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Snowflake (NYSE: SNOW) shares fell more than 6% on Thursday as the cloud-based data platform company returned a large portion of its gains the day before in another broad selloff across the technology sector.
Snowflake’s (SNOW) erratic activity saw the company’s shares at a 52-week-low of $ 110.26 on Tuesday, and then close at $ 122.54 on Wednesday following a spirited reaction to the Snowflake Summit user conference and investor day earlier this week. ito. Truist Securities analyst Joel Fishbein has spoken for many Snowflake (NIYEBE) watchers who say, “We are highly confident that the company will reach their $ 10B revenue target.”
But, on Wednesday, Snowflake (SNOW), and other cloud-based software stocks saw no cure, as more recession fears took over Wall Street, and sellers pushed the Dow Jones Industrial Average (COMP .IND) which dropped below 30,000 points for the first time in over a year.
Along with Snowflake (SNOW), other cloud companies went red, with Salesforce (CRM) down more than 3%, Oracle (ORCL) and Adobe (ADBE) both down 2.5%, ServiceNow ( NOW) dropped more than 5%, DataDog (DDOG) dropped 7%and MongoDB (MDB) dropped more than 6%.
Snowflake’s (SNOW) losses also came on the heels of Canaccord Genuity analyst David Hynes who raised his rating on the company’s stock to buy from the hold on the grounds that the shares were undervalued.