Salesforce Stock Pops on Restructuring Plan

CRM is on the rise after announcing it is cutting about 10% of its staff

Salesforce Inc (NYSE:CRM) stock is enjoying a bounce today, after the blue-chip software name announced it will cut about 10% of its staff in its new restructuring plan. The shares are up 3.1% at $138.99 at last glance. 

CRM was one of the worst Dow performers in 2022, though Intel (INTC) ended up securing the bottom spot. The equity is down 44.2% year-over-year, with today’s positive price action helping to add distance from its Dec. 22, more than two-year low of $126.34. 

Analysts are mostly bullish on Salesforce stock, with 24 of carrying a “buy” or better rating. Plus, the 12-month consensus price target of $193.80 is a 38.6% premium to current levels. 

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