A disappointing forecast is weighing on CRM, along with a revenue miss
Software giant Salesforce Inc (NYSE:CRM) is down 2.9% at $298.34 at last check, following mixed fourth-quarter results and a disappointing fiscal 2026 revenue forecast. Though revenue of $2.78 per share beat estimates of $2.61, revenue of $9.99 billion came in below expectations. No fewer than 13 analysts slashed their price targets on CRM after the event, though J.P. Morgan Securities noted the pullback was a potential buying opportunity.
It's worth noting that CRM's 14-day relative strength index (RSI) of 19.3 sits firmly in "oversold" territory, which helps bulls' "buy the dip" case. On the charts, today's negative price action has the cloud stock dropping below the $300 level, a key level of both support and pressure over the past year.
At the very end of January, the stock neared its Dec. 4 record high of $369, but February's tumble has it well removed from those levels. Year over year, the equity is dipping into negative territory as it adds to its 11.6% year-to-date deficit.
Over in the options pits, CRM has seen 40,000 calls and 36,000 puts exchanged straight out of the gate -- four times the amount typically seen at this point. The May 250 put is the most popular contract, where new positions are being bought to open.