Global Cloud Customer Relationship Management Software provider Salesforce Stock (NTSE:CRM) fell 8.28% on January 5, 2022. The Salesforce Stock is down 21% from it’s all time high in November 2021.
What is the reason for the fall?
Omicron – The news of a spike in Omicron cases globally is having a negative impact on broader markets across the world.
UBS Analyst Downgrade – UBS analyst Karl Keirstead downgraded Salesforce Stock from Buy to Neutral citing moderating business software growth rates. Keirstead reduced the price target from $315 to $265. Such analyst downgrades often lead to panic selling by short term investors.
What’s next for Salesforce Stock?
Salesforce is a fundamentally strong company and global market leader in CRM. Salesforce posted $6.86 billion revenue in third quarter fiscal 2022, up from $5.42 billion for the same period in the prior year and an increase of 27%. Salesforce expects revenue of $26.4 billion in fiscal year 2022, a 24% jump from fiscal year 2021. You can find more about Salesforce third quarter, fiscal year 2022 results here!
The recent dip offers an opportunity for long term investors to accumulate Salesforce shares.
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