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

Snowflake (NYSE:SNOW) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Monday.

A number of other equities research analysts have also recently commented on the stock. Mizuho reissued a “buy” rating and set a $205.00 target price (down previously from $255.00) on shares of Snowflake in a research report on Thursday, February 29th. Stifel Nicolaus lowered their price objective on Snowflake from $235.00 to $220.00 and set a “buy” rating for the company in a research report on Thursday, February 29th. JMP Securities boosted their target price on Snowflake from $212.00 to $235.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 29th. Canaccord Genuity Group reiterated a “buy” rating and issued a $230.00 price target on shares of Snowflake in a research note on Thursday, February 29th. Finally, Citigroup lowered their price target on Snowflake from $290.00 to $240.00 and set a “buy” rating for the company in a report on Monday, March 4th. Three investment 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’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $202.00.

Snowflake Trading Up 1.2 %

Shares of NYSE:SNOW traded up $1.76 on Monday, reaching $147.21. The company had a trading volume of 3,646,144 shares, compared to its average volume of 6,618,496. The firm has a market capitalization of $49.20 billion, a PE ratio of -57.73 and a beta of 0.91. Snowflake has a 52-week low of $135.26 and a 52-week high of $237.72. The firm’s 50 day simple moving average is $176.10 and its 200-day simple moving average is $179.38.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.05. The company had revenue of $774.70 million for the quarter, compared to the consensus estimate of $759.86 million. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. As a group, equities research analysts predict that Snowflake will post -1.9 earnings per share for the current year.

Insider Transactions at Snowflake

In related news, EVP Christian Kleinerman sold 1,500 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $156.38, for a total transaction of $234,570.00. Following the completion of the sale, the executive vice president now owns 774,097 shares of the company’s stock, valued at approximately $121,053,288.86. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Sridhar Ramaswamy bought 31,542 shares of Snowflake stock in a transaction on Monday, March 25th. The shares were bought at an average cost of $158.52 per share, with a total value of $5,000,037.84. Following the completion of the purchase, the chief executive officer now directly owns 31,542 shares of the company’s stock, valued at $5,000,037.84. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 1,500 shares of the stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $156.38, for a total transaction of $234,570.00. Following the completion of the sale, the executive vice president now directly owns 774,097 shares of the company’s stock, valued at approximately $121,053,288.86. The disclosure for this sale can be found here. Insiders sold 180,555 shares of company stock valued at $36,868,487 over the last 90 days. 8.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

A number of hedge funds have recently modified their holdings of SNOW. International Assets Investment Management LLC raised its position in Snowflake by 22.8% in the third quarter. International Assets Investment Management LLC now owns 2,620 shares of the company’s stock valued at $387,000 after purchasing an additional 486 shares during the period. Dynamic Advisor Solutions LLC acquired a new position in Snowflake during the 3rd quarter worth about $233,000. AE Wealth Management LLC boosted its holdings in Snowflake by 12.8% during the 3rd quarter. AE Wealth Management LLC now owns 14,790 shares of the company’s stock valued at $2,259,000 after acquiring an additional 1,674 shares during the period. HB Wealth Management LLC boosted its holdings in Snowflake by 13.8% during the 3rd quarter. HB Wealth Management LLC now owns 2,322 shares of the company’s stock valued at $355,000 after acquiring an additional 281 shares during the period. Finally, RFG Advisory LLC grew its position in Snowflake by 9.9% in the 3rd quarter. RFG Advisory LLC now owns 2,035 shares of the company’s stock valued at $311,000 after acquiring an additional 184 shares in 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, as well as applies artificial intelligence (AI) for solving business problems.