Salesforce Gets Price Targets Cut By Analysts After Q3 Results, Shares Plunge

Salesforce, Inc. CRM reported better-than-expected earnings for its third quarter and announced that Bret Taylor will step down as vice chair and co-CEO.

Salesforce said revenue increased 14% year-over-year to $7.84 billion, which beat market estimates of $7.82 billion. The company reported quarterly earnings of $1.40 per share, which exceeded estimates of $1.21 per share.

Salesforce said it sees Q4 adjusted earnings to be between $1.35 and $1.37 per share versus average estimates of $1.34 per share. The company also expects full-year adjusted earnings between $4.92 and $4.94 per share versus estimates of $4.73 per share.

Salesforce shares dipped 10% to trade at $144.20 on Thursday.

These analysts made changes to their price targets on Salesforce following the release of quarterly results.

• Oppenheimer cut the price target on the stock from $200 to $185. Oppenheimer analyst Brian Schwartz maintained an Outperform rating on the stock.
• Raymond James slashed Salesforce price target from $225 to $200. Raymond James analyst Brian Peterson maintained a Strong Buy rating on the stock.
• UBS cut the price target on Salesforce from $180 to $162. UBS analyst Karl Keirstead maintained a Neutral rating on the stock.
• Mizuho reduced the price target on Salesforce from $225 to $200. Mizuho analyst Gregg Moskowitz maintained the stock with a Buy.
• Atlantic Equities cut the price target on Salesforce from $225 to $200. Atlantic Equities analyst Peter Sazel maintained the stock with an Overweight.
• Baird slashed the price target on Salesforce from $210 to $200. Baird analyst Rob Oliver maintained the stock with an Outperform.
• Wells Fargo cut the price target on Salesforce from $190 to $175. Wells Fargo analyst Michael Turrin maintained an Overweight rating on the stock.
• RBC Capital lowered the Salesforce price target from $235 to $200. RBC Capital analyst Rishi Jaluria maintained an Outperform rating on the stock.
• JP Morgan reduced Salesforce price target from $245 to $200. JP Morgan analyst Mark Murphy maintained the stock with an Overweight rating.