Salesforce Inc CRM shares are trading lower Monday after a pair of analysts lowered price targets on the stock.
What Happened: Citigroup analyst Tyler Radke maintained Salesforce with a Neutral rating and lowered the price target from $170 to $164, citing increased uncertainty following the company's management transition announcement.
Credit Suisse analyst Phil Winslow also lowered his price target on the stock following the company's quarterly results. The analyst cut his price target from $250 to $225.
What Else: Separately, Slack CEO Stewart Butterfield announced that he will be leaving Salesforce in January, per Business Insider.
The report comes a few days after Salesforce announced that co-CEO Bret Taylor would step down from his role, however, Butterfield reportedly told employees the move was unrelated.
"FWIW: This has nothing to do with Bret's departure. Planning has been in the works for several months! Just weird timing," he reportedly wrote in an internal Slack message.
Salesforce provides enterprise cloud computing solutions. The company acquired Slack in the middle of last year.
CRM Price Action: Salesforce has a 52-week high of $270.57 and a 52-week low of $135.71.
The stock was down 5.96% at $135.93 at time of publication, according to Benzinga Pro.
Photo: courtesy of Salesforce.
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