Snowflake (NYSE:SNOW) Lowered to Neutral at BTIG Research

BTIG Research lowered shares of Snowflake (NYSE:SNOW – Get Rating) from a buy rating to a neutral rating in a report issued on Tuesday morning, MarketBeat Ratings reports.

Several other research analysts also recently commented on SNOW. Cowen decreased their price objective on Snowflake from $390.00 to $280.00 and set an outperform rating on the stock in a report on Monday, May 23rd. Piper Sandler decreased their price objective on Snowflake from $165.00 to $164.00 and set an overweight rating on the stock in a report on Monday, July 18th. Evercore ISI decreased their price objective on Snowflake from $250.00 to $175.00 and set an outperform rating on the stock in a report on Thursday, May 26th. Deutsche Bank Aktiengesellschaft cut their target price on Snowflake from $300.00 to $175.00 in a research note on Thursday, May 26th. Finally, Truist Financial cut their target price on Snowflake from $300.00 to $200.00 and set a buy rating on the stock in a research note on Thursday, May 26th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $219.27.

Snowflake Stock Up 1.6 %

NYSE SNOW opened at $153.37 on Tuesday. The stock’s 50-day simple moving average is $138.68 and its two-hundred day simple moving average is $192.10. Snowflake has a twelve month low of $110.26 and a twelve month high of $405.00. The company has a market capitalization of $48.25 billion, a price-to-earnings ratio of -72.69 and a beta of 1.31.

Snowflake (NYSE:SNOW – Get Rating) last released its quarterly earnings data on Wednesday, May 25th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.13). The company had revenue of $422.37 million during the quarter, compared to analysts’ expectations of $413.01 million. Snowflake had a negative return on equity of 12.39% and a negative net margin of 45.48%. The firm’s quarterly revenue was up 84.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.69) EPS. On average, equities analysts expect that Snowflake will post -2.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Frank Slootman sold 1,727 shares of the business’s stock in a transaction that occurred on Thursday, June 9th. The shares were sold at an average price of $136.18, for a total value of $235,182.86. Following the completion of the transaction, the chief executive officer now directly owns 138,551 shares in the company, valued at approximately $18,867,875.18. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Benoit Dageville sold 727 shares of the business’s stock in a transaction that occurred on Thursday, June 9th. The shares were sold at an average price of $136.18, for a total value of $99,002.86. Following the completion of the transaction, the insider now directly owns 16,620 shares in the company, valued at approximately $2,263,311.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Frank Slootman sold 1,727 shares of the business’s stock in a transaction that occurred on Thursday, June 9th. The stock was sold at an average price of $136.18, for a total transaction of $235,182.86. Following the completion of the transaction, the chief executive officer now owns 138,551 shares of the company’s stock, valued at $18,867,875.18. The disclosure for this sale can be found here. Insiders sold a total of 3,678 shares of company stock worth $524,444 in the last three months. Insiders own 8.90% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of hedge funds have recently added to or reduced their stakes in SNOW. Level Financial Advisors Inc. raised its stake in Snowflake by 475.0% during the 1st quarter. Level Financial Advisors Inc. now owns 115 shares of the company’s stock valued at $26,000 after buying an additional 95 shares during the last quarter. Patriot Financial Group Insurance Agency LLC raised its stake in Snowflake by 1,800.0% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 190 shares of the company’s stock valued at $26,000 after buying an additional 180 shares during the last quarter. Glassman Wealth Services raised its stake in Snowflake by 233.3% during the 4th quarter. Glassman Wealth Services now owns 80 shares of the company’s stock valued at $27,000 after buying an additional 56 shares during the last quarter. Bogart Wealth LLC raised its stake in Snowflake by 6,433.3% during the 2nd quarter. Bogart Wealth LLC now owns 196 shares of the company’s stock valued at $27,000 after buying an additional 193 shares during the last quarter. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC raised its stake in Snowflake by 333.3% during the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 130 shares of the company’s stock valued at $29,000 after buying an additional 100 shares during the last quarter. 76.67% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Company Profile

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Snowflake Inc provides a cloud-based data platform in the United States and internationally. The company's 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. Its platform is used by various organizations of sizes in a range of industries.