Salesforce (NYSE:CRM) stock has been part of the overall sell-off tech stocks have been experiencing over the past year, now trading close to 54% off its past highs. While bulls were hoping that Salesforce's Q3 results would reignite investors' interest, the market was apparently disappointed, with shares about 10% lower today. Are fears of a slowdown in revenue growth to blame? Are the high levels of stock-based compensation (paying employees with shares, diluting shareholders) irritating investors? I support that it's the latter, which could, in turn, repress Salesforce's valuation. Accordingly, I am neutral on the stock.
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