TLDR
- Salesforce stock is down roughly 30% year-to-date, badly underperforming the S&P 500’s ~5% decline.
- Agentforce ARR hit ~$800 million in Q4, up 169% year-over-year; Agentforce plus Data Cloud ARR topped $2.9 billion, up over 200%.
- Salesforce has signed more than 29,000 Agentforce deals since launch, up from 18,500 the prior quarter.
- Q4 2026 revenue came in at $11.2 billion, up 12% year-over-year, with current RPO growing 16%.
- The average Wall Street price target sits at $261.45, implying roughly 38% upside from $189.80.
It has been a tough 2026 for Salesforce. The stock is down about 30% year-to-date, a painful gap versus the S&P 500’s roughly 5% drop over the same stretch. But the company’s underlying numbers tell a more complicated story than the price chart suggests.
On April 22, CRM closed at $189.80, up 1.44% on the day. That outpaced the S&P 500’s 1.05% gain and the Dow’s 0.69% rise, though it trailed the Nasdaq’s 1.64% move.
The sell-off this year appears rooted in concerns over slowing growth in parts of the portfolio — particularly Marketing, Commerce, and Tableau — as well as mounting competition from AI-native vendors. But management has consistently guided for a revenue reacceleration in the second half of Fiscal 2027.
In Q4 2026, Salesforce posted $11.2 billion in revenue, up 12% year-over-year. Current remaining performance obligations grew 16%. Net-new annual order value growth also outpaced total AOV growth in the second half of Fiscal 2026 — a metric that often leads reported revenue growth.
Agentforce Numbers Pick Up
Agentforce is increasingly the focus of the bull case. The product’s ARR reached roughly $800 million in Q4, up 169% year-over-year. When combined with Data Cloud, the figure topped $2.9 billion, up more than 200% year-over-year.
Since launching Agentforce, Salesforce has closed more than 29,000 deals, up from 18,500 the prior quarter. Production accounts grew nearly 50% quarter-over-quarter.
Around 60% of Agentforce and Data Cloud bookings came from existing customers expanding use — not new logos. And 75% of the top 100 wins in the quarter included both Agentforce and Data Cloud together. That suggests real deployment, not just pilots.
Salesforce has framed its AI strategy around four connected layers: context (data and metadata), work (core apps), agency (agent-building tools), and engagement (Slack, voice). The argument is that this stack goes deeper than simply layering a chatbot over a large-language model.
Valuation and Street View
The stock currently trades at a forward P/E of around 14x by some measures, well below the internet software industry average of ~19x. Its PEG ratio sits at roughly 1.0, compared to a sector average of 1.13.
Salesforce also holds a Zacks Rank of #3 (Hold). Analysts expect Q1 EPS of $3.12, up nearly 21% year-over-year, on revenue of $11.06 billion, up around 12.5%.
For the full fiscal year, consensus estimates point to EPS of $13.15 and revenue of $46.05 billion, up 5% and 10.9% respectively from the prior year.
Wall Street Outlook
Of 37 analysts tracked by TipRanks, 28 rate CRM a Buy, eight say Hold, and one has a Sell. The average 12-month price target is $261.45, implying about 37.75% upside from the current price.
Salesforce also expanded its sales capacity with double-digit growth in ramped account executives in recent quarters — a leading indicator that typically flows through to bookings before hitting reported revenue.
Upcoming earnings will be the next real test for the reacceleration thesis.
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