Salesforce Shares Drop Lower After Ceo Exit

last updated on

Salesforce Shares Drop Lower After Ceo Exit

Salesforce Shares Drop Lower After Co-CEO's Surprise Exit

During the Thursday session, Salesforce shares dropped by 7% after Bret Taylor (co-CEO) of the company left the company in a surprise turn of events. Among the tech companies listed on NYSE, Salesforce company is a major one whose business operations are present all over the world.

It was only just one year since Taylor started working in the company, which has raised even more alarms among the investors. At the same time, Salesforce is also trying to combat its slow revenue growth - Currently, the company is also facing fierce competition from Microsoft Inc. as well which has made its problems even worse.

Another factor that is going against the company is the cut in spending by the businesses due to inflation. In addition, a stronger dollar is also hurting the sales of the Salesforce company.

J.P. Morgan Has Set $45 Target For Salesforce

Considering the risks faced by the company, around 17 brokerage houses have already revised their price targets for the company. However, the lowest target is set by J.P. Morgan, which believes that the company stock is worth only $45. Earlier, J.P. Morgan had set a target of $200 for the salesforce, which tells us about the intensity of the situation.

A closer look at their history of Taylor reveals that he has already worked at Meta as well as Twitter - The two big social media platforms from the USA.

Mr. Taylor was working with the software of Salesforce, which is used to manage customer interaction. And back in the day, things were really great for Salesforce, which led it to take over Slack Technologies for $27.7 billion!

According to investors, this change in leadership will have a serious impact on the Salesforce software, which will, in turn, affect the company's stock as well.

Just this year, Salesforce shares price has lost 37% of its value, but when we look at the broader technology sector, it doesn't seem that bad after all.

Trending Stories