Salesforce (NYSE: CRM) enters the new week as a paradox: a high‑margin, AI‑driven software giant trading more than a third below its 52‑week high, yet still priced at a premium to much of the market. At the same time, big funds are quietly reshuffling their positions and fresh commentary is framing Salesforce’s AI push as a high‑stakes gamble” heading into the next earnings catalyst. [1]
Here’s a detailed look at where Salesforce stock stands today, November 23, 2025, and what the latest news means for investors.
Salesforce stock price today and recent performance
As of the latest close (Friday, November 21, 2025), Salesforce shares trade around $227 per share, giving the company a market capitalization of roughly $216 billion. [2]
Key price and performance metrics:
- Current share price: about $227.11
- 52‑week range:$221.96 – $369.00
- 1‑month change: approximately –10.9%
- 3‑month change: about –8.4%
- 1‑year change: roughly –33.6% [3]
In other words, Salesforce is still a hugely valuable franchise—but the stock has de‑rated sharply from its late‑2024 peaks.
On valuation:
- Trailing P/E: around 33x
- Price‑to‑book: roughly 3.5x
- Market cap: ≈ $216 billion
- Beta: about 1.2, meaning CRM tends to move more than the broad market. [4]
Salesforce is now also a dividend payer. The most recent quarterly dividend was $0.42 per share, with a forward dividend yield of about 0.7% as of November 23, 2025. [5]
From a risk perspective, analytics site Artificall notes that between September 7 and November 23, 2025, CRM logged a 10.1% price decline with a standard deviation of 8.3—still volatile, but less whipsaw than earlier in the year. [6]
Fresh November 23 news: big funds reshuffle Salesforce holdings
The most concrete Salesforce‑specific news dated November 23, 2025 comes from institutional filings summarized by MarketBeat, showing that major asset managers have been actively rebalancing their CRM stakes: [7]
- Coldstream Capital Management Inc.
- Increased its Salesforce position by 91.2% in Q2.
- Added 21,141 shares, taking its holdings to 44,314 shares valued at about $12.1 million at the end of the period. [8]
- Charles Schwab Investment Management Inc.
- Boosted its position by 1.8%, purchasing 116,765 additional shares.
- Now holds roughly 6.48 million CRM shares, about 0.68% of the company, worth an estimated $1.77 billion. [9]
- American Century Companies Inc.
- Trimmed its Salesforce stake by 21.3%, selling 753,404 shares in Q2.
- Still owns 2.79 million shares, or around 0.29% of Salesforce, valued at roughly $761 million; CRM remains its 25th‑largest position. [10]
MarketBeat’s institutional snapshot also shows that around 80% of Salesforce’s float is held by institutional investors, underscoring how dominated the shareholder base is by large funds rather than individual investors. [11]
Taken together, the filings suggest a nuanced picture:
- Some long‑only managers are leaning in (Coldstream, Schwab) at lower prices.
- Others are locking in gains or rebalancing exposure after a volatile year.
- Overall institutional ownership remains very high, which can amplify both upside and downside as sentiment shifts.
Today’s narrative: AI gamble” ahead of Q3 2026 earnings
A new feature article published today by WebProNews frames Salesforce’s current situation as an AI gamble” going into the company’s next earnings catalyst. [12]
Key points from that piece:
- Salesforce’s Agentforce AI agent platform and its recent Informatica acquisition are fueling optimism that the company can lead the next wave of enterprise AI adoption. [13]
- However, sky‑high valuations” and competitive pressure from other AI‑focused software players mean Salesforce must prove real adoption and monetization, not just vision. [14]
- The article highlights Q2 fiscal 2026 results—around $10.2 billion in revenue (up 10% year‑over‑year) with AI and Data Cloud as major growth drivers—but notes that the stock has still sold off on cautious guidance and concerns about future growth. [15]
The WebProNews piece also underscores:
- FY26 revenue guidance in the low‑40‑billion range and Salesforce’s longer‑term ambition to exceed $60 billion in annual revenue by 2030, a target highlighted during the Dreamforce conference. [16]
- The company’s heavy AI messaging—from Agentforce agents to Data Cloud—and the question of whether enterprise customers will adopt those tools fast enough to justify a premium multiple.
In short, today’s narrative around Salesforce stock is less about last quarter’s numbers and more about whether its AI transformation can support a durable growth story.
Fundamentals in 2025: strong Q2 FY26 results, but guidance worries
Despite the share price pullback, Salesforce’s recent financial performance has been robust.
Q2 fiscal 2026 (quarter ended July 31, 2025)
According to Salesforce’s own filings and earnings coverage: [17]
- Revenue: about $10.2–$10.24 billion, up 10% year‑over‑year (≈9% in constant currency).
- Subscription & support revenue: roughly $9.7 billion, up 11%.
- Current remaining performance obligation (CRPO): ~$29.4 billion, up about 11%.
- GAAP operating margin: roughly 22.8%; non‑GAAP margin in the mid‑30% range.
- Capital returns: around $2.6 billion returned to shareholders in the quarter, including $2.2 billion of share repurchases and nearly $400 million in dividends.
These results beat Wall Street expectations on both revenue and earnings per share. Yet, Salesforce stock fell after the release because the Q3 revenue outlook (around $10.24–$10.29 billion) and full‑year growth guidance looked conservative versus investor hopes for a sharper AI‑driven acceleration. [18]
Analysts worry that:
- Growth has slowed from the 20%+ era to a more muted high‑single‑digit or low‑double‑digit pace. [19]
- AI‑heavy investment and acquisitions must translate into sustained, higher‑margin revenue, not just buzzwords.
Salesforce’s Q3 fiscal 2026 results are now scheduled for December 3, 2025, with an investor call following after the close—another potential inflection point for CRM stock. [20]
Strategy moves in November: Informatica, Doti.AI and more
While the stock has drifted lower, Salesforce has been busy reshaping its product and data stack.
Informatica acquisition completed
On November 18, 2025, Salesforce completed its roughly $8 billion acquisition of Informatica, a data management specialist that Salesforce plans to tightly integrate with its Data Cloud and AI offerings. [21]
Analysts see three main benefits:
- Deeper data pipelines for AI and analytics across large enterprises.
- Stronger position against rivals like Microsoft, Oracle and Snowflake in the data + AI platform race. [22]
- Potential to cross‑sell Informatica’s capabilities into Salesforce’s massive installed base.
Smaller AI and process‑automation deals
Recent updates also show Salesforce: [23]
- Signing a definitive agreement to acquire Doti.AI Ltd. (Nov 14).
- Increasing its stake in process‑mining specialist Apromore Pty Ltd.
These deals fit Salesforce’s broader push into agentic AI, automation, and process intelligence, weaving more automation into sales, service and marketing workflows.
Agentforce and Data Cloud momentum
Salesforce’s own materials and independent research highlight that: [24]
- Data Cloud (a.k.a. Data 360”) has seen customer adoption surge ~140% year‑over‑year in Q2 FY26, with AI + Data Cloud annual recurring revenue above $1.2 billion, up about 120%.
- Agentforce and AI are now featured in a growing share of large deals; one report notes that AI and Data Cloud were included in a significant portion of deals over $1 million.
Taken together, these moves support the bullish AI thesis—but they also raise the bar for what investors expect to see on future earnings calls.
Geographic and workforce shifts: Manila hub and AI‑driven layoffs
Salesforce’s AI strategy isn’t just about software—it’s reshaping its global footprint and workforce, too.
New Manila hub and AI skills push
A new article dated November 23, 2025 from InsiderPH reports that Salesforce is deepening its presence in the Philippines by opening a new hub in Manila and launching a multi‑year commitment to train thousands of Filipinos in Salesforce and AI skills. [25]
Highlights from that report include:
- Expansion of Trailhead training programs in partnership with local universities and organizations.
- A focus on AI‑related skills, cloud CRM and digital transformation capabilities.
- Continued support for community initiatives such as the STARBOOKS project, which has already helped hundreds of students in regions like Mindoro and Bataan. [26]
For investors, the Manila hub underscores Salesforce’s effort to build a global talent pipeline around its AI and CRM products, particularly in fast‑growing emerging markets.
AI‑driven job cuts and reputational risk
On the flip side, Salesforce has drawn criticism in 2025 for large‑scale workforce reductions tied to AI automation:
- In September 2025, CEO Marc Benioff said Salesforce had cut roughly 4,000 customer service roles, shrinking its support workforce from about 9,000 to 5,000, with AI agents now handling around half of all customer interactions and reducing support costs by 17% since early 2025. [27]
This has raised:
- Reputational questions about AI replacing, rather than augmenting, white‑collar work.
- Potential political and regulatory scrutiny as governments weigh the social impact of enterprise AI adoption.
For the stock, it’s a reminder that margin expansion via automation comes with human and PR costs that could influence sentiment.
Valuation, analyst targets and how the market sees Salesforce today
Despite the share price drop, Salesforce is far from cheap by traditional metrics—but a growing chorus of analysts and models now argue that CRM is undervalued relative to its long‑term prospects.
Street targets and undervalued” calls
- Business Insider’s markets data shows that 98 analysts covering Salesforce have a median price target around $324, with a high estimate of $430 and a low near $200. From today’s ~$227 share price, that median implies roughly 40–45% upside. [28]
- A CoinCentral analysis published November 21, 2025 lists Salesforce among five undervalued S&P 500 stocks”, stating that CRM trades about 50% below estimated fair value at around $229, with 41% upside to an average price target of $323.51 and a Moderate Buy consensus (25 Buys, 13 Holds, 1 Sell). [29]
- A Seeking Alpha piece on November 20 characterizes Salesforce as a High Margins, Lower Multiple – Rare Opportunity”, rating the stock a Strong Buy with a $292 price target, arguing that CRM trades at a discount to peers despite double‑digit revenue and EPS growth and robust AI momentum. [30]
- Valuation platform AlphaSpread, in a DCF model last updated November 23, pegs fair value at about $241.92 per share, suggesting CRM is around 6% undervalued versus the current market price. [31]
More cautious voices
Not everyone is convinced:
- A Yahoo Finance UK analysis this weekend noted that Salesforce’s consensus price target has been nudged down, with fair‑value estimates sliding from roughly $334.68 to $330.59 per share, reflecting slightly reduced optimism. [32]
- A StockStory/FinancialContent article from November 11 grouped Salesforce among profitable stocks with open questions,” citing:
- Average ARR growth around 9%, viewed as underwhelming.
- Forward sales growth expectations of ~8.9% over the next 12 months.
- A forward price‑to‑sales multiple around 5.5x, which the author sees as rich given the modest growth outlook. [33]
- In October, Northland Capital downgraded Salesforce from Outperform to Market Perform and cut its price target from $396 to $264, warning about competitive pressure and slowing core cloud growth, even as profitability remains strong. [34]
Put together, the valuation debate today looks like this:
- Bulls: Point to high margins, strong cash flow, AI + Data Cloud momentum, a $50 billion buyback authorization, and multiple acquisition‑driven growth vectors. [35]
- Bears / skeptics: Focus on slower revenue growth, demanding expectations baked into the multiple, intensifying competition from Microsoft, ServiceNow and others, and integration risk from large AI/data acquisitions. [36]
How Salesforce stock fits into the broader market mood
Today’s Salesforce story also sits inside a bigger macro theme: AI‑linked equities under scrutiny.
A Reuters markets analysis published November 23 notes that investors are bracing for holiday season turbulence” amid doubts about near‑term Fed rate cuts and mounting worries that leading AI stocks may be overvalued after powering the market to new records. [37]
Salesforce is very much part of that cohort:
- It’s a large‑cap AI beneficiary via Agentforce, Data Cloud and Informatica.
- It trades at a premium multiple—though lower than it did a year ago. [38]
- It has committed to massive capital returns (buybacks + dividends) while simultaneously spending heavily on AI and data M&A, a balance that investors will judge quarter by quarter. [39]
Key things to watch for CRM after November 23, 2025
Looking ahead from today, Salesforce investors will be laser‑focused on a few catalysts and trends:
- Q3 FY26 earnings (December 3, 2025).
- Will revenue growth re‑accelerate or remain stuck near 8–10%?
- Do AI and Data Cloud show a bigger contribution to top‑line and CRPO? [40]
- Integration of Informatica and smaller AI deals.
- Investors will look for early synergies, cross‑sell opportunities, and clarity on how the $8B Informatica deal boosts AI capabilities without diluting margins. [41]
- AI monetization vs. AI‑driven cost cuts.
- Salesforce has clearly shown AI can cut costs and jobs, particularly in support. The question now is whether AI can also unlock durable, high‑margin revenue growth that justifies the current valuation. [42]
- Institutional behavior and analyst revisions.
- Today’s 13F updates show both buying and selling among major funds; more such filings and rating changes could signal where smart money” is leaning as we approach earnings. [43]
- Competitive moves from other enterprise AI players.
- ServiceNow, Microsoft, Oracle and others are all ramping up AI workflow and CRM‑adjacent offerings, which could pressure Salesforce’s pricing power or drive more innovation, depending on how the landscape evolves. [44]
Bottom line: Salesforce stock today, November 23, 2025
As of November 23, 2025, Salesforce stock reflects a mix of high quality and high expectations:
- Price & performance: around $227 per share, down about 11% over the last month and 34% over the past year, but still commanding a P/E in the low‑30s. [45]
- Business fundamentals: record revenue above $10 billion a quarter, expanding margins, strong AI + Data Cloud growth, and a sizable capital‑return program. [46]
- Fresh news today: new institutional filings (Coldstream and Schwab buying; American Century trimming) and analysis framing Salesforce’s AI pivot as a high‑stakes gamble” heading into Q3 FY26 earnings. [47]
- Valuation debate: some models and analysts see CRM as modestly undervalued with 20–40% upside; others warn that slowing growth and fierce competition make the current multiple demanding. [48]
For investors following Salesforce stock today, the critical question isn’t whether the company is important—it clearly is—but whether its AI transformation can reignite durable double‑digit growth without eroding the margin gains and shareholder returns that the market now expects.
References
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