CRM Stock Today (November 28, 2025): Salesforce Rises as AI Hopes Clash With Growth Fears Ahead of Q3 Earnings

Published: November 28, 2025 – U.S. market close

Salesforce (NYSE: CRM) closed higher on Friday, November 28, 2025, snapping part of a bruising year‑to‑date slide as investors digested a fresh wave of analyst commentary, institutional filings, and long‑term price forecasts ahead of next week’s crucial earnings report.

CRM stock price today: modest rebound after a brutal 2025

As of the U.S. market close on Friday, Salesforce shares finished around $230.6, up roughly 1.0–1.1% on the day, according to real‑time pricing data from StockAnalysis and other market feeds. ^[1]

Key price context:

Today’s move: about +1% vs. Wednesday’s close (U.S. markets were closed Thursday for Thanksgiving). ^[2]
12‑month range: roughly $222 to $369 per share, highlighting how far the stock has fallen from its 2024–early‑2025 highs. ^[3]
Analyst fair‑value & targets:
- StockAnalysis aggregates 33 analysts with an average 12‑month price target of ~$328.64 (about +42% upside vs. today’s close) and a “Buy” consensus. ^[4]
- 24/7 Wall St. cites a median Street target of $324.49 and also categorizes the consensus rating as “Moderate Buy.” ^[5]

Despite today’s bounce, several recent analyses note that CRM is still down around 30% in 2025, with some sources pegging the year‑to‑date decline near 29–31%, a sharp underperformance versus the broader market and other AI‑linked software names. ^[6]

What’s new on November 28, 2025? Today’s CRM news at a glance

If you track CRM specifically, today was busy. MarketBeat’s real‑time news feed for Salesforce shows a cluster of headlines dated November 28 that collectively explain why the stock is back in focus: ^[7]

A new Q3 preview analysis on Seeking Alpha:
- “Salesforce’s Q3 Centers Of Gravity: Fear, AI, And The 10% Problem” – highlighting how investor debate is coalescing around three issues: anxiety about AI disruption, the promise of Salesforce’s own AI products, and frustration that revenue growth is settling near the ~10% level instead of the mid‑teens pace that once justified a premium valuation. ^[8]
A bullish “Black Friday” piece (also on Seeking Alpha):
- “Salesforce Is On Black Friday Sale – I’m Buying More Ahead Of Earnings (Rating Upgrade)” – an author argues that the recent sell‑off has made CRM attractive again ahead of next week’s earnings, positioning the pullback as an opportunity rather than a warning sign. ^[9]
A deep long‑term forecast:
- 24/7 Wall St. published a detailed price prediction through 2030, calling for a potential end‑2025 price of $302 and a 2030 target near $493.80, based on Salesforce’s growth record, AI roadmap, and capital‑return policies. ^[10]
A wave of institutional 13F filings:
- New or increased stakes disclosed today from Norges Bank, Loomis Sayles, Quadrature Capital, GM Advisory Group, Northwestern Mutual, Grantham Mayo Van Otterloo, Groupama and others. ^[11]

The net effect: today’s tape is dominated by “positioning ahead of earnings”—with big institutions adjusting exposure, long‑term forecasters updating their models, and short‑term traders debating whether the stock’s AI narrative is broken or simply in a lull.

Big money moves: Norges Bank and other institutions pile in

The most eye‑catching filing today came from Norges Bank, which manages Norway’s giant sovereign wealth fund.

According to MarketBeat’s summary of the bank’s latest SEC filing: ^[12]

Norges Bank initiated a new position of 10,363,597 CRM shares in Q2.
The stake is valued at roughly $2.83 billion, representing about 1.08% ownership of Salesforce.
MarketBeat notes that Salesforce’s institutional ownership sits around 80%, underscoring how tightly held the stock is by professional investors.

Alongside Norges Bank, several other institutions showed up in today’s news feed: ^[13]

Loomis Sayles & Co. disclosed a fresh purchase of CRM shares.
Quadrature Capital Ltd, Scotia Capital, Level Four Advisory Services, Northwestern Mutual Wealth Management, GMO, Groupama Asset Management and others reported new or increased stakes.
One notable counterexample: Skandinaviska Enskilda Banken AB reported trimming its position, reminding traders that not all institutional flows are one‑way.

These 13F updates don’t reflect today’s intraday trading, but they signal how large, long‑term investors have been repositioning into Salesforce during 2025’s sell‑off—a key datapoint for anyone trying to read whether the “smart money” is giving up or leaning in.

Long‑term outlook: bullish forecasts despite a 30% drawdown

Today’s 24/7 Wall St. piece is one of the more comprehensive public forecasts on CRM right now, and it landed exactly as the stock tried to stabilize. Key takeaways: ^[14]

From 2014 to 2024, Salesforce grew revenue at about a 24% compound annual growth rate, supercharged by acquisitions like Demandware, MuleSoft, Tableau, and Slack.
Net income growth since turning profitable in 2017 has been even faster (~44% CAGR), though acquisitions have made results lumpy.
The company launched a $10 billion buyback and its first cash dividend in 2024, signaling a more mature capital‑return phase.
Wall Street’s median 12‑month target is $324.49 (about +42% upside from today’s price), with 30 Buy, 9 Hold, and 1 Sell ratings—hence the “Moderate Buy” label.
24/7 Wall St.’s own model is slightly more conservative, targeting $302 by year‑end 2025 and projecting a 2030 price near $493.80, assuming continued double‑digit EPS growth and successful AI monetization.

The article also flags headwinds that mirror today’s broader debate:

Intensifying competition from Microsoft Dynamics 365, Oracle, SAP, HubSpot and others.
Concerns that Agentforce, Salesforce’s flagship AI agent platform, has lagging adoption and contributed to weak 2025 guidance.
Corporate governance questions around activist pressure and the transition from highly regarded former CFO Amy Weaver to Robin Washington, who stepped in as CFO in 2025. ^[15]

In other words, the long‑term math still looks compelling on paper, but it depends heavily on Salesforce proving its AI investments can reignite growth without eroding margins.

Earnings countdown: what Wall Street expects from Q3 FY 2026

Next week’s Q3 FY 2026 earnings (scheduled for after the close on December 3) are the near‑term catalyst everyone is trading around.

Two key previews—MarketBeat’s earnings note and a Zacks/Nasdaq piece—slightly differ in detail but agree on the broad contours: ^[16]

Guidance / consensus for Q3 FY26:
- Revenue: Salesforce guided to $10.24–$10.29 billion (midpoint about $10.265B).
- The Zacks consensus sits around $10.26B, implying roughly 8.7–9% year‑over‑year growth.
- Non‑GAAP EPS: guided to $2.84–$2.86, with the Street at ~$2.85, ~18% above last year’s level.
Full‑year FY 2026:
- Management has guided EPS of ~$11.33–11.37, a hefty jump from the prior year. ^[17]

For context, recent quarters have looked solid but not spectacular:

In Q2 FY26 (quarter ended July 31, 2025), Salesforce reported $10.24B revenue (up ~9.8% YoY) and $2.91 EPS, both ahead of consensus estimates. ^[18]

The problem, as multiple commentaries note, is the growth rate, not the beat rate. A decade of 20%+ growth has given way to high‑single‑digit to low‑double‑digit expansion, which is exactly what the Seeking Alpha “10% problem” headline is pointing at.

AI narrative: Agentforce, Data Cloud and the “prove‑it” phase

Salesforce’s AI strategy is at the heart of both the bull and bear cases.

From TipRanks’ detailed piece on Citi analyst Tyler Radke’s cautious stance: ^[19]

CRM stock is down ~30% year‑to‑date and has barely gained over the past five years, dramatically lagging the S&P 500.
Salesforce now trades at about 5× forward sales, down from around 8× a year ago—evidence that investors have repriced the stock as growth slowed.
Radke maintains a Hold rating and recently cut his price target from $276 to $253, arguing that the upcoming Q3 print is unlikely to resolve the core AI questions.
Inside the company, AI is not standing still:
- Agentforce aims to provide AI agents that automate workflows and customer interactions.
- Data Cloud centralizes customer data to power those AI models.
- Management has said AI + Data Cloud annual recurring revenue has topped $1.2 billion, growing ~120% year over year, showing real traction in the new product lines.
Yet Radke reports “cautious feedback” from Salesforce partners and notes that much of the enthusiasm for Agentforce appears push‑driven by go‑to‑market teams rather than pulled by urgent customer demand.

This aligns with broader commentary from other analysts in recent weeks:

A D.A. Davidson analyst on CNBC argued that Salesforce “bet the farm on Agentforce before it was ready,” causing the core business to “suffer” and making it harder to show clean, AI‑driven reacceleration. ^[20]
Another televised segment highlighted that enterprise customers are slower to adopt AI in mission‑critical systems than consumer users, because the tolerance for errors is much lower in financial and operational software. ^[21]

At the same time, Salesforce’s own messaging—particularly at Dreamforce 2025—has leaned heavily into an “agentic enterprise” vision:

The Admin Keynote and follow‑up blogs emphasized how admins and developers can rapidly build AI agents and automate complex business processes using Agentforce and new low‑code tools. ^[22]
Official Dreamforce recaps stressed that AI is meant to augment smaller teams and unlock productivity, not just serve mega‑enterprises, potentially broadening Salesforce’s addressable market. ^[23]

In short: AI is already contributing to Salesforce’s numbers, but investors remain unconvinced that it’s enough to restore the 20% growth aura that once supported CRM’s premium valuation.

Data security and partnerships: Gainsight breach and Adecco JV

Outside pure financials, two notable non‑price stories continue to influence sentiment this week.

1. Gainsight‑linked data breach

On November 21, PYMNTS reported that Salesforce disabled connections to applications published by Gainsight after detecting “unusual activity” involving those apps. ^[24]

Salesforce said the incident may have allowed unauthorized access to certain customers’ Salesforce data via the app’s connection.
Crucially, the company stated there is no evidence of a vulnerability in the Salesforce platform itself; instead, the risk appears tied to the external Gainsight connector.
Gainsight confirmed that Salesforce had revoked access to its connector and said it was working closely with Salesforce on the investigation. ^[25]

For investors, the episode underscores third‑party app risk in large SaaS ecosystems—but also shows Salesforce moving quickly to ring‑fence potential exposure.

2. Adecco joint venture: r.Potential

Meanwhile, Reuters reported this week that Adecco’s CEO sees its joint venture with Salesforce, called r.Potential, as a way to reduce AI bubble risk by focusing companies on concrete, productivity‑enhancing AI use cases. ^[26]

Adecco has already spoken with around 300 large clients about the platform.
The goal is to help enterprises integrate AI into core processes rather than just experimenting at the edges.
The CEO emphasized that there is currently a disconnect between AI supply and real‑world deployment, and tools like r.Potential are meant to bridge that gap.

This kind of partnership highlights Salesforce’s strategy of positioning itself as the enterprise platform that makes AI practical and governable, not just flashy.

Analyst ratings and valuation snapshot

Putting today’s pieces together, here’s how the Street looks on CRM right now:

Consensus rating:
- StockAnalysis compiles 33 analysts with an overall “Buy” recommendation. ^[27]
- TipRanks separately reports a “Moderate Buy” consensus based on 30 Buy, 9 Hold, 1 Sell ratings over the last three months. ^[28]
Price targets:
- Average target: about $328–$329 (≈ +42% upside). ^[29]
- Median target: around $324–$325. ^[30]
- Low / high range: from roughly $221 on the low end to $430 on the high end, reflecting wide disagreement on AI execution risk. ^[31]
Recent rating actions:
- Citi’s Tyler Radke: Hold, target cut $276 → $253. ^[32]
- Cantor Fitzgerald: Overweight/Buy reiterated with a $325 target. ^[33]
- BofA and Mizuho: still bullish, but have trimmed targets (e.g., BofA from $325 to $305; Mizuho from $350 to $340). ^[34]

From a fundamentals perspective, analysts expect:

Revenue growth around 9–10% this year and next. ^[35]
EPS growth near 80% this year (boosted by cost cuts and operational leverage) and ~12% next year. ^[36]

That combination—single‑digit revenue growth, double‑digit EPS growth, and a de‑rated multiple—is exactly why opinions diverge so sharply between “this is a broken AI story” and “this is an undervalued compounder.”

Key things for CRM investors and traders to watch next

Whether you’re trading the earnings event or watching from the sidelines, today’s news flow points to a few concrete checkpoints:

Q3 FY26 results & guidance (Dec. 3):
- Do revenue and billings beat or miss the ~9% growth mark?
- Does management raise, maintain, or trim full‑year guidance?
- How much detail do they give on Agentforce and Data Cloud adoption, and does it sound like pipeline hype or broad production rollout?
AI monetization KPIs:
- Any updated figures on AI + Data Cloud ARR (currently flagged above $1.2B and growing triple‑digits) will be closely parsed. ^[37]
Security and trust:
- Follow‑up disclosures on the Gainsight‑related data breach and how Salesforce hardens its marketplace controls could influence enterprise confidence. ^[38]
Institutional positioning:
- With Norges Bank and other large funds announcing substantial stakes, later 13F updates will show whether these remain long‑term commitments or short‑lived trades. ^[39]

FAQ: CRM stock on November 28, 2025

Is CRM stock up or down today?
Salesforce closed up about 1%, near $230.6 per share on November 28, 2025, modestly rebounding after a steep year‑to‑date decline of roughly 30%. ^[40]

Why is Salesforce (CRM) in the news today?
Because of a cluster of fresh headlines: a high‑profile Q3 preview on Seeking Alpha, a bullish “Black Friday sale” article, a long‑range 24/7 Wall St. forecast through 2030, and multiple institutional filings (including a $2.83B new stake from Norges Bank) all hit the wire on November 28. ^[41]

When is Salesforce’s next earnings report?
Salesforce is expected to report Q3 FY 2026 earnings after U.S. markets close on December 3, 2025, with Wall Street looking for around $10.26B in revenue and about $2.85 in non‑GAAP EPS. ^[42]

Is CRM considered an AI stock?
Yes—Salesforce is positioning itself as an AI‑powered enterprise software platform, particularly through Agentforce and Data Cloud, and AI + data products already represent a rapidly growing slice of its recurring revenue. However, analysts remain split on whether that AI push is moving quickly enough to offset slowing core CRM growth. ^[43]

Important disclaimer

This article is for informational purposes only and is not investment advice. It does not take into account your individual objectives, financial situation, or needs. Always do your own research and consider speaking with a licensed financial professional before buying or selling any security.

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