Salesforce, Inc. (NYSE: CRM) stayed in focus on Wednesday as investors continued to digest its AI-heavy Q3 earnings story, a string of fresh product announcements, and active options and analyst activity. Here’s a concise but detailed look at where the stock stands after the bell on December 10, 2025, and what matters most before the market opens on December 11.
1. Price Action: How Salesforce Traded Today and After the Bell
Regular session (Dec 10, 2025)
- Close: Salesforce finished Wednesday’s session at $264.20, up about 1.2% on the day.
- Intraday range: Shares traded roughly between $259 and $266 (open near $260.75, high just under $266, low just above $259). [1]
- Volume: Around 8–9 million shares changed hands, somewhat above many quiet-session averages for CRM. [2]
These gains extend a strong recent run. Over the past month, CRM is up about 8%, though it remains roughly 26% below its level of a year ago. [3] Over just the last week, TipRanks data shows the stock has rallied about 11.9%, driven largely by its AI rebranding and strong quarterly results. [4]
After-hours session (as of ~6:30 p.m. ET)
Post-close, trading cooled slightly:
- After-hours price: Around $263.00, down about 0.45% from the regular close. [5]
- After-hours range: Roughly $262.65 – $265.09 in extended trading. [6]
- MarketBeat’s extended-hours feed shows a similar read, with CRM quoted at $263.08 around 6:02 p.m. ET, down 0.36% from the close. [7]
In other words: Salesforce is giving back a sliver of today’s gains after the bell, but the broader short-term trend is still up.
2. Why CRM Is Moving: Q3 Earnings and the Agentforce AI Story
Today’s after-hours action can’t be separated from the Q3 CY2025 / FY26 narrative that has been driving the stock for the past week.
Earnings: Modest top-line beat, big EPS surprise
A detailed breakdown of Q3 from StockStory’s December 10 note highlights the following key numbers: [8]
- Revenue: $10.26 billion vs. ~$10.28 billion consensus (roughly 8.6% year‑over‑year growth, essentially in line).
- Adjusted EPS: $3.25 vs. $2.86 expected (~13–14% beat).
- Adjusted operating income: $3.64 billion vs. $3.51 billion expected; 35.5% margin, above forecasts and up year-on-year.
- Operating margin: 21.3%, up from 20% a year ago.
- Billings: $8.7 billion, up 13.1% year-on-year.
- Annual recurring revenue (ARR): $38.9 billion, up 9.5% year-on-year.
- Q4 CY2025 revenue guidance: $11.18 billion at the midpoint, ahead of ~ $10.9 billion consensus.
- Full-year adjusted EPS guidance: raised to $11.76 at the midpoint, a ~3.6% bump.
Benzinga’s earlier earnings recap lined up with those figures, stressing that revenue growth around 9% and a strong earnings beat helped fuel a post-earnings surge. [9]
On today’s after-the-bell tape, you’re effectively watching the market re-price Salesforce as a higher‑margin, AI‑leveraged software platform, not just a legacy CRM vendor.
Agentforce: The center of the bull case
The Agentforce AI platform is the heart of the current Salesforce story:
- StockStory’s analysis notes that Agentforce ARR has reached about $540 million, up 330% year-on-year, with management highlighting accelerating demand for AI-driven automation layered on existing workflows. [10]
- A detailed Q3 breakdown from Salesforce Ben points out that:
- Salesforce closed 18.5k Agentforce deals in Q3 (9.5k paid), up from 12.5k (6k paid) in the previous quarter and 8k (4k paid) in Q1.
- Agentforce accounts in production grew 70% quarter-over-quarter, and 50% of Agentforce/Data Cloud bookings came from existing customers increasing consumption, up from 40% and 30% in prior quarters. [11]
That kind of adoption curve is exactly what AI investors want to see—and it’s a major reason CRM has been one of the more resilient large‑cap software names despite a choppy broader market.
Simply Wall St’s December 7 post‑earnings analysis adds a longer-term lens:
- Consensus among 51 analysts now calls for Salesforce revenue of $45.9 billion in 2027, about 14% above the last twelve months, with EPS expected to reach $8.31 (up 7.8%).
- Importantly, that revenue forecast ticked up from $44.9 billion pre‑earnings, while EPS expectations edged slightly down, suggesting analysts see more top‑line opportunity but also ongoing investment.
- Their consensus price target sits around $327, with a range roughly between $223 and $415 per share. [12]
All of this supports the idea that today’s after-hours quote around $263 reflects a market still digesting higher growth and margin expectations, but also weighing how durable the AI boom will be.
3. Fresh December 10 News: DeVry, Saltbox and the Agentforce Ecosystem
Beyond the numbers, December 10 brought several ecosystem headlines that matter for sentiment going into tomorrow’s open.
DeVry University goes “agentic” with Agentforce 360
In a Business Wire release circulated via StockTitan this morning, Salesforce announced that DeVry University is rolling out Agentforce 360 to support its more than 32,000 learners. [13]
Key details:
- DeVry is using Agentforce 360 Platform plus Data 360 to provide instant, 24/7 support for students, as well as to streamline enrollment through a self‑service site powered by Agentforce Commerce (formerly Commerce Cloud).
- Agentforce is replacing DeVry’s legacy chatbot and automating what used to be an 11‑hour weekly manual onboarding process, freeing advisors to focus on higher‑value student support. [14]
For investors, this is a real‑world proof point that Agentforce isn’t just slide‑ware—it’s being used to build always‑on AI agents that tie together sales, service, marketing and data in a production environment.
Saltbox Mgmt deepens Agentforce Commerce interoperability
Separately, Saltbox Mgmt announced new capabilities around Agentforce Revenue Management (ARM, formerly Revenue Cloud Advanced) and Agentforce Commerce, including a “Commerce by Contract” offering. [15]
Highlights from the PR: [16]
- The solution enables contract-driven purchasing directly inside the commerce experience.
- Buyers can manage multiple carts by project, accept quotes into carts, and see products governed by contract terms—with non‑contracted items routed into quote‑request flows.
- Salesforce’s own B2B commerce leadership is quoted, emphasizing that this ARM–Commerce interoperability reduces custom integration work and helps customers sell more complex products across channels.
Together with DeVry’s deployment, these December 10 headlines reinforce the “Agentic Enterprise” positioning Salesforce is pushing and help support the narrative behind the stock’s rerating.
4. Street View: Latest Analyst Ratings, Targets and Forecasts
Consensus remains bullish, but with a wide target band
MarketBeat’s latest compilation of Wall Street research shows: [17]
- Consensus rating:“Moderate Buy”, based on 42 analysts.
- 28 Buy, 13 Hold, 1 Sell.
- Average 12‑month price target:$326.46, implying ~23.6% upside from today’s $264.02 close.
- Target range:
- High: $430
- Low: $221
Several key moves over the past week:
- Morgan Stanley (Keith Weiss) trimmed its target from $405 to $398 on December 9 while maintaining an Overweight rating. [18]
- Other firms like Citigroup, DA Davidson, Barclays, Needham, Baird and others have updated targets in a wide $235–$400+ band over the last few days, reflecting both enthusiasm for AI upside and caution about valuation and competition. [19]
Simply Wall St’s synthesis shows a very similar consensus target of $327, again underscoring that Street models cluster around the mid‑$320s even after the recent rally. [20]
Social and sentiment data
Quiver Quantitative’s December 10 report aggregates chatter from X (Twitter) and other sources around the Q3 FY26 earnings print: [21]
- Conversation highlights Salesforce’s 8.63% year‑over‑year revenue increase to about $10.26 billion and the stock’s ~5% post‑earnings jump.
- One major institution’s target cut (from $405 to $398) is being read as a “recalibration, not a downgrade”, though some investors see it as a subtle sign of caution.
- There’s visible debate on X about whether Salesforce’s aggressive AI pivot can sustain its current growth trajectory in a crowded market.
In short: Wall Street is still firmly on the bullish side, but expectations are high and dispersion in price targets is widening.
5. Flows and Positioning: Options, Insiders, and Institutions
Options market: Bearish tilt in today’s unusual activity
Benzinga’s December 10 “Unusual Options Activity” report for CRM points to sizable institutional options trades today: [22]
- 27 unusual options trades were flagged.
- Sentiment skew: around 55% bearish vs. 33% bullish.
- Notional flows:
- 12 put trades worth about $929k.
- 15 call trades worth about $802k.
- Whales have been targeting a $200–$300 strike range over the last three months.
The piece also notes that:
- CRM was trading around $261–262 at the time of the activity, with volume ~3.39 million shares, and its RSI edging toward overbought territory.
- In the past 30 days, five analysts have set an average target around $321, with Wedbush, DA Davidson, Needham, Macquarie and Barclays all active in revising ratings and targets. [23]
For tomorrow’s open, these flows suggest elevated expectations and some hedging—investors may be locking in recent gains or betting on a pullback toward the lower end of the $200–$300 range over a multi‑month horizon.
Insider and institutional activity
Quiver Quant’s December 10 dashboard adds depth to the positioning picture: [24]
- Over the last six months, Salesforce insiders have executed 494 trades:
- 2 purchases, 492 sales.
- CEO Marc Benioff alone has sold roughly 195,872 shares across 479 sales, for an estimated $49.2 million.
- Co‑founder Parker Harris has sold ~135,804 shares in seven trades.
- Offsetting that, large institutions have been active buyers:
- Capital World Investors added 10.6 million shares (+159%) in Q3 2025.
- UBS Asset Management added about 6.4 million shares (+60.8%).
- Rockefeller Capital and others also made sizable additions, while some big firms like Wellington and JPMorgan took profits or trimmed holdings. [25]
This mix—heavy insider selling but strong institutional accumulation—is typical of a large, mature tech name in a bull phase: management diversifies wealth, while long‑only funds add exposure on the back of improving fundamentals.
6. What to Watch Before the Market Opens on December 11, 2025
Putting it all together, here’s what traders and investors should keep an eye on heading into tomorrow’s session:
1. Can CRM hold the $260–$265 zone?
- After today’s close at $264.20 and after-hours drift toward $263, tomorrow’s open will test whether this $260–$265 band becomes a new support level or a short‑term peak after an ~12% weekly run. [26]
- Any sharp move below $260 on heavy volume could suggest profit‑taking, especially with options data showing a modest bearish skew.
2. Market reaction to AI / Agentforce headlines
- New deployments like DeVry’s Agentforce 360 rollout and partner expansions like Saltbox’s contract‑driven commerce offering show real demand for Salesforce’s AI platform, not just hype. [27]
- Watch whether other customers or partners announce Agentforce‑related initiatives—each incremental proof point strengthens the long‑term AI thesis that’s underpinning current valuations.
3. Street commentary and target drift
- Consensus price targets in the $320–$330 range still imply mid‑20% upside, but with recent trims (like Morgan Stanley’s $405 → $398) and a broad spread between the highest and lowest targets. [28]
- Any fresh upgrades, downgrades, or big target moves Thursday morning could sway sentiment quickly, particularly given the elevated expectations already priced in.
4. Options and volatility
- With recent unusual options activity skewing bearish and whales clustered in the $200–$300 strikes, short‑term volatility around key macro headlines or sector rotations could be amplified. [29]
- Watch implied volatility and open interest shifts pre‑market; sharp changes can flag positioning ahead of a bigger move.
5. Valuation versus growth
Based on Salesforce’s updated full‑year adjusted EPS guidance of about $11.76, today’s price around $264 implies a forward P/E in the low‑20s—roughly ~22–23x that earnings figure. [30]
That’s not cheap, but it’s defendable if:
- Agentforce and Data 360 continue to grow ARR at triple‑digit rates. [31]
- Revenue can sustain low‑teens growth (analysts see ~11% annualized into 2027). [32]
- Margins remain above 20% even as Salesforce invests aggressively in AI and go‑to‑market expansion. [33]
If any of those pillars wobble, the multiple could compress, which is exactly what some of today’s bearish option flows may be anticipating.
7. Bottom Line
As of after-hours on December 10, 2025, Salesforce stock sits just below its regular-session close, consolidating gains after a post‑earnings, AI-fueled run:
- Price: Around $263 after hours, vs. $264.20 at the close. [34]
- Narrative: Strong Q3 earnings, widening margins, and explosive adoption of Agentforce and Data 360 are driving the bull case. [35]
- Street view: Consensus remains a “Moderate Buy” with mid‑$320s price targets, but with a wide dispersion and some recent trims at the high end. [36]
- Positioning: Options flows today skewed mildly bearish, insiders have been net sellers, and large institutions are active on both sides of the trade. [37]
Heading into the December 11 open, the key question isn’t whether Salesforce has an AI story—it clearly does—but whether the current price appropriately reflects the balance of growth, margin expansion, competitive risk and macro uncertainty.
References
1. stockanalysis.com, 2. stockanalysis.com, 3. www.financecharts.com, 4. www.tipranks.com, 5. public.com, 6. public.com, 7. www.marketbeat.com, 8. markets.financialcontent.com, 9. www.benzinga.com, 10. markets.financialcontent.com, 11. www.salesforceben.com, 12. simplywall.st, 13. www.stocktitan.net, 14. www.stocktitan.net, 15. www.prnewswire.com, 16. www.prnewswire.com, 17. www.marketbeat.com, 18. www.marketbeat.com, 19. www.quiverquant.com, 20. simplywall.st, 21. www.quiverquant.com, 22. www.benzinga.com, 23. www.benzinga.com, 24. www.quiverquant.com, 25. www.quiverquant.com, 26. public.com, 27. www.stocktitan.net, 28. www.marketbeat.com, 29. www.benzinga.com, 30. markets.financialcontent.com, 31. markets.financialcontent.com, 32. simplywall.st, 33. markets.financialcontent.com, 34. public.com, 35. markets.financialcontent.com, 36. www.marketbeat.com, 37. www.benzinga.com
