Snowflake (NYSE:SNOW) Downgraded by StockNews.com to Sell

Snowflake (NYSE:SNOW) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Monday.

Other analysts also recently issued research reports about the stock. Wedbush raised their price target on shares of Snowflake from $144.00 to $210.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 28th. Piper Sandler restated an “overweight” rating and set a $250.00 price objective on shares of Snowflake in a research note on Tuesday, February 27th. Monness Crespi & Hardt upgraded Snowflake from a “sell” rating to a “neutral” rating in a research note on Monday, March 18th. Rosenblatt Securities upgraded Snowflake from a “neutral” rating to a “buy” rating and set a $185.00 price objective on the stock in a research note on Friday, April 5th. Finally, Bank of America reduced their price objective on Snowflake from $265.00 to $212.00 and set a “neutral” rating on the stock in a research note on Thursday, February 29th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-two have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $202.00.

Snowflake Stock Performance

Shares of SNOW stock traded up $1.76 during mid-day trading on Monday, reaching $147.21. 3,646,144 shares of the company were exchanged, compared to its average volume of 6,618,496. Snowflake has a fifty-two week low of $135.26 and a fifty-two week high of $237.72. The company has a market capitalization of $49.20 billion, a P/E ratio of -57.73 and a beta of 0.91. The business’s 50 day simple moving average is $176.10 and its 200 day simple moving average is $179.38.

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

Insider Activity at Snowflake

In related news, EVP Grzegorz Czajkowski sold 683 shares of Snowflake stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $161.42, for a total transaction of $110,249.86. Following the transaction, the executive vice president now directly owns 86,208 shares of the company’s stock, valued at $13,915,695.36. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Frank Slootman sold 86,078 shares of Snowflake stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $225.13, for a total transaction of $19,378,740.14. Following the transaction, the chief executive officer now directly owns 180,143 shares of the company’s stock, valued at $40,555,593.59. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Grzegorz Czajkowski sold 683 shares of Snowflake stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $161.42, for a total value of $110,249.86. Following the transaction, the executive vice president now directly owns 86,208 shares in the company, valued at $13,915,695.36. The disclosure for this sale can be found here. Insiders have sold a total of 180,555 shares of company stock worth $36,868,487 over the last ninety days. 8.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Snowflake

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vishria Bird Financial Group LLC raised its holdings in Snowflake by 2.8% during the 1st quarter. Vishria Bird Financial Group LLC now owns 23,804 shares of the company’s stock worth $3,847,000 after buying an additional 648 shares during the period. PFG Investments LLC raised its holdings in Snowflake by 116.6% during the 1st quarter. PFG Investments LLC now owns 4,207 shares of the company’s stock worth $680,000 after buying an additional 2,265 shares during the period. Altfest L J & Co. Inc. raised its holdings in Snowflake by 37.1% during the 1st quarter. Altfest L J & Co. Inc. now owns 2,316 shares of the company’s stock worth $374,000 after buying an additional 627 shares during the period. IFM Investors Pty Ltd increased its holdings in shares of Snowflake by 1.1% in the 1st quarter. IFM Investors Pty Ltd now owns 57,073 shares of the company’s stock valued at $9,223,000 after purchasing an additional 634 shares during the period. Finally, Ashton Thomas Private Wealth LLC increased its holdings in shares of Snowflake by 9.3% in the 1st quarter. Ashton Thomas Private Wealth LLC now owns 7,999 shares of the company’s stock valued at $1,293,000 after purchasing an additional 679 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

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