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

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

Several other equities research analysts have also commented on SNOW. Oppenheimer lowered their price objective on Snowflake from $240.00 to $220.00 and set an outperform rating on the stock in a research report on Thursday, February 29th. UBS Group lifted their price objective on shares of Snowflake from $185.00 to $225.00 and gave the company a neutral rating in a report on Thursday, February 22nd. Mizuho reissued a buy rating and set a $205.00 target price (down from $255.00) on shares of Snowflake in a research note on Thursday, February 29th. JMP Securities upped their price target on Snowflake from $212.00 to $235.00 and gave the stock a market outperform rating in a report on Thursday, February 29th. Finally, JPMorgan Chase & Co. dropped their price objective on Snowflake from $200.00 to $170.00 and set an overweight rating on the stock in a report on Thursday, February 29th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $202.00.

Snowflake Price Performance

NYSE:SNOW opened at $147.21 on Monday. The company’s fifty day moving average price is $176.10 and its 200-day moving average price is $179.38. Snowflake has a 1-year low of $135.26 and a 1-year high of $237.72. The firm has a market capitalization of $49.20 billion, a P/E ratio of -57.73 and a beta of 0.91.

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

Insider Activity

In other news, CEO Sridhar Ramaswamy purchased 31,542 shares of Snowflake stock in a transaction dated Monday, March 25th. The shares were 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 in the company, valued at $5,000,037.84. The purchase was disclosed in a document filed with the SEC, which is available through this link. In other Snowflake news, EVP Grzegorz Czajkowski sold 683 shares of Snowflake stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $161.42, for a total transaction of $110,249.86. Following the completion of the sale, the executive vice president now directly owns 86,208 shares in the company, valued at $13,915,695.36. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sridhar Ramaswamy acquired 31,542 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was bought at an average price of $158.52 per share, for a total transaction of $5,000,037.84. Following the completion of the acquisition, the chief executive officer now owns 31,542 shares in the company, valued at approximately $5,000,037.84. The disclosure for this purchase can be found here. Insiders sold a total of 178,209 shares of company stock valued at $36,391,592 in the last 90 days. Company insiders own 8.30% of the company’s stock.

Institutional Trading of Snowflake

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC raised its holdings in shares of Snowflake by 22.8% in the 3rd quarter. International Assets Investment Management LLC now owns 2,620 shares of the company’s stock valued at $387,000 after buying an additional 486 shares during the period. Dynamic Advisor Solutions LLC acquired a new position in Snowflake in the 3rd quarter valued at about $233,000. AE Wealth Management LLC increased its stake in Snowflake by 12.8% during the third quarter. AE Wealth Management LLC now owns 14,790 shares of the company’s stock worth $2,259,000 after purchasing an additional 1,674 shares during the period. HB Wealth Management LLC lifted its position in shares of Snowflake by 13.8% during the third quarter. HB Wealth Management LLC now owns 2,322 shares of the company’s stock worth $355,000 after purchasing an additional 281 shares in the last quarter. Finally, RFG Advisory LLC boosted its stake in shares of Snowflake by 9.9% in the third quarter. RFG Advisory LLC now owns 2,035 shares of the company’s stock valued at $311,000 after purchasing an additional 184 shares during the period. Hedge funds and other institutional investors 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.