Salesforce Stock ( NYSE:CRM )
In premarket trading on Thursday, Salesforce stock was down slightly after the investment company Baird downgraded the cloud computing giant . The firm cited adverse macro circumstances and the recent departure of two senior executives as reasons for the downgrade.
Analyst Rob Oliver dropped his recommendation on Salesforce stock from outperform to neutral, stating that the company’s revenue growth might be impacted by the deteriorating global economy and “seat-based software pressure” due to recent layoffs and recruiting slowdowns at some of the company’s clients. Oliver also said that the rating resulted from the analyst noting that the failing worldwide economy could impact the company’s revenue growth.
Oliver said he did not want to speculate on why co-CEO Brett Taylor, Slack co-founder Stewart Butterfield, and other Salesforce ( NYSE:CRM ) leaders were departing. However, it may contribute to “execution risk.” This was about the exits of other Salesforce (CRM) executives.
In a letter to clients, Oliver stated that “although we do not wish to conjecture the logic behind these departures, we feel the recent leadership change adds some execution risk, especially given the volume of it.” “Even though we are not shocked to see Slack leaving in the aftermath of Taylor’s revelation (he was the advocate of the Slack purchase), it nonetheless indicates greater risk,”
Other Salesforce professionals, such as Chief Product Officer Tamar Yehoshua and Senior VP of Marketing, Brand, and Communications Jonathan Prince, have departed the ...
Click here to read the full article on PressReach.com .Subscribe to the PressReach RSS feeds:
- Featured News RSS feed
- Investing News RSS feed
- Daily Press Releases RSS feed
- Trading Tips RSS feed
- Investing Videos RSS feed
Follow PressReach on Twitter
Follow PressReach on TikTok
Follow PressReach on Instagram
Subscribe to us on Youtube