Brian Millham, President and COO of Salesforce, Inc. (NYSE:CRM), recently sold shares worth approximately $5.7 million. The sales were executed on December 23, 2024, at prices ranging from $339.3631 to $342.25 per share. The transaction comes as Salesforce, a $328 billion market cap company, maintains excellent financial health with a perfect Piotroski Score of 9, according to InvestingPro data.
The transactions were part of a pre-established trading plan under Rule 10b5-1, which allows insiders to set up a predetermined schedule for selling stocks. These sales were made to cover tax obligations related to the vesting of restricted stock units. The company has demonstrated strong performance, with an impressive 43.5% stock price gain over the past six months and maintains robust gross profit margins of nearly 77%.
Additionally, Millham exercised stock options to acquire shares at prices between $186.51 and $240.95, totaling around $3.36 million, further increasing his holdings in the company.
Following these transactions, Millham holds a significant number of Salesforce shares, reflecting his ongoing commitment to the company's future.
In other recent news, Salesforce has been the focus of various analyst firms. Truist Securities maintained a Buy rating and a $400 target on Salesforce, following their attendance at the Agentforce World Tour event. The event highlighted Salesforce's strong operational efficiency, reflected in its impressive gross profit margins of 76.94% and a revenue growth rate of 9.53%. Truist's confidence stems from the positive reception of Salesforce's offerings and the potential for new products to drive an uptick in revenue growth.
Stifel, a financial services firm, maintained its Buy rating for Salesforce, anticipating growth with the forthcoming updates to the Atlas (NYSE:ATCO) Reasoning Engine. Agentforce 2.0, Salesforce's latest release, is expected to be fully available in February 2025, with certain features already being rolled out. The company's operational efficiency, reflected in its impressive gross profit margins, supports these initiatives.
Mizuho (NYSE:MFG) Securities sustained its Outperform rating on Salesforce following the announcement of the launch of Agentforce 2.0, an updated version of its flagship artificial intelligence product. The product's advancements are expected to underpin Salesforce's core function as the system of record for front-office operations, including sales, marketing, and customer support.
Goldman Sachs (NYSE:GS) reaffirmed its Buy rating on Salesforce, emphasizing the company's AI execution and potential growth in the digital labor market. The firm highlighted Salesforce's recent developments, such as the upgraded Atlas Reasoning Engine and the integration of Agentforce 2.0 within Slack, as key drivers of the company's positive trajectory.
Lastly, BMO (TSX:BMO) Capital Markets reiterated its Outperform rating on Salesforce, citing the potential of its Agentforce platform. The firm believes Salesforce's premium valuation is justified due to the platform's expected contribution to the company's valuation. These are the recent developments for Salesforce.
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