Salesforce CEO Marc Benioff Dumps Stock, Investors Follow Suit

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Marc Benioff

Investors sold shares of Salesforce.com on strength during trading on Monday following insider selling activity, Analyst Ratings Network.com reported. $30.73 million flowed into the stock on the tick-up and $124.12 million flowed out of the stock on the tick-down, for a money net flow of $93.39 million out of the stock, Dakota Financial News said.

Of all equities tracked, Salesforce.com had the 2nd highest net out-flow for the day, trading up $1.16 for the day and closed at $59.78, the report said.

Salesforce CEO Marc Benioff sold 25, 000 shares of the stock on the open market in a transaction dated January 23rd. The stock was sold at an average price of $58.25, for a total transaction of $1, 456, 250.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, the News said.

Recently, Benioff sold 12, 500 shares on January 12, 13, 14 and 20, and 25, 000 shares on January 9, 16 and 21, according to InterCooler.

Salesforce has been the subject of a number of recent research reports. Analysts at Cowen and Company initiated coverage on shares of Salesforce.com in a research note on Thursday. They set an “outperform” rating on the stock. Analysts at Pivotal Research set an $80.00 price target on shares and gave the company a “buy” rating in a research note on January 14. Analysts at Mizuho initiated coverage on shares in a research note on January 5. They set a “buy” rating and a $70.00 price target on the stock. Finally, analysts at Piper Jaffray initiated coverage on shares in a research note on December 30. They set an “overweight” rating on the stock, the News said.

One research analyst rated the stock with a “sell” rating, six have given a “hold” rating and 27 have given a “buy” rating. The company currently has an average rating of “Buy” and an average target price of $69.14, the report said.

The stock’s 50-day moving average is $57.81 and its 200-day moving average is $57.61, while the company’s market cap is $37.721 billion, according to the News.

Salesforce last announced its earnings results on November 19th. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.01. The company had revenue of $1.38 million for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter of the previous year, the company posted $0.09 earnings per share. The company’s revenue for the quarter was down 99.9% on a year-on-year basis. On average, analysts predict that Salesforce will post $0.52 earnings per share for the current fiscal year, the report said.

Salesforce.com, inc. is a provider of enterprise cloud computing and social enterprise solutions. The company provides a customer and collaboration relationship management applications through the Internet or cloud, the News said

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