Why Snowflake Shares Are Falling

Snowflake Inc SNOW shares are trading lower, despite a lack of company-specific news from the session. Several software names are trading lower in sympathy with Adobe Inc ADBE.

Adobe issued first-quarter and fiscal year 2022 earnings per share and sales guidance below analyst estimates.

"Adobe's record performance in Q4 resulted in fiscal 2021 revenue exceeding $15 billion," said Shantanu Narayen, chairman and CEO, Adobe. "Adobe's vision, category leadership, ground-breaking technology and large and loyal customer base position us well for fiscal 2022 and beyond."

See Also: Jim Cramer Weighs In On Ford's Stock: 'I Don't Think It's Done Going Up'

Snowflake has over 3,000 customers including nearly 30% of the Fortune 500 as its customers. Snowflake's data lake stores unstructured and semistructured data that can then be used in analytics to create insights stored in its data warehouse. Snowflake's data sharing capability allows enterprises to easily buy and ingest data almost instantaneously compared with a traditionally months-long process.

Snowflake has a 52-week high of $405.00 and a 52-week low of $184.71.