On June 5, Snowflake fell 3.12% in regular trading, trading at $236.65/share, with trading volume of $664 million. The decline came amid broad-based weakness across the Internet Services & Infrastructure sector combined with lingering negative sentiment from recent executive stock disposals.

The sector experienced significant selling pressure, with CoreWeave down 7.64%, Applied Digital down 11.42%, Cloudflare down 5.94%, Shopify down 5.0%, and MongoDB down 4.79%. Meanwhile, former chairman Frank Slootman's concentrated sale of over 430,000 shares on May 29 continues to weigh on market sentiment, signaling profit-taking following the stock's strong post-earnings rally. Slootman also recently filed a new plan to sell approximately 163,000 additional shares worth around $43 million.

Despite the selloff, multiple investment banks have recently raised their price targets on Snowflake — Deutsche Bank to $300 and UBS to $370 — citing optimism around its AI data cloud monetization prospects. Oppenheimer also maintained an outperform rating, highlighting Snowflake's competitive edge in delivering production-grade agentic AI at scale. However, sector-wide systematic selling pressure dominated near-term price action.

(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.)