As of 2:15 p.m. ET on Tuesday, the stock had reversed course and was up 1.8%. One analyst at Truist Securities today cut the near-term price target on the stock from $350 to $300. It's been a painful slide for investors, with the stock now trading at $145. Read More...
Motley Fool
Why Snowflake Stock Fell 25% in April
Shares of Snowflake (NYSE: SNOW), a cloud-based data platform company, tumbled last month, seemingly on no company-specific news. Instead, investors were likely reacting to a broader market sell-off, rising inflation, and an upcoming Federal Reserve interest rate hike. Investors were a bit jittery in April as they anticipated that the Federal Reserve would raise the federal funds rate at the beginning of May. Fed Chairman Jerome Powell said that a hike of 50 basis points was on the table for the May meeting, which signaled to investors that the Federal Reserve is getting serious about tamping down inflation.
