Snowflake (NYSE:SNOW) Shares Gap Down on Analyst Downgrade

Snowflake Inc. (NYSE:SNOW – Get Rating) gapped down prior to trading on Thursday after Wolfe Research downgraded the stock from an outperform rating to a market perform rating. The stock had previously closed at $177.14, but opened at $150.47. Snowflake shares last traded at $150.69, with a volume of 6,935,451 shares trading hands.

Several other research firms also recently issued reports on SNOW. Rosenblatt Securities downgraded shares of Snowflake from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $188.00 to $170.00 in a research note on Thursday. Citigroup decreased their price objective on shares of Snowflake from $225.00 to $202.00 and set a “buy” rating for the company in a research note on Friday, March 3rd. Raymond James decreased their price objective on shares of Snowflake from $180.00 to $170.00 and set an “outperform” rating for the company in a research note on Thursday, March 2nd. Robert W. Baird reduced their target price on shares of Snowflake from $185.00 to $180.00 in a report on Thursday, March 2nd. Finally, Needham & Company LLC upped their target price on shares of Snowflake from $165.00 to $180.00 and gave the company a “buy” rating in a report on Thursday, March 2nd. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and a consensus target price of $184.54.

Insider Buying and Selling at Snowflake

In other Snowflake news, insider Benoit Dageville sold 60,827 shares of the stock in a transaction dated Wednesday, March 29th. The shares were sold at an average price of $136.26, for a total value of $8,288,287.02. Following the completion of the transaction, the insider now directly owns 43,063 shares of the company’s stock, valued at $5,867,764.38. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, Director John Dennis Mcmahon sold 1,000 shares of the stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $160.27, for a total value of $160,270.00. Following the sale, the director now directly owns 152,902 shares in the company, valued at $24,505,603.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benoit Dageville sold 60,827 shares of the stock in a transaction that occurred on Wednesday, March 29th. The shares were sold at an average price of $136.26, for a total transaction of $8,288,287.02. Following the completion of the sale, the insider now owns 43,063 shares in the company, valued at $5,867,764.38. The disclosure for this sale can be found here. Over the last three months, insiders sold 309,301 shares of company stock valued at $44,133,577. Corporate insiders own 8.90% of the company’s stock.

Institutional Trading of Snowflake

Several large investors have recently modified their holdings of SNOW. Norges Bank acquired a new stake in Snowflake during the fourth quarter worth approximately $477,435,000. BlackRock Inc. raised its stake in Snowflake by 25.7% during the third quarter. BlackRock Inc. now owns 12,567,822 shares of the company’s stock worth $2,136,029,000 after purchasing an additional 2,569,953 shares during the period. GQG Partners LLC purchased a new position in Snowflake during the first quarter worth approximately $311,427,000. Vanguard Group Inc. raised its stake in Snowflake by 8.3% during the third quarter. Vanguard Group Inc. now owns 17,293,889 shares of the company’s stock worth $2,939,269,000 after purchasing an additional 1,327,410 shares during the period. Finally, State Street Corp raised its stake in Snowflake by 30.6% during the third quarter. State Street Corp now owns 5,657,938 shares of the company’s stock worth $961,623,000 after purchasing an additional 1,324,033 shares during the period. 65.31% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Stock Down 16.5 %

The company has a market cap of $48.07 billion, a PE ratio of -59.16 and a beta of 0.74. The stock’s 50 day simple moving average is $151.30 and its two-hundred day simple moving average is $147.97.

Snowflake (NYSE:SNOW – Get Rating) last posted its quarterly earnings results on Wednesday, March 1st. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.12). Snowflake had a negative return on equity of 13.87% and a negative net margin of 38.57%. The company had revenue of $589.01 million for the quarter, compared to analysts’ expectations of $571.57 million. Analysts forecast that Snowflake Inc. will post -1.63 EPS for the current year.

About Snowflake

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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.