Salesforce.com will drop the ".com" from its legal name, the enterprise software maker said Friday. The company will continue to trade as CRM stock, which slipped as many software growth stocks also fell.
The name change from Salesforce.com to Salesforce Inc. is effective April 4.
Salesforce's new moniker follows that of Facebook-parent Meta Platforms, which rebranded late last year. Digital payment firm Square announced also in 2021 it would change its name to Block. And Google changed its name to Alphabet in 2015. All three still trade under their original tickers.
CRM stock fell 1.4% to close at 211.03 on the stock market today. Amid volatility in the Nasdaq, Salesforce stock has retreated 17% this year.
Salesforce in late 2021 promoted Bret Taylor to act as co-chief executive alongside current CEO Marc Benioff. Taylor had served as Salesforce's president and chief operating officer since 2019.
CRM Stock Lags In Relative Strength
According to IBD Stock Checkup, CRM stock currently has a Relative Strength Rating of 34 out of a best-possible 99. The best stocks tend to have ratings of 80 and above.
CRM stock holds an IBD Composite Rating of 50 out of a best possible 99.
IBD's Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.
In addition, CRM stock has an Accumulation/Distribution Rating of C. The rating analyzes price and volume changes in a stock over the past 13 weeks of trading. The rating, on an A+ to E scale, measures institutional buying and selling in a stock. A+ signifies heavy institutional buying; E means heavy selling. Think of the C grade as neutral.
CRM stock trades well below a cup-and-handle entry point of 284.60, according to IBD MarketSmith analysis. It likely needs to form a new base to be actionable.
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Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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