Salesforce just set a new record, but not the kind it wants. On Monday, shares dropped 1.8%, marking 14 straight days of losses, the longest losing streak in the company’s history. The stock is down 44% this year and nearly 30% since its last positive close on June 1. Here’s what’s behind the ongoing selloff, and why a recent acquisition and an analyst upgrade haven’t helped.
The main worry is that AI agents might let customers create their own software, making Salesforce’s products less necessary. Salesforce launched its own AI agent platform, Agentforce, to address this risk, but investors don’t seem convinced it’s enough. On Wall Street, this broader fear about AI shaking up the Software-as-a-Service industry is being called the SaaSpocalypse. The concern is that if AI agents can handle more knowledge work, companies may need much less traditional software.
Last week, Salesforce tried to ease investor worries by buying an AI agent company for $3.6 billion, adding its own AI model to the lineup. Jefferies analysts pointed out that Salesforce has made 15 acquisitions since May 2025 and said this shows the company is speeding up innovation. Still, the stock kept falling.
On Thursday, Monness Crespi upgraded Salesforce to Buy with a $200 price target. However, the analyst’s comments were not very upbeat. The upgrade was based on the stock’s low price and the fact that it is now the second-worst performer in the firm’s 2026 coverage, rather than any real change in the company’s outlook.
According to FactSet, 54 firms track Salesforce, and the stock has an average Overweight rating with a consensus price target of $244.58. Forty firms rate it as a Buy or similar. The difference between analyst expectations and the stock’s actual performance is among the largest in the software sector.
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