StockNews.com Downgrades Snowflake (NYSE:SNOW) to Sell

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

A number of other research firms also recently weighed in on SNOW. Citigroup decreased their price target on shares of Snowflake from $290.00 to $240.00 and set a “buy” rating on the stock in a research note on Monday, March 4th. KeyCorp started coverage on shares of Snowflake in a research note on Thursday, April 11th. They issued an “overweight” rating and a $185.00 target price on the stock. Wedbush increased their target price on shares of Snowflake from $144.00 to $210.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 28th. Guggenheim upgraded shares of Snowflake from a “sell” rating to a “neutral” rating in a research report on Friday, March 15th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $230.00 price objective on shares of Snowflake in a report on Thursday, February 29th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $202.77.

Snowflake Trading Down 1.2 %

NYSE:SNOW opened at $155.86 on Wednesday. The firm has a market capitalization of $52.09 billion, a PE ratio of -61.56 and a beta of 0.90. Snowflake has a 1 year low of $138.40 and a 1 year high of $237.72. The firm’s fifty day simple moving average is $158.91 and its 200 day simple moving average is $179.12.

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 the consensus estimate of ($0.49) by $0.05. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. The business had revenue of $774.70 million for the quarter, compared to the consensus estimate of $759.86 million. As a group, analysts anticipate that Snowflake will post -1.9 EPS for the current fiscal year.

Insider Transactions at Snowflake

In related news, SVP Christian Kleinerman sold 1,500 shares of the company’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $230.00, for a total value of $345,000.00. Following the completion of the sale, the senior vice president now owns 725,067 shares in the company, valued at approximately $166,765,410. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Sridhar Ramaswamy bought 31,542 shares of Snowflake stock in a transaction that occurred on Monday, March 25th. The stock was purchased at an average cost of $158.52 per share, with a total value of $5,000,037.84. Following the purchase, the chief executive officer now owns 31,542 shares in the company, valued at $5,000,037.84. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Christian Kleinerman sold 1,500 shares of Snowflake stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $230.00, for a total value of $345,000.00. Following the completion of the sale, the senior vice president now directly owns 725,067 shares in the company, valued at approximately $166,765,410. The disclosure for this sale can be found here. Insiders have sold a total of 62,380 shares of company stock valued at $9,906,900 over the last three months. 8.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Cigna Investments Inc. New grew its stake in shares of Snowflake by 1.6% during the 4th quarter. Cigna Investments Inc. New now owns 3,295 shares of the company’s stock worth $656,000 after acquiring an additional 51 shares in the last quarter. E&G Advisors LP increased its stake in Snowflake by 3.0% in the 4th quarter. E&G Advisors LP now owns 1,768 shares of the company’s stock valued at $352,000 after buying an additional 51 shares during the last quarter. Commerce Bank lifted its position in Snowflake by 0.8% during the 4th quarter. Commerce Bank now owns 6,138 shares of the company’s stock worth $1,221,000 after buying an additional 51 shares in the last quarter. Parkside Financial Bank & Trust boosted its stake in shares of Snowflake by 34.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 202 shares of the company’s stock worth $40,000 after buying an additional 52 shares during the last quarter. Finally, Valley National Advisers Inc. grew its holdings in shares of Snowflake by 18.1% in the 4th quarter. Valley National Advisers Inc. now owns 346 shares of the company’s stock valued at $68,000 after acquiring an additional 53 shares in the last quarter. 65.10% of the stock is currently owned by 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.