Snowflake Stock Is Falling Thursday: What's Going On?
Portfolio Pulse from Adam Eckert
Snowflake Inc (NYSE:SNOW) shares are trading lower due to Berkshire Hathaway's complete exit from its position and a downgrade from Wells Fargo. Berkshire Hathaway sold its 6.1 million shares in the second quarter, and Wells Fargo downgraded the stock from Overweight to Equal-Weight, lowering the price target from $200 to $130. This comes ahead of Snowflake's second-quarter earnings report on Aug. 21.
August 15, 2024 | 1:30 pm
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Snowflake Inc shares are falling due to Berkshire Hathaway's exit and a downgrade from Wells Fargo. Berkshire sold its 6.1 million shares in Q2, and Wells Fargo downgraded the stock from Overweight to Equal-Weight, lowering the price target from $200 to $130. This comes ahead of Snowflake's Q2 earnings report on Aug. 21.
The exit of a major investor like Berkshire Hathaway and a downgrade from a significant financial institution like Wells Fargo are strong negative signals for investors. The downgrade and reduced price target add to the selling pressure, especially ahead of the earnings report.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100