Snowflake (NYSE:SNOW) Downgraded to “Sell” at StockNews.com

Snowflake (NYSE:SNOW) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a report released on Tuesday.

Several other brokerages have also recently weighed in on SNOW. JPMorgan Chase & Co. dropped their price target on shares of Snowflake from $200.00 to $170.00 and set an “overweight” rating on the stock in a research note on Thursday, February 29th. Canaccord Genuity Group reissued a “buy” rating and set a $230.00 price target on shares of Snowflake in a report on Thursday, February 29th. Macquarie raised Snowflake from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $182.00 to $205.00 in a research note on Thursday, February 29th. Scotiabank boosted their price objective on Snowflake from $194.00 to $226.00 and gave the company a “sector outperform” rating in a research note on Thursday, November 30th. Finally, Mizuho reiterated a “buy” rating and issued a $205.00 price target (down from $255.00) on shares of Snowflake in a research report on Thursday, February 29th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $202.50.

Snowflake Price Performance

NYSE SNOW opened at $160.05 on Tuesday. Snowflake has a 1-year low of $134.17 and a 1-year high of $237.72. The stock has a market capitalization of $52.70 billion, a price-to-earnings ratio of -62.76 and a beta of 0.94. The business’s fifty day moving average price is $195.94 and its 200-day moving average price is $179.43.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.05. Snowflake had a negative return on equity of 13.80% and a negative net margin of 29.79%. The business had revenue of $774.70 million for the quarter, compared to analysts’ expectations of $759.86 million. Equities research analysts anticipate that Snowflake will post -1.92 EPS for the current year.

Insider Activity at Snowflake

In related news, SVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $190.00, for a total value of $285,000.00. Following the completion of the sale, the senior vice president now owns 756,567 shares in the company, valued at $143,747,730. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Snowflake news, CEO Sridhar Ramaswamy purchased 31,542 shares of the stock in a transaction dated Monday, March 25th. The stock was purchased at an average price of $158.52 per share, with a total value of $5,000,037.84. Following the transaction, the chief executive officer now owns 31,542 shares of the company’s stock, valued at $5,000,037.84. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Christian Kleinerman sold 1,500 shares of Snowflake stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $190.00, for a total transaction of $285,000.00. Following the transaction, the senior vice president now directly owns 756,567 shares in the company, valued at $143,747,730. The disclosure for this sale can be found here. Insiders sold a total of 184,355 shares of company stock worth $37,679,411 in the last quarter. 8.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Snowflake

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Snowflake by 8.0% during the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock valued at $4,176,755,000 after acquiring an additional 1,559,830 shares during the last quarter. BlackRock Inc. boosted its position in shares of Snowflake by 5.0% in the 2nd quarter. BlackRock Inc. now owns 14,088,422 shares of the company’s stock worth $2,479,280,000 after purchasing an additional 674,196 shares in the last quarter. FMR LLC grew its stake in Snowflake by 32.1% during the 3rd quarter. FMR LLC now owns 6,154,085 shares of the company’s stock worth $940,160,000 after buying an additional 1,496,235 shares during the last quarter. State Street Corp increased its position in Snowflake by 3.0% during the 2nd quarter. State Street Corp now owns 5,953,850 shares of the company’s stock valued at $1,047,759,000 after buying an additional 170,914 shares in the last quarter. Finally, Sands Capital Management LLC raised its stake in Snowflake by 12.6% in the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after buying an additional 610,970 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Company Profile

Snowflake Inc provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products.