Why Salesforce Stock Was Falling on Monday
Shares of Salesforce (NYSE: CRM) were down about 2.5% at the start of trading on Monday before rallying by midmorning. Piper Sandler downgraded the stock to a neutral rating, citing the potential for slowing growth.
The stock has rebounded this year following a sharp sell-off in 2022. However, the stock is still 33% off its all-time high.
Salesforce has been a high-growth leader in the customer relationship management (CRM) market. The company regularly posted annual revenue growth of 20%-plus for many years before the weak macro environment caused top-line growth to slow around 11%. This initially sent the stock spiraling downward last year, which is why the downgrade from Piper Sandler might have spooked investors today.
Source Fool.com
