San Francisco, April 13, 2026, 08:07 PDT
Reports published over the past two days put old fourth-quarter disclosures on Salesforce back in play, showing that Choreo LLC and Sumitomo Mitsui Trust Group had reduced holdings in the cloud software company. The underlying 13F filings were accepted by the U.S. Securities and Exchange Commission on Jan. 23, and Salesforce shares were up $5.54 at $170.50 in morning trading on Monday.
The renewed focus lands at a touchy moment for big software stocks. Reuters reported last week that the S&P 500 Software and Services Index was down 25.5% in 2026 as investors worried that fast-moving AI tools could weaken older subscription-software models.
Salesforce faces extra scrutiny because it forecast fiscal 2027 revenue below Wall Street estimates in February, even as it leaned harder into AI. Rebecca Wettemann, chief executive of analyst firm Valoir, said the company still had to “translate early AI traction into broader enterprise adoption.” Reuters
Choreo’s 13F report — a quarterly filing that shows large money managers’ U.S. stock holdings at quarter-end — listed 27,733 Salesforce shares worth about $7.37 million as of Dec. 31. A MarketBeat summary of the filing said the firm sold 15,125 shares during the quarter.
Sumitomo Mitsui Trust Group’s filing showed 2,478,864 Salesforce shares valued at $656.7 million at year-end. Holdings Channel and MarketBeat summaries said that was 234,110 shares below the prior quarter.
Timing matters here. Both disclosures covered holdings as of Dec. 31 and were filed on Jan. 23, so they do not show what either investor owns now.
Salesforce, which sells customer-relationship-management software that companies use to manage sales and service work, tried to steady investors in February with bigger cash returns and an AI-led growth story. It reported $41.5 billion in fiscal 2026 revenue, raised its 2030 revenue target to $63 billion and approved a $50 billion buyback; Marc Benioff said Salesforce had rebuilt itself into an “operating system for the Agentic Enterprise,” a phrase the company uses for workplaces built around humans and AI agents on one platform. Salesforce Investor Relations
But the downside is still plain. If investors keep treating AI as a threat to older software vendors rather than a growth driver, Salesforce could stay caught in the same downdraft as its peers. Steve Sosnick of Interactive Brokers said investors were revisiting “software-specific concerns stemming from AI,” while Michael O’Rourke of JonesTrading said new models were exposing “the weakness of the current software.” Reuters
That pressure has not been limited to Salesforce. Reuters said Adobe, Intuit and Workday were also swept lower in the AI-driven retreat last week, underscoring how quickly sentiment can move across enterprise software.
For now, the headlines around Choreo and Sumitomo Mitsui look more like a reminder than a new signal. The filings are stale snapshots, and the next real test for Salesforce is whether AI products move from pilot projects into broad production use fast enough to support growth.
