A Symbol on the keyboard ( * ) Nah - it's much more than that in this news article yesterday from Bloomberg yesterday:
". . .Snowflake’s gains have raised concerns that after adding more than $60 billion in market value, its valuation is getting overheated.
On Friday, Deutsche Bank downgraded its rating to hold from buy, warning that a further rally is probably limited as investors seek to lock in gains at the end of the year. Snowflake fell as much as 5.6% on Monday to $334.12. The stock is now down 13% from a record high.
“Any profit taking around the lockup expiry could be exaggerated by tight liquidity typical in late December and early January,” analyst Patrick Colville wrote in a research note . . .
Shares of the cloud-computing company have nearly tripled since Sept. 15 with investors becoming enamored with its triple-digit revenue growth and potential to expand market share. That’s made Snowflake the best performing U.S. company to debut this year, excluding IPOs that raised less than $1 billion, according to data compiled by Bloomberg. The stock has fallen in three of the last four trading days since closing at a record $390 on Dec. 8 and more declines could be in the offing if insiders are tempted to cash in . . .
Snowflake Shares Extend Slump Ahead of Lockup Expiration
By Updated on
Snowflake Shares Extend Slump Ahead of Lockup Expiration
By- Company insiders will get first chance to sell on Tuesday
- Snowflake shares have nearly tripled since its market debut
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