Snowflake, DocuSign lead another day of big cloud-software share losses
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Snowflake (NYSE:SNOW) shares fell almost 8% in late trading Monday as application software companies added to the previous session's losses and Wall Street continued to swoon and concerns grew about the possibility of a recession on the horizon.
For its part, Snowflake (SNOW) fell to as low as $112.14 a share, and nearly set a new 52-week-low for the company's stock. 
There was no direct news involving Snowflake (SNOW) to cause investors to turn their backs on the company's stock. However, another negative turn for DocuSign (NASDAQ:DOCU) added to the skittishness on Wall Street companies in the cloud-based application sector.
Prior to the start of trading, Wolfe Research analyst Alex Zukin cut his rating on DocuSign (DOCU) to underperform from peer perform due to issues with that company's growth outlook. DocuSign (DOCU) shares tumbled another 10% Monday on top falling more than 20% last Friday.
And in activity that mirrored what happened last Friday, cloud-based software companies were unable to put the brakes on more losses on Monday.
MongoDB (MDB) fell more than 11%, Adobe (ADBE) was off by more than 5%, Salesforce (CRM) shares gave up more than 7%, Datadog (DDOG) was down by more than 10% and even Microsoft (NASDAQ:MSFT) shares fell by more than 4% on the day. Barclays analyst Raimo Lenschow recently said that investors should consider looking at other areas of strength for Microsoft (MSFT) aside from its Azure cloud-computing product portfolio.