President Donald Trump announced a blanket 10% tariff on all imports on April 2, levying additonal (and much steeper) duties on specific countries. This move, designed to breathe life back into U.S. manufacturing and trim the widening trade deficit, sent tremors through financial markets. The tech sector took the brunt of the storm. Salesforce (CRM), already walking on thin ice, saw its shares tumble 6% on April 3, dragging its year-to-date loss to a worrying 23.3%.

Amid the market upheaval, a curious trend in CRM stock is unfolding. 

On April 3, board member Oscar Munoz bucked the trend, purchasing 3,882 shares at $257.28 each, a near-$1 million investment. 

Now hovering near $255, CRM has sparked speculation about what truly lies beneath the surface.

About Salesforce Stock

Salesforce (CRM) has built a name for itself with its powerful Customer 360 platform. The all-in-one suite ties sales, service, marketing, and commerce into a single, seamless customer journey. Valued at $245 billion, Salesforce’s portfolio spans customer support, marketing automation, analytics, sales force automation, and e-commerce.

However, the past year has seen some storm clouds gather. CRM stock has taken a 12.8% dip. While that might raise eyebrows, a deeper look reveals a silver lining.

Trading at 30.3 times forward adjusted earnings and 6.47 times sales, CRM is priced above industry averages but remains a bargain when held against its own five-year benchmarks.

A Closer Look at Salesforce’s Q4 Earnings

On Feb. 26, Salesforce unveiled its fiscal 2025 fourth quarter earnings that, while solid, came wrapped in cautious optimism. The company posted revenue of $9.99 billion for the quarter, marking an 7.6% year-over-year rise, although narrowly missing the $10.04 billion Street estimate. 

The subscription and support services arm climbed 8% year over year to $9.45 billion. Is Data Cloud and AI arm clocked a 120% surge in annual recurring revenue, reaching $900 million. Adjusted EPS grew 21.4% from the year-ago value to $2.78, outpacing the $2.61 Wall Street forecast.

What truly turned heads, though, was the rapid traction of Agentforce, Salesforce’s autonomous artificial intelligence (AI) agent. Since October 2024, the firm has closed 5,000 deals tied to Agentforce, more than 3,000 of which are already generating revenue. 

Still, there were signs of deceleration. Remaining performance obligation (RPO) rose 9.4% year over year to $30.2 billion, easing from 10% growth in the prior quarter, while total RPO stood at $63.4 billion, up 11%. 

Fueling future ambitions, Salesforce has unveiled AgentExchange, a trusted AI marketplace backed by over 200 partners. Tapping into the $6 trillion digital labor market, it supercharges Agentforce’s capabilities, broadens its adoption and drives a new wave of productivity in the AI economy.

Looking ahead, for fiscal 2026 first quarter, revenue is expected to come in between $9.71 billion and $9.76 billion, while adjusted EPS could land between $2.53 and $2.55. Guidance for full fiscal year 2026 includes $40.5 billion to $40.9 billion in revenue and adjusted EPS between $11.09 and $11.17. 

What Do Analysts Expect for Salesforce Stock?

Analyst sentiment around CRM has taken a decidedly bullish turn. Jefferies analyst Brent Thill holds firm with a “Buy” rating and a price target of $375. Truist Securities’ Terry Tillman echoes the stance, reaffirming a “Buy” and setting the bar even higher at $400, driven by the promising potential of Data Cloud, Agentforce, and AI.

The broader Street consensus aligns with this enthusiasm, designating the stock a “Strong Buy.” Out of 46 covering the stock, 34 advocates a “Strong Buy,” three lean toward a “Moderate Buy,” seven sits on the fence with a “Hold,” and two advise “Strong Sell.”

The average price target of $371.91 represents potential upside of 45%, while the Street-high target of $440 suggests that the stock can climb as much as 72% from the current price level.