Last month, Colin Powell, a Salesforce (CRM) board member, had his email hacked. As a result, a list of potential M&A targets for the company was made public.
It was a disappointing quarter, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment. Management even admitted as much on the conference call, Cramer said.
Furthermore, Tableau is not a potential acquisition target for Salesforce at this time, Cramer added.
Shares are now down more than 11% Wednesday. The M&A catalyst has been removed, and while Tableau beat on earnings-per-share estimates, its sales results missed expectations.
Simply put, the company didn't close enough deals during the quarter to make the results compelling. It was a letdown, Cramer concluded.
Tableau Software was also downgraded at William Blair.