Salesforce Stock Drifts Lower as Investors Weigh AI's Impact

Salesforce stock has been drifting lower, sitting about 16% below its 52-week high of $269. Despite no negative company headlines driving the move, investors have been debating whether AI will lift or disrupt traditional software.

The product news was actually busy with Salesforce closing its acquisition of Fin on September 10 and launching Koa with Nvidia, a reasoning model for CRM built for multi-step tasks inside Agentforce, its AI agent platform. The launches rest on solid fundamentals, including Q2 fiscal 2027 revenue rising 11% to $11.3 billion and Agentforce annual recurring revenue (ARR) topping $1.5 billion.

A shrinking multiple creates an opening for Salesforce's valuation, with the stock sitting near 16x today compared to its average of 45.9x over ten years. Based on these inputs, a valuation model estimates a target price of $324, implying a 42.5% total return from the current share price of $227 and an annualized return of 16.3% over the next 2.3 years.