Salesforce shares tumble after surprise exit of co-CEO Taylor Salesforce co-CEO exit doesn't change the business -CIO Trending: Slack CEO Stewart Butterfield to Exit Company Tech Down as Treasury Yields Jump - Tech Roundup US Supreme Court Agrees to Hear Dispute over Direct Stock Listing by Salesforce's Slack
Surf Air Mobility expects NYSE debut on July 11 Kulkarni said that while the stock’s reaction to the results “feels severe,” it does highlight the risks.Surf Air Mobility pushes its NYSE debut to the week of July 24 MKM Partners’ Rohit Kulkarni kept his rating at buy and his target at $37, saying he’s “patiently waiting” for the WFH build up. He recommended investors in growth stocks can use Tuesday’s weakness to add to positions in Slack. We’ve won over and over again in Office 365-using customers.”Īnalyst David Hynes at Canaccord Genuity lowered his target to $32 from $38 but reiterated his buy rating, saying “the good outweighs the bad, despite what the stock might tell you.” “We’re now in quarter 14 of with Microsoft. “Win rates are the same,” Butterfield said, according to a FactSet transcript. On the post-earnings conference call with analysts, co-Founder and Chief Executive Stewart Butterfield said there was nothing that indicated increased competitive pressure. Slack has filed an antitrust claim against Microsoft before the European Commission, alleging Microsoft bundled its Teams offering within its Office suite to gain competitive advantage. “Moreover, the primary issue in our view remains the competitive threat from Microsoft Teams, which we believe is continuing to gain momentum,” Moskowitz wrote. Mizuho’s Gregg Moskowitz reiterated his neutral rating while cutting his target by 14% to $25, citing the billings miss and “deceleration” on several fronts. “With Slack being one of the poster childs for the WFH trend and the stock reflecting that optimism, last night’s results/guidance will be viewed as disappointing to those investors expecting a blowout quarter,” wrote Wedbush analyst Dan Ives in a note to clients. Meanwhile, none of the analysts cut their ratings - the average is the equivalent of buy - as the average target is now 23.5% above current prices. The average target was now $31.18, down from $34.70 at the end of August. That prompted no less than 12 of the 26 analysts surveyed by FactSet to cut their stock price targets.
However, the company disappointed investors by missing billings expectations, and providing a third-quarter loss outlook that was just in line with forecasts.ĭon’t miss: Slack breaks even unexpectedly, but stock still plummets in after-hours trading.Īnalysts also raised concerns over a competitive threat from Microsoft Corp., despite assurances from the company that it continues to beat its competition at the same rate. The company reported late Tuesday that it broke even in the second quarter, compared with expectations for a loss, on revenue that rose more than forecast. The company is seen by investors as a major beneficiary of the work-from-home (WFH) trend, which was sped up by the COVID-19 pandemic.īut with the stock down 36.7% from its June 3 record close of $39.90, it was up just 12.3% year to date, while the Nasdaq Composite Index
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