Is Salesforce (CRM) A Bargain As It Buys Listen Labs?

Salesforce (CRM) recently agreed to acquire Listen Labs, an AI customer research and human simulation platform. This gives investors a fresh data point on how the CRM giant is approaching agentic AI and customer insights.

Salesforce shares closed at US$236.69 after a 3.1% 1-day share price gain, yet the stock is still down 8.3% over the past month and 6.7% year to date. The 90-day share price return of 42.5% and 3-year total shareholder return of 19.4% suggest momentum has recently picked up from a longer-term base that remains uneven.

Spot 37 profitable AI stocks that aren't just burning cash that, like Salesforce, are tying real AI products to paying customers rather than just selling the concept.

Salesforce keeps stacking AI assets like Listen Labs onto an already powerful CRM engine. The real tension for investors now is simple: Does the current share price still leave enough value on the table?

Most Popular Narrative: 8% Undervalued

The prevailing narrative pegs Salesforce fair value near $255, compared with the recent close at $236.69, which points to a modest valuation gap that hinges on how investors view the shift from seats to AI driven usage.

The per-seat licence was only ever the toll booth. The asset is the governed system of record: every customer, every deal, every entitlement, for about 80% of the Fortune 500. And the one thing an autonomous AI agent cannot do is act on a customer without getting into that record first. An agent with no permissions, no governance and no audit trail is not an asset, it is a liability waiting to happen. So the same automation wave that threatens the seat count is exactly what drives every serious enterprise deeper into the data layer Salesforce owns. The meter changes from per-person to per-action. It does not disappear.

See why 40 investors see Salesforce as 8% undervalued.

Result: Fair Value of $255.90 (UNDERVALUED)

Still, Salesforce faces real pressure if AI agents reduce seat-based demand faster than usage pricing scales, or if Microsoft Copilot gains ground inside core enterprise workflows.

Find out about the key risks to this Salesforce narrative.

Next Steps

If this Salesforce story feels finely balanced between promise and friction, consider acting while sentiment is still forming and weigh the trade off yourself by checking the 3 key rewards and 3 important warning signs.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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