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After an amazing run up to all time highs in 2020, Salesforce (CRM) stock has been taking a breather. It's currently trading -22% away from its all time high as it hovers around $220 per share. But why did the stock sell-off to begin with?
On December 1, 2020, the company reported stellar quarterly earnings, but investors sold the stock and it has yet to regain the losses. Many investors didn't like the fact that the company announced that it's acquiring Slack (WORK) for $27.7 billion and believe the valuation is too high. Maybe it is? But it is good to note that Salesforce has acquired 60 companies over the past 20 years, so maybe the CEO knows what he's doing? Is now a good time to buy Salesforce stock?