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

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

A number of other brokerages also recently commented on SNOW. HSBC reissued a reduce rating on shares of Snowflake in a research report on Thursday, February 29th. Canaccord Genuity Group reissued a buy rating and set a $230.00 price target on shares of Snowflake in a research report on Thursday, February 29th. KeyCorp began coverage on Snowflake in a research note on Thursday, April 11th. They issued an overweight rating and a $185.00 price objective on the stock. Truist Financial reduced their target price on Snowflake from $250.00 to $210.00 and set a buy rating for the company in a research note on Thursday, February 29th. Finally, Redburn Atlantic restated a sell rating and issued a $125.00 price target (down previously from $180.00) on shares of Snowflake in a research note on Tuesday, March 19th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $202.77.

Snowflake Stock Performance

SNOW opened at $157.72 on Wednesday. The business’s 50-day simple moving average is $160.35 and its 200 day simple moving average is $179.27. Snowflake has a 52-week low of $138.40 and a 52-week high of $237.72. The firm has a market capitalization of $52.71 billion, a PE ratio of -61.85 and a beta of 0.90.

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

Insider Buying and Selling at Snowflake

In other Snowflake news, SVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $230.00, for a total transaction of $2,300,000.00. Following the completion of the transaction, the senior vice president now owns 726,567 shares of the company’s stock, valued at $167,110,410. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Snowflake news, SVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $230.00, for a total value of $2,300,000.00. Following the sale, the senior vice president now owns 726,567 shares in the company, valued at $167,110,410. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sridhar Ramaswamy purchased 31,542 shares of the stock in a transaction dated Monday, March 25th. The shares were bought at an average price of $158.52 per share, with a total value of $5,000,037.84. Following the completion of the acquisition, the chief executive officer now directly owns 31,542 shares of the company’s stock, valued at approximately $5,000,037.84. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 72,380 shares of company stock valued at $12,206,900. 8.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Snowflake

A number of hedge funds have recently made changes to their positions in SNOW. Accent Capital Management LLC acquired a new stake in Snowflake in the fourth quarter valued at $25,000. Provence Wealth Management Group acquired a new stake in shares of Snowflake in the third quarter valued at about $30,000. Whittier Trust Co. of Nevada Inc. raised its position in shares of Snowflake by 54.1% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 205 shares of the company’s stock worth $31,000 after acquiring an additional 72 shares during the last quarter. Global Wealth Management Investment Advisory Inc. lifted its stake in shares of Snowflake by 89.0% in the third quarter. Global Wealth Management Investment Advisory Inc. now owns 206 shares of the company’s stock worth $31,000 after acquiring an additional 97 shares during the period. Finally, Riverview Trust Co bought a new stake in Snowflake in the first quarter valued at approximately $31,000. 65.10% of the stock is owned by institutional investors and hedge funds.

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.