Salesforce, Inc. (NYSE:CRM) received a vote of confidence from Oppenheimer, though the survey data came with a catch. The firm maintained its Outperform rating and $275 price target after a Dreamforce customer survey. However, analyst Brian Schwartz said the results point to healthy spending rather than a pickup in demand. Salesforce is just one of the cloud stocks on Billionaire’s radar. But which other stocks made the list?
What Oppenheimer’s Survey Found?
Around 85% of surveyed customers have either tested or deployed Salesforce’s AI product, Agentforce. The catch is that nearly half are still testing or running pilots. It is still unclear how quickly they will move to full adoption.
IT budgets remain healthy, while companies are focusing more on efficiency projects, a trend that could benefit Agentforce. But Oppenheimer identified risks as well. About 40% of data is handled by a third-party provider rather than the company’s Data 360, while AI tools could potentially come between Salesforce and its users. So the missing piece is proof that testing turns into spending. Salesforce landed on Insider Monkey’s 11 best agentic AI stocks to buy right now. Curious where it ranks among the other AI names?
Cheap for a Reason
Salesforce’s valuation suggests Investors are still looking for the proof. The stock trades at a forward P/E of 14.13x, roughly 51% below its five-year average of 29.19x. Slower growth is part of the reason for the discount. Analysts project EPS to grow 33.82% for the year ending January 2027, followed by a 4.38% decline the next year. Growth is then expected to return to roughly 15% to 17%.
To me, the discount looks reasonable given the expected growth slowdown, but it also leaves room for upside if Agentforce moves beyond testing and gains real-world adoption.
Hedge fund ownership of Salesforce fell modestly from 101 funds at the end of Q1 2026 to 99 funds at the end of Q2 2026. Meanwhile, short interest was only 4.54% of float as of September 15, 2026.
Salesforce has genuine interest in Agentforce and trades at a low valuation, but demand has yet to show a meaningful acceleration. The limited change in hedge fund ownership and low short interest suggest investors are not heavily betting against the stock. If Agentforce testing translates into spending, the stock could benefit from a patient approach.
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