Rise In Insider Selling At Salesforce.com (CRM)
Salesforce.com (NYSE:CRM) on November 20, reported third quarter earnings with revenues of $1.38 billion a tad above its guidance of $1.36 to $1.37 billion.
Shares of Salesforce.com reacted negatively after the company gave a weak guidance for the next quarter. Its guidance of $1.436 billion to $1.441 billion was lower than earlier guidance of $1.145 billion. Further, increased insider selling over past few days had an overall negative impact on the stock performance as well. Analysts believe that current valuation is on the higher side.
Top Five Insiders Who Have Sold Shares In This Quarter
Marc Benioff who is the Chairman and CEO of the company has been very active and has sold close to 490,000 shares since October’14 worth $288 million. It is also worth mentioning that Benioff Marc owns more than 10% in the company.
Salesforce.com (NYSE:CRM) in a filing stated that Chief Operations Officer, George Hu would be going on a 6-month sabbatical starting December 2. His tenure as COO began in 2011. He has been with the company since 2002.
George Hu has sold 118,500 shares since October’14 till date worth $7.11 million through various transactions.
Another notable insider who has been on selling spree in Salesforce.com (NYSE:CRM) is Parker Harris who is one of the Co-Founders of the company. He has sold close to 79,339 shares since October ’14 worth $4 million.
Next on the list is Burke F Norton , Chief Legal officer of Salesforce.com (NYSE:CRM) who has disposed off 15,000 shares since in this quarter till now and whose value was $907,559.
Alexandre Dayon who is the president of products at Salesforce.com (NYSE:CRM) has sold over 4,692 shares worth $271,942.70.
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