Snowflake Inc. (NYSE:SNOW) stock is trading nearly 3% lower on Monday as investors pull back from technology stocks amid a broader market rotation.
The Nasdaq Composite fell 0.72%, while the S&P 500 slipped 0.11%. Technology was the weakest sector, declining 1.3%.
Technical Analysis
Despite Monday’s decline, Snowflake remains in a bullish long-term trend.
The stock trades 6.1% above its 20-day simple moving average (SMA), 8.2% above its 50-day SMA and 54.9% above its 200-day SMA.
Moreover, the moving average convergence divergence (MACD) indicator remains above its signal line, suggesting positive momentum.
A golden cross formed in July, when the 50-day SMA moved above the 200-day SMA, further supporting the bullish trend.
Traders are watching resistance at $384.50, near the 52-week high of $384.56. Meanwhile, support stands around $317.
Snowflake Analyst Outlook
The stock carries a consensus Buy rating and an average price forecast of $427.91.
On Monday, Needham maintained its Buy rating and $450 price forecast.
Previously, Goldman Sachs raised its price forecast to $436 while maintaining a Buy rating. Macquarie increased its forecast to $350 while keeping a Neutral rating.
Benzinga Edge Rankings
Snowflake holds a strong Momentum score of 98.32 on the Benzinga Edge Rankings.
The reading highlights the stock’s recent trend strength despite Monday’s pullback.
Snowflake ETF Exposure
Snowflake has significant exposure through the Global X Cloud Computing ETF (NASDAQ:CLOU), with a 7.14% weighting, followed by the Neuberger Berman Disrupters ETF (NYSE:NBDS) at 4.80% and the Fidelity Cloud Computing ETF (NASDAQ:FCLD) at 4.44%.
SNOW Price Action
Snowflake shares were down 2.70% at $358.93 at the time of publication Monday, according to Benzinga Pro data.
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