StockNews.com Downgrades Snowflake (NYSE:SNOW) to Sell

StockNews.com cut shares of Snowflake (NYSE:SNOW) from a hold rating to a sell rating in a report released on Monday.

A number of other research analysts have also recently commented on the company. JMP Securities upped their price objective on Snowflake from $212.00 to $235.00 and gave the company a market outperform rating in a report on Thursday, February 29th. Evercore ISI decreased their price objective on Snowflake from $250.00 to $225.00 and set an outperform rating on the stock in a report on Thursday, February 29th. Mizuho reiterated a buy rating and issued a $205.00 price objective (down from $255.00) on shares of Snowflake in a report on Thursday, February 29th. Piper Sandler reiterated an overweight rating and issued a $250.00 price objective on shares of Snowflake in a report on Tuesday, February 27th. Finally, Morgan Stanley reiterated an equal weight rating and issued a $175.00 price objective (down from $230.00) on shares of Snowflake in a report on Thursday, February 29th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-two have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $202.00.

Snowflake Trading Down 1.6 %

NYSE:SNOW opened at $152.50 on Monday. Snowflake has a 12 month low of $138.40 and a 12 month high of $237.72. The stock has a 50 day moving average of $171.35 and a two-hundred day moving average of $178.97.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, topping the consensus estimate of ($0.49) by $0.05. The company had revenue of $774.70 million during the quarter, compared to analyst estimates of $759.86 million. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. On average, sell-side analysts expect that Snowflake will post -1.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Snowflake news, CAO Emily Ho sold 1,500 shares of the firm’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $156.98, for a total transaction of $235,470.00. Following the transaction, the chief accounting officer now owns 28,393 shares of the company’s stock, valued at $4,457,133.14. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CAO Emily Ho sold 1,500 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $156.98, for a total transaction of $235,470.00. Following the completion of the sale, the chief accounting officer now owns 28,393 shares in the company, valued at $4,457,133.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Benoit Dageville sold 689 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $161.42, for a total transaction of $111,218.38. Following the sale, the insider now owns 70,665 shares of the company’s stock, valued at approximately $11,406,744.30. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 168,209 shares of company stock valued at $34,291,592. 8.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Snowflake

Several hedge funds have recently made changes to their positions in SNOW. Accent Capital Management LLC acquired a new stake in shares of Snowflake during the fourth quarter worth about $25,000. Ulland Investment Advisors LLC lifted its position in Snowflake by 270.0% in the third quarter. Ulland Investment Advisors LLC now owns 185 shares of the company’s stock valued at $28,000 after purchasing an additional 135 shares during the period. Provence Wealth Management Group acquired a new stake in Snowflake in the third quarter valued at about $30,000. Whittier Trust Co. of Nevada Inc. lifted its position in Snowflake by 54.1% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 205 shares of the company’s stock valued at $31,000 after purchasing an additional 72 shares during the period. Finally, Global Wealth Management Investment Advisory Inc. lifted its position in Snowflake by 89.0% in the third quarter. Global Wealth Management Investment Advisory Inc. now owns 206 shares of the company’s stock valued at $31,000 after purchasing an additional 97 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

About Snowflake

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, as well as applies artificial intelligence (AI) for solving business problems.