I would say that the sentence is not correct, and a corrected version would start with "The miss _of the_ sales target..." or "The miss _of our_ sales target..." or "The miss of _the department's_ sales target..." or similar.

However, I think even the corrected version still sounds awkward and long-winded. Instead I would say "We missed our sales target because..." or "We missed our sales target. The miss was caused..." or "The department missed its sales target because..." or perhaps even "Our sales target miss was caused..." (That last one is a bit German in style, chaining three nouns in a row into a noun phrase -- I think it's acceptable in English, but I could imagine some people finding it confusing.)