Salesforce’s (CRM) co-founder and CEO, Marc Benioff, recently sold the company’s shares worth $110 million. CRM is a cloud-based software company that provides customer relationship management solutions and enterprise applications.
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According to the SEC filing, Benioff sold 317,105 CRM shares on December 18, at prices ranging between $335.60 and $354.50 per share. These shares were obtained by exercising stock options at $118.04 per share.
It is worth noting that even after the latest Informative Sell transaction, Benioff owns about 22.3 million Salesforce shares worth $7.65 billion.
Top-Rated Analyst Sees 24% Upside in CRM Stock
It is worth highlighting that Top-rated BMO Capital analyst Keith Bachman maintained a Buy rating on Salesforce stock with a price target of $425 per share, which implies a 23.7% upside from the current level (to see Bachman’s track record, click here).
Investors should note that Bachman’s Buy rating came after the launch of Salesforce’s Agentforce 2.0, a new and advanced version of its digital labor platform. The launch highlighted CRM’s effort to introduce new products. The analyst believes that the company’s large scale provides sales and cost advantages in comparison to other Software as a Service (SaaS) vendors.
Is CRM a Good Stock to Buy Now?
Turning to Wall Street, CRM stock has a Moderate Buy consensus rating based on 31 Buys, nine Holds, and one Sell assigned in the last three months. At $398.34, the average Salesforce price target implies a 15.91% upside potential. Shares of the company have gained 31.32% year-to-date.
