Stock Track | Snowflake Plummets 5.05% Intraday on Analyst Target Cut and Securities Fraud Lawsuit

Stock Track03-03 22:53

Snowflake's stock fell sharply by 5.05% during intraday trading on Tuesday, as the company faced a double dose of negative news.

The decline followed a report that Argus Research significantly reduced its price target for Snowflake to $250 from $300, indicating reduced confidence in the company's near-term prospects.

Adding to the selling pressure, news emerged that investors have filed a securities fraud class action lawsuit against Snowflake Inc. The lawsuit covers investors who purchased the company's Class A common stock between June 27, 2023, and February 28, 2024.

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