ratio of 824.71, a P/E/G ratio of 2.19 and a beta of 1.21. The company has a current ratio of 1.02, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16.

Salesforce (NYSE:CRM – Get Rating) last issued its quarterly earnings results on Wednesday, March 1st. The CRM provider reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.32. Salesforce had a net margin of 0.66% and a return on equity of 4.48%. The company had revenue of $8.38 billion for the quarter, compared to analyst estimates of $7.99 billion. During the same period in the prior year, the firm earned $0.24 earnings per share. The business’s revenue for the quarter was up 14.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Salesforce, Inc. will post 4.88 EPS for the current year.

Salesforce declared that its Board of Directors has approved a stock buyback plan on Wednesday, March 1st that allows the company to repurchase $20.00 billion in shares. This repurchase authorization allows the CRM provider to reacquire up to 10.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Salesforce

Several institutional investors have recently modified their holdings of CRM. Price T Rowe Associates Inc. MD increased its holdings in Salesforce by 40.6% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 46,707,038 shares of the CRM provider’s stock worth $7,708,529,000 after purchasing an additional 13,483,854 shares during the period. Norges Bank purchased a new stake in shares of Salesforce during the fourth quarter worth approximately $1,420,381,000. Moneta Group Investment Advisors LLC raised its holdings in Salesforce by 125,717.4% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 10,260,412 shares of the CRM provider’s stock valued at $1,360,428,000 after acquiring an additional 10,252,257 shares in the last quarter. Parnassus Investments LLC purchased a new position in Salesforce in the fourth quarter worth approximately $797,956,000. Finally, Starboard Value LP purchased a new stake in shares of Salesforce in the 4th quarter valued at approximately $401,215,000. Institutional investors and hedge funds own 75.83% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on CRM shares. Royal Bank of Canada boosted their price target on shares of Salesforce from $165.00 to $225.00 and gave the stock an “outperform” rating in a report on Thursday, March 2nd. UBS Group raised their target price on Salesforce from $162.00 to $210.00 and gave the company a “neutral” rating in a research report on Thursday, March 2nd. Macquarie boosted their price target on Salesforce from $218.00 to $225.00 and gave the stock an “outperform” rating in a research report on Thursday, March 2nd. JPMorgan Chase & Co. raised their price objective on Salesforce from $200.00 to $230.00 and gave the company an “overweight” rating in a report on Thursday, March 2nd. Finally, Jefferies Financial Group dropped their target price on shares of Salesforce from $240.00 to $230.00 in a report on Thursday, December 1st. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $211.24.

About Salesforce

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Salesforce, Inc engages in the design and development of cloud-based enterprise software for customer relationship management. Its solutions include sales force automation, customer service and support, marketing automation, digital commerce, community management, collaboration, industry-specific solutions, and salesforce platform.