CRM market-structure snapshot

$CRM: multi-source stock research

Salesforce, Inc.

MARKET STRUCTURE

Latest close on July 24, 2026: $163.66 (+4.3% on the latest daily bar).

HMA21 / HMA55: $168.15 / $161.66. 200DMA: $206.59.

Relative volume: 0.86x the 20-day average.

Nearest support/watch zone: $160.50.

Nearest resistance/watch zone: $164.45.

Price is below the 200DMA, so the long-term trend reference is still defensive.

FUNDAMENTALS AND VALUATION

Latest comparable filing period: 2027 Q1 ending 2026-04-30; filed 2026-05-28.

Comparable growth: revenue +13.3% YoY; net income +36.7% YoY; diluted EPS +52.2% YoY.

Quality and cash conversion: net margin 18.9% (+325 bp YoY); quarterly SEC free-cash-flow proxy $6.56B (+4.1% YoY).

Valuation snapshot: trailing P/E 19.0x; forward P/E 10.6x; EV/EBITDA 12.8x; P/S 3.1x.

Read-through:
• Net income grew faster than revenue, indicating positive earnings leverage in the comparable period.
• Cash generation improved versus the comparable period.

RECENT INSTITUTIONAL RESEARCH

• 2026-07-21 — Salesforce took the initiative to transform its layout in the Agent era, but was dragged down by its traditional business and was downgraded to an… (Morgan
Stanley)

The report points out that Salesforce is actively promoting its own changes to prepare for the Agentforce (intelligent) era, and relevant operating indicators are improving. However, traditional businesses such as Commerce and Tableau continue to be a drag, and organic growth has not yet reached an inflection point.

The current valuation of about 19 times GAAP price-to-earnings ratio is relatively reasonable, and the stock price lacks an obvious growth inflection point and will remain range-bound.

BOTTOM LINE

The technical structure is mixed, while the latest comparable period showed growth in both revenue and net income. The next confirmation must come from both price structure and the next reported operating data—not from narrative alone.

WHAT TO WATCH

• A reclaim of HMA21 near $168.15 would be the first meaningful stabilization signal.
• A close below the nearby support zone around $160.50 would weaken the setup.
• Whether the next filing confirms that revenue growth is converting into net income, EPS and cash flow.
• Whether the operating milestones identified in recent institutional research become measurable disclosures.

Research and technical observation only; not a trade recommendation.

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