Salesforce, Inc. (NYSE:CRM) remains deeply embedded with its customers despite growing concerns that artificial intelligence could disrupt its core software business. Recent customer survey data points to strong interest in the company’s platform for building and deploying AI agents, Agentforce, as the company expands the platform through new editions and capabilities.
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The company is also strengthening Agentforce through strategic integrations with Amazon Web Services and Google Cloud. These integrations could support enterprise adoption by connecting Salesforce’s AI capabilities with infrastructure and applications customers already use, while reducing migration and integration requirements. They also expand the potential use of Agentforce beyond CRM-specific applications into broader cross-platform enterprise workflows.
Consequently, on September 18, Wells Fargo analyst Michael Turrin reiterated an Equal Weight rating on Salesforce while raising the price target to $250 from $230. The move reflects growing evidence that Salesforce is transitioning from positioning AI as a long-term strategic opportunity toward demonstrating measurable monetization.
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That progress was evident in the company’s second-quarter results, when Agentforce annual recurring revenue exceeded $1.5 billion, up more than 240% year-over-year. However, Salesforce expanded the definition of Agentforce ARR beginning in Q2 FY27 to include its AI offerings, Slackbot, and Headless 360, complicating the year-over-year comparison.
The company’s AI momentum has also been supported by increasing agentic activity. Salesforce said 7 billion Agentic Work Units had been delivered across Agentforce and Slack, including 3.2 billion in the second quarter alone. Following the milestone, Salesforce introduced new job-ready agents designed to perform high-value tasks across sales, service, and commerce.
Salesforce Targets Long-Term Revenue Growth
Salesforce, Inc. is seeing growing demand for its AI and data products, supporting management’s longer-term growth ambitions. Amid the strong demand, the company is targeting $63 billion in revenue in fiscal 2030, including Informatica.
The forecast underscores management’s confidence that AI and data products can become meaningful contributors to future growth. Salesforce is also working with leading AI companies, including Anthropic, as it seeks to strengthen its AI ecosystem and address competitive pressures in enterprise AI.
Key Risks
Despite improving AI momentum, questions remain about whether strong customer interest will translate into sustained revenue growth sufficient to justify Salesforce, Inc.’s continued investments in AI.
One challenge is the gap between experimentation and full-scale deployment. Salesforce has acknowledged that many enterprises remain between AI pilots and broader production deployment. If customers take longer to move from experimentation to paid, scaled deployments, Agentforce monetization could develop more slowly than expected.
Competition is another risk. Salesforce faces competition not only from traditional CRM and enterprise-automation providers but also from AI model developers and emerging agent platforms seeking to capture enterprise AI spending.
There is also a potential seat-optimization risk. As AI agents automate tasks previously performed by employees, some customers could reduce the number of software seats they purchase. This could offset part of the incremental revenue generated by Agentforce.
Hedge Fund Positioning and Short Interest
According to Insider Monkey’s database, the number of hedge funds holding Salesforce, Inc. shares declined to 99 in the second quarter from 101 in the first quarter.
Some large investors nevertheless increased their positions. Harris Associates raised its Salesforce stake by 9% to approximately $2.53 billion, while Arrowstreet Capital increased its position by 5% to approximately $2.08 billion.
Meanwhile, short interest stood at 3.55% of Salesforce’s shares as of August 31, with approximately 29.21 million shares sold short.
The Verdict
Salesforce, Inc.’s AI strategy is increasingly moving from an investment narrative toward measurable commercial activity. Agentforce’s rapidly expanding annual recurring revenue, growing agentic workloads, and integrations with major cloud platforms provide evidence of customer engagement with the company’s AI offerings.
However, the longer-term investment case remains dependent on Salesforce converting that interest into sustained, scalable revenue while managing competition, enterprise deployment timelines, and potential reductions in software seats as AI agents automate more work.
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