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.
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IMPORTANCE 90
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