Software-as-a-service (SaaS) provider Salesforce.com (CRM) fell Monday after getting a downgrade and cautious comments in two separate research reports that both reportedly cited weakness in the sales channel.
Separately, Salesforce said early Monday it had delayed its earnings report for its fiscal Q2, ended on or near July 31, to Wednesday Aug. 31 after the market close. The results were previously due Aug. 29, and the company said the delay was to accommodate a scheduling conflict.
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Salesforce.com stock was down 3.3% to 78.92 at Monday's close the stock market today. Roughly flat for the year, Salesforce.com stock has been forming a flat base, with a possible buy point at 84.58.
"Our checks indicate a somewhat lighter new business quarter than prior periods with typical Q2 seasonality combining with a few one-time factors," Piper Jaffray analyst Alex Zukin wrote in a research report Monday.
Zukin, however, also said that "we do not believe these issues to be structural or competitive in nature and, therefore, are not adjusting our thesis, rating or price target."
Piper Jaffray rates Salesforce.com stock overweight, with a price target of 100.
Marketplace and channel intelligence firm OTR Global, however, lowered its rating on the company to mixed from positive, according to financial news site The Fly. OTR Global did not respond to an IBD request for comment, but The Fly said OTR Global cited "weak mid-tier partner checks that fell below expectations."
On an up-day for markets overall, Salesforce stock had the second-biggest decline of all names in the S&P 500, with only Endo International (ENDP) down more, off nearly 4% Monday to 23.23.
