Snowflake (NYSE:SNOW) Shares Down 4.3% Following Analyst Downgrade

Snowflake Inc. (NYSE:SNOW) shares fell 4.3% during mid-day trading on Thursday after Macquarie lowered their price target on the stock from $205.00 to $200.00. Macquarie currently has an outperform rating on the stock. Snowflake traded as low as $155.40 and last traded at $156.27. 9,296,538 shares traded hands during mid-day trading, an increase of 53% from the average session volume of 6,062,430 shares. The stock had previously closed at $163.34.

A number of other equities analysts have also issued reports on the stock. Piper Sandler reiterated an “overweight” rating and issued a $240.00 target price on shares of Snowflake in a research report on Thursday. Scotiabank reduced their price objective on shares of Snowflake from $207.00 to $195.00 and set a “sector outperform” rating for the company in a research report on Thursday. Truist Financial reduced their price objective on shares of Snowflake from $250.00 to $210.00 and set a “buy” rating for the company in a research report on Thursday, February 29th. Royal Bank of Canada reduced their price objective on shares of Snowflake from $246.00 to $220.00 and set an “outperform” rating for the company in a research report on Monday, May 20th. Finally, Barclays raised their price objective on shares of Snowflake from $188.00 to $191.00 and gave the company an “equal weight” rating in a research report on Thursday. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $200.64.

Insider Buying and Selling at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 1,500 shares of Snowflake stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total value of $241,725.00. Following the completion of the sale, the executive vice president now directly owns 772,597 shares in the company, valued at $124,504,006.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total value of $241,725.00. Following the completion of the sale, the executive vice president now directly owns 772,597 shares in the company, valued at $124,504,006.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CRO Christopher William Degnan sold 12,782 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $156.56, for a total transaction of $2,001,149.92. Following the completion of the sale, the executive now owns 354,954 shares of the company’s stock, valued at $55,571,598.24. The disclosure for this sale can be found here. Insiders sold 62,380 shares of company stock worth $9,803,625 over the last ninety days. 8.30% of the stock is currently owned by insiders.

Institutional Trading of Snowflake

A number of institutional investors and hedge funds have recently modified their holdings of the company. Cetera Advisors LLC lifted its stake in shares of Snowflake by 76.5% in the first quarter. Cetera Advisors LLC now owns 28,831 shares of the company’s stock worth $4,659,000 after buying an additional 12,497 shares during the last quarter. Cetera Investment Advisers increased its position in Snowflake by 201.5% during the first quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock worth $10,292,000 after acquiring an additional 42,563 shares during the period. Swedbank AB bought a new position in Snowflake during the first quarter worth $258,957,000. Sanibel Captiva Trust Company Inc. bought a new position in Snowflake during the first quarter worth $2,004,000. Finally, Arrow Financial Corp increased its position in Snowflake by 24.8% during the first quarter. Arrow Financial Corp now owns 7,604 shares of the company’s stock worth $1,229,000 after acquiring an additional 1,511 shares during the period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Stock Up 1.0 %

The stock’s 50-day moving average is $157.03 and its 200-day moving average is $180.17. The firm has a market cap of $52.19 billion, a P/E ratio of -55.77 and a beta of 0.90.

Snowflake (NYSE:SNOW) last announced its earnings results 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. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.54%. The business had revenue of $774.70 million for the quarter, compared to analyst estimates of $759.86 million. As a group, analysts expect that Snowflake Inc. will post -1.83 EPS for the current fiscal year.

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.