Salesforce.com Inc CRM was featured as the call of the day Monday on CNBC's "Fast Money Halftime Report."
What Happened: Atlantic Equities analyst Peter Sazel assumed coverage on Salesforce with an Overweight rating and a price target of $360.
The analyst cited Salesforce's ecosystem of app developers and third-party software vendors, which create a beneficial network effect, as a reason for the Overweight rating.
"Salesforce's investment arm further ensures the ecosystem's vibrancy by investing in teams that build on top of the platform," Sazel said. "Salesforce has a unique approach to corporate culture, Stakeholder Capitalism and philanthropy."
Related Link: Where Salesforce.com Stands With Analysts
Why It Matters: Cerity Partners' Jim Lebenthal bought Salesforce stock earlier this year and plans to keep it in his portfolio as a long-term position.
He bought shares following the company's acquisition of Slack. Salesforce CEO Marc Benioff showed his ability to pivot into new growth segments, according to Lebenthal.
"I expect more moves like that from Marc Benioff," Lebenthal said Monday on CNBC. If the stock falls as rates increase, "I will use that as an excuse to add to the stock."
Lebenthal emphasized he plans to hold shares of Salesforce long term.
CRM Price Action: Salesforce has traded as high as $311.75 and as low as $201.51 over a 52-week period.
The stock was down 1.15% at $297.67 at time of publication.
Photo: courtesy of Salesforce.
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