On Monday, Salesforce stock plummeted while its President & Chief Product Officer, David R. Schmaier, recently sold a significant chunk of its shares.
Its stock price declined by -0.97% to $264.21 apiece in the Asian afternoon session on September 23. In after-hours trading, it is expected to dip by -0.12% to $263.89 per share.
Based on the latest SEC filings, the transaction involved the sale of 631 shares of common stock, for a total of $167,077.00.
Recently, Salesforce’s CFO, Amy Weaver, sold 942 shares of company stock for more than $249,000.00. The transaction aims to satisfy tax withholding obligations related to restricted stock units’ vesting.
Additionally, Weaver obtained shares through the exercise of options within the same day. The acquired shares would be converted to common stock on a one-for-one basis without any cash exchange involved.
The CFO’s Salesforce stock ownership adjustment trails the transactions. However, the financial officer still holds a substantial stake in the cloud-based customer management software.
According to analysts, investors usually track insider transactions to gain insights into executive confidence and company performance.
Meanwhile, the San Francisco-based company recently highlighted Agentforce, its new autonomous agents, during the Dreamforce conference. As a result, the corporation received early interest carrying bullish potential, which can lead to a growing pipeline of Data Cloud deals.
Agentforce Poses as Copilot Rebranding by Salesforce
Salesforce rebranded Einstein Copilot as it ejected the term copilot following CEO Marc Benioff’s criticism against Microsoft.
Based on Benioff’s comments, he compared Microsoft’s artificial intelligence (AI) tool to their 1990s and 2000s rules-based Office agent.
The CEO’s negative remarks began during the company’s latest quarterly earnings call. He claimed that the tech giant’s customers failed to derive value from their Copilot investments.
According to reports, Salesforce has around 150,000 customers, and the Windows maker has about 85.00% penetration of the productivity app market.
