Marc Benioff Sells $1 Million in Salesforce Shares as Company Gets Rated ‘Overweight’
Marc Benioff’s Salesforce’s shares have been declared Overweight by Pacific Crest. And now reports have surfaced that Benioff sold off some of his stock in the company last year.
Daily Quint reports that Benioff unloaded 12,500 shares of stock on November 8th, at an average price of $76.56, for a total transaction of $957,000.00. The Salesforce CEO and chairman now owns 34,745,500 shares in the company, valued at $2.66 billion.
Meanwhile, in a report released on Saturday, Pacific Crest Securities restated its overweight rating on shares of Salesforce.com Inc. Overweight is a positive term. It means that a stock is basically undervalued and that people should buy it. Rosenblatt Securities set a $90.00 target price on Salesforce.com which last closed at $73.80. The stock’s value may have gone down after Benioff sold off those shares, but not by much and now it seems that everyone is giving it a buy rating.
— Salesforce (@salesforce) January 8, 2017
Meanwhile, Mr. Benioff has been promoting a charitable agenda through his company. Salesforce sets aside 1% of its equity for grants in the communities where the company’s employees live and work, 1% of its product is donated to non-profits and educational institutions and another 1% of Salesforce employees’ time is donated to communities around the world.
“Companies can do more than just make money, they can serve others,” says Benioff. “The business of business,” he continues, “is improving the state of the world.”
Suzanne DiBianca, the Chief Philanthropy Officer and EVP of Corporate Relations at Salesforce, was quoted in Forbes saying, “When we started the company, we actually built giving back into the start-up process. We said from the very beginning we are going to create a company based on three things. Number one, software delivered over the Internet—basically unheard of in 1999. Number two, a new business model, which was buy software on a subscription basis— again, unheard of at that time. The third was a new philanthropic model—which is to bake it into your company as you begin your start-up process I started when the company was 50 people big and we’re now 20,000 employees globally. I think what we’ve learned is that it creates a great company of high performers.”