On May 21, Snowflake fell 3.11% in regular trading, trading at $161.93/share, with trading volume of $185 million. The stock extended its two-day pullback after surging nearly 5% on May 19 when multiple institutions raised target prices and expressed optimism about Q1 results.

On the news front, Snowflake is scheduled to report earnings after market close on May 27, with consensus estimates calling for total revenue of approximately $1.323 billion, representing 31.33% year-over-year growth, and adjusted EPS of $0.32. Additionally, a Form 4 filing revealed that Director Frank Slootman sold 144,650 shares on May 19 at prices between $175.38 and $176.30, adding to negative sentiment. Despite recent target price upgrades from Bank of America to $205 and JPMorgan to $185, with a consensus average target of $225.61, investors appear to be locking in profits ahead of the earnings release.

Within the Internet Services and Infrastructure sector, peers also traded lower, with MongoDB down 4.63%, Twilio down 3.46%, and Shopify down 1.25%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)