Snowflake shares are trading lower after the company reported Q4 financial results, issued guidance and announced a CEO transition. Morgan Stanley downgraded the stock from Overweight to Equal-Weight following the report.
Portfolio Pulse from Benzinga Newsdesk
Snowflake's shares dropped following its Q4 financial results, future guidance, and CEO transition announcement. Morgan Stanley downgraded the stock from Overweight to Equal-Weight.
February 29, 2024 | 11:39 am
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Snowflake's shares fell after reporting Q4 results, issuing future guidance, and announcing a CEO transition. The stock was downgraded by Morgan Stanley.
The drop in Snowflake's shares is directly tied to its Q4 financial performance and the subsequent downgrade by Morgan Stanley. The announcement of a CEO transition likely added to investor uncertainty, contributing to the negative short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100