Shares of Salesforce (NYSE:CRM) jumped today after announcing an average price hike of 9% for its offerings such as Sales Cloud, Service Cloud, Marketing Cloud, Industries, and Tableau. This adjustment is the first in seven years and comes after 22 new iterations, a barrage of new features, including those powered by generative AI, and over $20 billion poured into R&D.
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The revised pricing will apply to both new and existing customers making purchases from August onwards. The Professional Edition’s new list price will be $80 (a $5 increase), Enterprise Edition will cost $165 (a $15 increase), and the Unlimited Edition will be priced at $330 (a $30 increase). Prices in other currencies will be comparable. Salesforce also mentioned that similar price bumps will affect its Industries, Marketing Cloud Engagement and Account Engagement, CRM Analytics, and Tableau offerings.
Is CRM Stock a Buy or Sell?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on CRM stock based on 22 Buys, 10 Holds, and one Sells assigned in the past three months, as indicated by the graphic above. Furthermore, the average price target of $239.10 per share implies 9.25% upside potential.
