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Snowflake Stock Is Falling Today: What's Going On?

Published 05/12/2022, 20:14
Updated 05/12/2022, 21:41
© Reuters.  Snowflake Stock Is Falling Today: What's Going On?
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Benzinga - Snowflake Inc (NYSE: SNOW) shares are trading lower. Credit Suisse (SIX:CSGN) slashed its price target on the stock Monday morning.

What Happened: Credit Suisse analyst Phil Winslow maintained Snowflake with an Outperform rating and lowered the price target from $250 to $200 in the wake of the company's quarterly results.

Last week, Snowflake shares fell more than 10% after the company turned in better-than-expected results, but issued product revenue guidance showing it anticipates a growth slowdown.

What Else Is Happening: Rising treasury yields are also adding to the selling pressure in the broader technology sector in Monday's session.

The 10-Year Treasury yield was hovering around 3.601% at time of publication. Higher rates decrease the present value of future cash flows, which can negatively impact the valuations of growth stocks.

SNOW Price Action: Snowflake has a 52-week high of $377.26 and a 52-week low of $110.27.

The stock was down 8.45% at $137.06 at time of publication, according to Benzinga Pro.

Photo: courtesy of Snowflake.

Latest Ratings for SNOW

DateFirmActionFromTo
Mar 2022Cowen & Co.MaintainsOutperform
Mar 2022RosenblattMaintainsNeutral
Mar 2022JefferiesMaintainsHold
View More Analyst Ratings for SNOW

View the Latest Analyst Ratings

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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