Snowflake (NYSE:SNOW) Shares Down 2.8% Following Analyst Downgrade

Snowflake Inc. (NYSE:SNOW)’s stock price traded down 2.8% during mid-day trading on Tuesday after Mizuho lowered their price target on the stock from $285.00 to $220.00. Mizuho currently has an outperform rating on the stock. Snowflake traded as low as $172.02 and last traded at $177.21. 5,746,404 shares traded hands during mid-day trading, a decline of 5% from the average session volume of 6,054,628 shares. The stock had previously closed at $182.29.

Several other equities analysts have also issued reports on the company. Zacks Research lowered Snowflake from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 3rd. Macquarie Infrastructure boosted their target price on shares of Snowflake from $235.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, December 4th. Canaccord Genuity Group increased their target price on shares of Snowflake from $260.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, December 4th. Morgan Stanley reaffirmed an “overweight” rating and issued a $299.00 price target on shares of Snowflake in a research note on Tuesday, January 27th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $280.00 price objective on shares of Snowflake in a report on Thursday, December 4th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $272.97.

Insider Buying and Selling at Snowflake

In other news, Director Michael L. Speiser sold 50,338 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $230.65, for a total value of $11,610,459.70. Following the transaction, the director owned 32,756 shares in the company, valued at $7,555,171.40. This trade represents a 60.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frank Slootman sold 200,000 shares of the company’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $221.83, for a total value of $44,366,000.00. Following the sale, the director owned 50,329 shares of the company’s stock, valued at $11,164,482.07. This trade represents a 79.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 613,681 shares of company stock worth $130,573,518 in the last quarter. 6.80% of the stock is owned by insiders.

Institutional Trading of Snowflake

Several institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new position in Snowflake during the fourth quarter worth about $974,091,000. Winslow Capital Management LLC bought a new position in shares of Snowflake during the 2nd quarter worth approximately $725,667,000. Jennison Associates LLC boosted its stake in shares of Snowflake by 27.7% in the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock worth $2,545,300,000 after buying an additional 2,519,413 shares during the last quarter. Coatue Management LLC bought a new position in shares of Snowflake in the third quarter valued at approximately $441,277,000. Finally, American Century Companies Inc. grew its holdings in shares of Snowflake by 233.3% in the third quarter. American Century Companies Inc. now owns 2,104,925 shares of the company’s stock valued at $474,766,000 after acquiring an additional 1,473,354 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Stock Down 2.8%

The stock has a 50-day moving average of $207.74 and a 200 day moving average of $224.91. The company has a market capitalization of $60.64 billion, a PE ratio of -43.86 and a beta of 1.14. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 1.07.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, December 3rd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.04. Snowflake had a negative return on equity of 45.91% and a negative net margin of 30.76%.The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the company earned $0.20 EPS. The business’s revenue for the quarter was up 28.7% on a year-over-year basis. Sell-side analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current year.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.