Snowflake (NYSE:SNOW) Stock Rating Lowered by StockNews.com

Snowflake (NYSE:SNOW) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a report released on Monday.

Several other brokerages also recently issued reports on SNOW. Macquarie raised shares of Snowflake from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $182.00 to $205.00 in a research note on Thursday, February 29th. Stifel Nicolaus decreased their price objective on shares of Snowflake from $235.00 to $220.00 and set a “buy” rating for the company in a research note on Thursday, February 29th. Citigroup decreased their price objective on shares of Snowflake from $290.00 to $240.00 and set a “buy” rating for the company in a research note on Monday, March 4th. HSBC reissued a “reduce” rating on shares of Snowflake in a research note on Thursday, February 29th. Finally, Truist Financial decreased their price objective on shares of Snowflake from $250.00 to $210.00 and set a “buy” rating for the company in a research note on Thursday, February 29th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-two have given a buy rating to the stock. According to MarketBeat.com, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus target price of $202.00.

Snowflake Trading Up 2.7 %

SNOW opened at $151.17 on Monday. The firm has a market cap of $50.52 billion, a P/E ratio of -59.28 and a beta of 0.91. Snowflake has a 12 month low of $135.26 and a 12 month high of $237.72. The stock has a 50-day moving average of $174.58 and a 200 day moving average of $179.32.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, topping the consensus estimate of ($0.49) by $0.05. The company had revenue of $774.70 million during the quarter, compared to analyst estimates 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 fiscal year.

Insider Buying and Selling at Snowflake

In other news, CEO Sridhar Ramaswamy acquired 31,542 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was acquired at an average price of $158.52 per share, for a total transaction of $5,000,037.84. Following the completion of the transaction, the chief executive officer now owns 31,542 shares in the company, valued at approximately $5,000,037.84. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Sridhar Ramaswamy acquired 31,542 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was acquired at an average price of $158.52 per share, for a total transaction of $5,000,037.84. Following the completion of the transaction, the chief executive officer now owns 31,542 shares in the company, valued at approximately $5,000,037.84. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Benoit Dageville sold 8,515 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $156.25, for a total transaction of $1,330,468.75. Following the completion of the transaction, the insider now owns 55,216 shares of the company’s stock, valued at approximately $8,627,500. The disclosure for this sale can be found here. Over the last three months, insiders have sold 168,209 shares of company stock valued at $34,291,592. 8.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Rakuten Securities Inc. acquired a new position in shares of Snowflake during the 4th quarter worth about $790,000. Sequoia Financial Advisors LLC raised its position in shares of Snowflake by 209.3% during the 4th quarter. Sequoia Financial Advisors LLC now owns 4,658 shares of the company’s stock worth $927,000 after purchasing an additional 3,152 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Snowflake during the 3rd quarter worth about $458,000. Glynn Capital Management LLC raised its holdings in Snowflake by 3.1% in the 3rd quarter. Glynn Capital Management LLC now owns 188,428 shares of the company’s stock valued at $28,786,000 after acquiring an additional 5,629 shares during the last quarter. Finally, Raymond James & Associates raised its holdings in Snowflake by 55.9% in the 4th quarter. Raymond James & Associates now owns 295,486 shares of the company’s stock valued at $58,802,000 after acquiring an additional 105,937 shares during the last quarter. Institutional investors and hedge funds 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.