Cloud-based software company Salesforce (NYSE:CRM) could put a hiring freeze in place, according to an internal memo accessed by Fortune. According to this memo from Ross Harmes, chief of staff to the Slack CTO, Salesforce will pause all hiring in its technology and product divisions, including Slack. However, Salesforce later told Fortune that it would not freeze hiring in any departments and would continue “strategic hiring.”
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Harmes added that the company could face disruption with a new freeze on hiring, which could impact it in Q1 and beyond. Salesforce had a hiring freeze in place from October 2022 to January 2023, but unlike the last time, there’s no specified end date this time. The current hiring freeze will be lifted based on quarterly assessments, likely lasting at least one quarter.
Is CRM Stock a Good Buy Now?
Analysts remain cautiously optimistic about CRM stock with a Moderate Buy consensus rating based on 26 Buys, 11 Holds, and one Sell. Over the past year, CRM stock has surged by more than 80%, and the average CRM price target of $281.57 implies an upside potential of 4.9% at current levels.
