Salesforce (CRM) Stock on November 29, 2025: Earnings Countdown, AI Jitters, and a 30% Slide

Published: November 29, 2025

Salesforce, Inc. (NYSE: CRM) heads into the final month of 2025 under heavy scrutiny. The stock is trading just a few percentage points above its 52‑week low, investors are nervous about slowing growth and AI disruption, and a critical earnings report is due on December 3.

Yet despite a roughly 30% drop over the last year, Wall Street’s consensus price targets still point to sizeable upside, and Salesforce has just completed an $8 billion data mega‑deal that could reshape its AI capabilities for years to come. ^[1]

Here’s where Salesforce stock stands today, what has changed in recent weeks, and what investors will be watching as a pivotal earnings week approaches.

Salesforce Stock Today: Near the Bottom of Its Range

Salesforce shares last closed on Friday, November 28, 2025 at $230.54, up about 1.1% on the day. ^[2]

Key snapshot metrics:

Last close: $230.54 (Nov 28, 2025) ^[3]
Day’s range (Nov 28): $228.63 – $232.56 ^[4]
52‑week range: $221.96 – $369.00 ^[5]
Market capitalization: roughly $217 billion ^[6]
12‑month performance: down about 30% vs. a year ago ^[7]

The recent low is particularly striking. On November 21, CRM touched a 52‑week low of $221.96, according to MarketsMojo and multiple price databases. ^[8] Friday’s close leaves the stock less than 4% above that level.

Over the last 30 days, Salesforce is down just over 8%, and over the past 12 months the stock has fallen about 30%, even as the broader U.S. indices have moved higher. ^[9]

Despite the pullback, Salesforce still trades at a premium to the wider market. Data from Macrotrends puts its price‑to‑earnings ratio around 27.5 as of November 29, 2025—well below the lofty SaaS multiples of the pandemic era, but not “cheap” in absolute terms. ^[10]

Why the Stock Has Been Under Pressure

Several overlapping themes explain why CRM has struggled in 2025:

Growth is slowing into high single digits.
After years of mid‑teens growth, Salesforce is now expected to grow revenue by less than 10% annually. Barron’s notes that sales growth has decelerated sharply compared with the ~17% average in earlier years, contributing to the stock’s long‑term underperformance versus the S&P 500. ^[11]
AI is both the opportunity and the fear.
Investors are wrestling with the possibility that generative AI could erode Salesforce’s pricing power or shift value to infrastructure and model providers rather than application‑layer platforms. A recent Barron’s piece frames this explicitly: AI may disrupt Salesforce’s business as much as it enhances it, at least in the eyes of cautious analysts. ^[12]
Uncertainty around AI monetization.
Salesforce has repeatedly highlighted strong momentum in AI and data subscriptions—Data Cloud and Agentforce combined have reached around $1.2 billion in annual recurring revenue (ARR), up roughly 120% year over year. ^[13]
The problem: many investors expected AI to move the growth needle faster, and some analysts are unconvinced that current AI ARR justifies the stock’s premium valuation.
Leadership and capital‑allocation questions.
24/7 Wall St points to the departure of long‑time CFO Amy Weaver and the transition to Robin Washington as a source of uncertainty, even though Weaver is staying on as an adviser. ^[14]
Activist investors such as Starboard Value have also pressed Salesforce to be more disciplined on costs and acquisitions—a campaign that is resurfacing in commentary as the share price falls. ^[15]
Technical and sentiment headwinds.
Simply Wall St notes that while Salesforce’s business fundamentals have kept growing, the stock is down roughly 31% year‑to‑date and about 9% over the past month, leaving sentiment fragile even as three‑year total shareholder return remains positive. ^[16]

Put bluntly: Salesforce is no longer priced like a hyper‑growth cloud darling, but investors aren’t yet convinced it has fully re‑rated to a slower, cash‑cow AI platform either.

The Earnings Countdown: December 3 as a Potential Catalyst

Salesforce reports fiscal Q3 2026 results on Wednesday, December 3, 2025, after the U.S. market close, with a conference call scheduled for 2:00 p.m. PT / 5:00 p.m. ET. ^[17]

Wall Street’s expectations cluster tightly:

Revenue: about $10.26–$10.30 billion, up ~8.7–8.8% year‑on‑year ^[18]
Non‑GAAP EPS: around $2.85–$2.86, nearly 18% above last year’s Q3 EPS of $2.41 ^[19]

Internally, Salesforce has guided Q3 revenue to $10.24–$10.29 billion, with earnings of $2.84–$2.86 per share, a range that modestly underwhelmed some analysts when it was first issued. ^[20]

Research from S&P Global Market Intelligence highlights where growth is expected to come from: ^[21]

Subscription & support (around 95% of revenue) is projected to grow ~9.7% to $9.7 billion.
Within that, platform and data (where Data Cloud and Agentforce live) are forecast to grow ~14.6% to $2.1 billion.
Data‑focused offerings alone are expected to rise ~12.3% to $1.5 billion.

Analysts and investors will be laser‑focused on a few items:

AI & Data Cloud ARR: Is growth still running at or near triple digits? ^[22]
Margin trajectory: Salesforce lifted its fiscal 2026 profit outlook earlier this year, but the cost of AI investment and the Informatica deal could pressure margins. ^[23]
Updated guidance: Any tweak to fiscal 2026 or new color on the path to the $60+ billion FY2030 revenue target (implying >10% organic CAGR from FY26 to FY30) will be dissected. ^[24]

Some commentary is frankly cautious. Citi analyst Tyler Radke, quoted by Barron’s, argues that the upcoming report is unlikely to fully calm fears about AI disruption and deceleration, even if headline numbers are fine. ^[25]

AI, Agentforce, and the Informatica Deal: The Long‑Term Story

While the short‑term narrative is all about earnings risk, the long‑term story is squarely about AI + data.

Agentforce and the “agentic AI” bet

Salesforce has repositioned itself as the “#1 AI CRM,” with its Agentforce platform at the center. Agentforce lets businesses build autonomous AI agents that sit on top of Salesforce data and workflows—handling customer service, sales tasks, and internal operations with varying degrees of autonomy. ^[26]

Key milestones over the last year include:

Agentforce 3 and Agentforce 360, aimed at scaling AI agents across enterprises and providing centralized observability and control. ^[27]
More than $900 million in combined Data Cloud & AI ARR reported for FY25, later climbing to about $1.2 billion by Q2 FY26—up roughly 120% year‑on‑year. ^[28]
Expanded partnerships with OpenAI and Anthropic, integrating their latest models—including GPT‑5 and Claude—into Agentforce 360 and Salesforce’s broader AI stack. ^[29]

These moves are meant to position Salesforce as the orchestration layer for AI agents rather than just another SaaS app using models from elsewhere.

Informatica: an $8B swing at the data problem

The most concrete—and controversial—piece of the strategy is Salesforce’s $8 billion acquisition of Informatica, an enterprise data‑management specialist. ^[30]

The deal, first announced in May 2025 and completed on November 18, 2025, brings Informatica’s data catalog, governance, quality, integration, and master‑data tools into the Salesforce platform. ^[31]
Informatica has now been delisted from the NYSE, with shareholders receiving $25 per share in cash. ^[32]
Salesforce and industry commentators describe the combined stack as a “data foundation for agentic AI,” intended to give Agentforce cleaner, better‑governed data across complex enterprises. ^[33]

Bulls see this as a necessary move to compete against Microsoft, ServiceNow, and others in AI‑driven automation. ^[34]
Bears worry it signals that Salesforce needs M&A to sustain growth and adds integration risk at a delicate time.

Partnerships and ecosystem moves

The AI narrative is not just internal:

Adecco, one of the world’s largest staffing firms, has created a joint venture with Salesforce called r.Potential, meant to help enterprises apply AI in practical, measurable ways and avoid a speculative “AI bubble.” ^[35]
Salesforce data from its digital commerce platform shows U.S. Thanksgiving online sales at about $8.4 billion, up roughly 3% year‑on‑year, and global Thanksgiving digital sales of $35.6 billion, up around 6%. Retailers that deployed AI “shopper agents” saw notably higher growth than those that did not. ^[36]

Altogether, Salesforce is trying to prove not just that AI is exciting, but that it drives real‑world spending and subscription growth across its ecosystem.

How Wall Street Sees Salesforce Now

Despite the recent slide, the analyst community is still broadly constructive.

Consensus ratings and price targets

According to a recent 24/7 Wall St analysis:

The median 12‑month price target on CRM is about $324.49, implying roughly 42% upside from current levels.
Of 40 analysts tracked, 30 rate the stock “Buy”, nine “Hold”, and only one “Sell,” giving Salesforce a consensus rating of “Moderate Buy.” ^[37]

24/7 Wall St’s own model sets a somewhat lower year‑end target of $302, still implying more than 30% upside from roughly $230. ^[38]

On the valuation side, Simply Wall St and other fundamental models suggest the stock may be 30–40% undervalued based on discounted‑cash‑flow analysis, assuming Salesforce hits its mid‑term growth and margin ambitions. ^[39]

Cantor Fitzgerald, meanwhile, maintains an “Overweight” rating with a $325 price target, a stance that continues to feature in daily stock‑news roundups. ^[40]

Market‑structure and sentiment data

MarketBeat’s latest “Why Is Salesforce Up Today?” note highlights several drivers behind the recent bounce from the lows: ^[41]

Reaffirmed Overweight ratings and supportive analyst commentary.
Holiday‑shopping data from Salesforce that underscores resilience in digital spending. ^[42]
A wave of institutional filings showing asset managers and pension funds adding to or initiating positions in CRM on weakness.

At the same time, Barron’s and other outlets warn that AI monetization and slowing growth justify caution, and at least one major bank has trimmed its price target in recent days. ^[43]

Salesforce’s Valuation in Context

With the stock around $230:

Salesforce trades at a P/E of roughly 27–28x trailing earnings. ^[44]
The stock is down about 30% over the last year and nearly 30% year‑to‑date, according to multiple price and performance trackers. ^[45]
CRM sits only a few percentage points above its 52‑week low of $221.96 and far below its high of $369. ^[46]

Relative to its own history, Salesforce is now trading at:

A lower multiple than during its pandemic‑era peak valuation.
A multiple still above truly “value” software names, reflecting investors’ belief that double‑digit organic growth and high‑20s operating margins are achievable. ^[47]

The core question for equity investors is whether Salesforce can grow into that multiple via AI‑driven expansion—or whether AI will compress its pricing power and margins faster than new products can scale.

Key Things to Watch Going Into the Q3 Report

As of November 29, 2025, these are the flash points that could move Salesforce stock when earnings land:

AI & Data Cloud Numbers
- Does combined Data Cloud + AI ARR accelerate beyond the $1.2 billion level cited for Q2? ^[48]
- Are attach rates for Agentforce and Data Cloud improving across large enterprises?
Revenue Growth vs. Expectations
- A print meaningfully above the $10.3 billion revenue consensus would help rebuild confidence that growth hasn’t structurally slowed below high single digits. ^[49]
Margins and Cash Flow
- Investors will look for evidence that Salesforce can continue expanding margins while spending heavily on AI infrastructure and integrating Informatica. ^[50]
Informatica Integration Update
- Any color on cross‑selling momentum, early customer wins, or synergy targets from the Informatica deal will be closely parsed. ^[51]
Competitive Positioning
- Management’s commentary on competition from Microsoft Dynamics 365, ServiceNow, SAP, HubSpot and others will help investors judge whether Salesforce can maintain its CRM dominance in an AI‑first world. ^[52]
Updated Long‑Term Targets
- Any reaffirmation or adjustment to the $60+ billion FY2030 revenue goal and 10%+ organic CAGR will affect long‑term DCF‑style valuations that underpin many bullish calls. ^[53]

Bottom Line: Salesforce Stock at a Crossroads

As of November 29, 2025, Salesforce stands at an inflection point:

The stock price is near a 52‑week low, down roughly 30% over the last year despite resilient (if slower) revenue growth. ^[54]
The fundamentals still show high‑single‑digit to low‑double‑digit growth, strong recurring revenue, and fast‑growing AI and data subscriptions. ^[55]
The strategy—anchored around Agentforce, Data Cloud, and now Informatica—is clearly focused on becoming the data‑rich AI operating layer for enterprises. ^[56]
Analysts remain mostly bullish, with price targets that, on paper, suggest 30–40% upside from current levels. ^[57]

Whether that upside materializes will depend heavily on what Salesforce delivers on December 3 and how convincingly it can show that AI is not a threat to its business model but an accelerant for durable growth.

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