Salesforce Agentforce Adoption Still in Testing Phase Despite Strong Customer Interest

Salesforce (NYSE: CRM) received a positive outlook from Oppenheimer, though the firm's Dreamforce customer survey revealed some nuances. Oppenheimer maintained its Outperform rating and $275 price target, highlighting healthy spending but noting a lack of significant demand acceleration. Around 85% of surveyed customers have either tested or deployed Agentforce, Salesforce's AI product, but nearly half are still in the testing or pilot phase. This leaves uncertainty about the pace of full adoption.

The survey also indicated that IT budgets remain robust, with companies focusing on efficiency projects, a trend that could benefit Agentforce. However, Oppenheimer identified potential risks, including the fact that 40% of data is handled by third-party providers rather than Salesforce’s Data 360. Additionally, AI tools could create a barrier between Salesforce and its users. The key missing piece, according to the analysis, is evidence that testing will translate into spending.

Salesforce’s valuation reflects investor caution, trading at a forward P/E of 14.13x, which is roughly 51% below its five-year average of 29.19x. Analysts project EPS growth of 33.82% for the year ending January 2027, followed by a 4.38% decline the next year, with growth expected to return to roughly 15% to 17%. The discount appears reasonable given the expected slowdown, but there is potential for upside if Agentforce gains broader adoption.

Hedge fund ownership of Salesforce saw a slight decline, from 101 funds at the end of Q1 2026 to 99 funds at the end of Q2 2026. Short interest remains low at 4.54% of float as of September 15, 2026. While there is genuine interest in Agentforce and the stock trades at a low valuation, demand has yet to show meaningful acceleration. Investors appear patient, and if Agentforce testing leads to spending, the stock could benefit.