Snowflake Stock Is Falling Today: What's Going On?

Snowflake Inc SNOW shares are trading lower. Credit Suisse slashed its price target on the stock Monday morning. 

What Happened: Credit Suisse analyst Phil Winslow maintained Snowflake with an Outperform rating and lowered the price target from $250 to $200 in the wake of the company's quarterly results.

Last week, Snowflake shares fell more than 10% after the company turned in better-than-expected results, but issued product revenue guidance showing it anticipates a growth slowdown. 

See Also: What 13 Analyst Ratings Have To Say About Snowflake

What Else Is Happening: Rising treasury yields are also adding to the selling pressure in the broader technology sector in Monday's session. 

The 10-Year Treasury yield was hovering around 3.601% at time of publication. Higher rates decrease the present value of future cash flows, which can negatively impact the valuations of growth stocks. 

SNOW Price Action: Snowflake has a 52-week high of $377.26 and a 52-week low of $110.27.

The stock was down 8.45% at $137.06 at time of publication, according to Benzinga Pro.

Photo: courtesy of Snowflake.