Is CRM a good stock to buy? We came across a bullish thesis on Salesforce, Inc. on Notes on the Noise’s Substack. In this article, we will summarize the bulls’ thesis on CRM. Salesforce, Inc.’s share was trading at $182.55 as of June 8th. CRM’s trailing and forward P/E were 21.51 and 13.91 respectively according to Yahoo Finance.
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Salesforce, Inc. provides customer relationship management technology services that connect companies and customers together in the United States and internationally. CRM is positioned as one of the most resilient enterprise software companies despite growing fears that generative AI will commoditize traditional SaaS platforms.
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The company remains the global leader in cloud-based customer relationship management software, acting as the central system of record for enterprises by housing decades of deeply integrated customer, sales, and operational data. While AI tools have lowered the barriers to creating basic CRM interfaces, Salesforce’s competitive moat extends far beyond software code through its massive relational data ecosystem, regulatory compliance infrastructure, enterprise trust, and deeply embedded integrations across finance, marketing, and operational systems.
Its AppExchange ecosystem, MuleSoft integrations, and large installed base of certified administrators further strengthen switching costs, making displacement by smaller AI-native competitors highly unlikely. Salesforce is also aggressively integrating AI through Agentforce and Data Cloud, enabling autonomous AI-driven workflows while maintaining enterprise-grade security and governance standards through products like Einstein Trust Layer and Atlas.
The core bullish thesis centers on Salesforce transitioning from a seat-based pricing model to monetizing autonomous digital labor through Agentic Work Units (AWUs), effectively shifting from charging for software access to charging for completed work. This expands the company’s addressable market significantly beyond human software users.
Early traction appears strong, with Agentforce and Data Cloud ARR reaching $2.9 billion and growing 200% year-over-year. Management’s confidence is further reinforced by a $50 billion share repurchase authorization, enough to retire roughly 25% of outstanding shares. If revenue growth re-accelerates as management expects, the stock could experience a substantial rerating from current depressed levels.
