SAN FRANCISCO, April 13, 2026, 08:16 PDT
Salesforce Inc. faced a new round of questions Monday after reports called out recent stake reductions by Choreo LLC and Sumitomo Mitsui Trust Group. But according to SEC filings dated Jan. 23, both firms were actually reporting their positions as of Dec. 31—there’s no indication of April sales. Choreo listed 27,733 shares, a stake then worth about $7.37 million. Sumitomo Mitsui Trust Group, on its part, revealed 2,478,864 shares valued near $656.7 million.
Investors keep digging through old portfolio data, hoping to spot patterns as AI jitters start hitting software stocks again. Salesforce climbed roughly 3.4% to $170.58 in early Monday trading. Still, the S&P 500 software and services index lags—down 25.5% for the year. Anthropic’s new model has put fresh AI disruption worries back in focus, with Steve Sosnick at Interactive Brokers calling it a case of those concerns “coming back to the fore.” Reuters
Large money managers have to file a 13F every quarter to reveal some of their U.S.-listed stock holdings. The data is always a bit stale by the time it lands: Choreo signed off its latest on Jan. 22, with the SEC stamping it a day later. Sumitomo Mitsui Trust Group’s disclosure hit the books on Jan. 23 as well.
According to those reports, Choreo unloaded 15,125 Salesforce shares in the quarter, while Sumitomo Mitsui trimmed its stake by 234,110 shares. Comparing their latest moves to the SEC year-end numbers, that’s about a 35% reduction for Choreo and 8.6% for Sumitomo Mitsui.
Salesforce, which provides CRM software for tracking sales and customer service, is working to persuade investors that its artificial intelligence strategy can make up for weaker demand in its core business. Back in February, the company projected fiscal 2027 revenue a touch under what Wall Street was looking for. Still, it bumped up its 2030 revenue goal to $63 billion and rolled out a $50 billion buyback plan.
Back then, Chief Executive Marc Benioff called “Agentic AI” a business tailwind. Still, Rebecca Wettemann, who leads Valoir, argued Salesforce faces a challenge: turning early AI buzz into “broader enterprise adoption.” To get there, the company has to move its AI agents—software that handles user tasks for them—beyond pilot tests and into mainstream deployment. Salesforce Investor Relations
The debate comes down to data. Last month, Reuters noted that certain analysts give the edge to Salesforce and Oracle over Workday, arguing their deep, proprietary data is tougher for AI competitors to replicate. James St. Aubin of Ocean Park Asset Management described proprietary data as “the deepest moat by far.” Reuters
There’s a major catch here. Quarter-end 13Fs don’t reveal if Choreo or Sumitomo Mitsui switched strategy in January, February, or even this month—think of them more as lagging snapshots, not real-time trading cues. The real wildcard: will AI agents slash paid software licenses quicker than established players can convert the technology into fresh revenue streams?
