Salesforce Inc CRM shares are trading down Monday after a pair of analysts lowered price targets on the stock.
What happened: Tyler Radke, a Citigroup analyst, has maintained a Neutral rating and lowered the price target from $170 to $164 because of increased uncertainty following the company's management transition announcement.
After the company's quarterly results, the price target was lowered by Credit Suisse analyst Phil Winslow. The price target was reduced from $250 to $225.
Slack CEO Stewart Butterfield will be leaving Salesforce in January, according to Business Insider.
The report came a few days after Salesforce announced that co-CEO Bret Taylor would step down from his role, but Butterfield told employees the move was unrelated.
FWIW: This has nothing to do with Bret's departure. Planning has been in the works for several months! He wrote in an internal Slack message, just weird timing.
The company acquired Slack in the middle of last year.
CRM Price Action: Salesforce has a 52 week high of $270.57 and a 52 week low of $135.71.
The stock was down 5.96% at $135.93 at the time of publication, according to Benzinga Pro.