Snowflake (NYSE:SNOW) Cut to Sell at StockNews.com

StockNews.com lowered shares of Snowflake (NYSE:SNOW) from a hold rating to a sell rating in a research note released on Friday morning.

SNOW has been the subject of several other reports. BNP Paribas upgraded shares of Snowflake from a neutral rating to an outperform rating and set a $200.00 price objective for the company in a research report on Thursday, May 2nd. Raymond James increased their price objective on shares of Snowflake from $190.00 to $223.00 and gave the stock an outperform rating in a research report on Friday, February 2nd. JMP Securities reaffirmed a market outperform rating and issued a $235.00 price target on shares of Snowflake in a research note on Friday, May 17th. Barclays lifted their price target on shares of Snowflake from $188.00 to $191.00 and gave the company an equal weight rating in a research note on Thursday. Finally, Loop Capital decreased their price target on shares of Snowflake from $235.00 to $225.00 and set a buy rating for the company in a research note on Thursday. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $200.64.

Snowflake Stock Up 1.0 %

SNOW opened at $156.16 on Friday. Snowflake has a twelve month low of $138.40 and a twelve month high of $237.72. The company has a fifty day moving average of $157.03 and a 200-day moving average of $180.46. The stock has a market cap of $52.19 billion, a PE ratio of -55.77 and a beta of 0.90.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $774.70 million during the quarter, compared to analysts’ expectations of $759.86 million. Sell-side analysts anticipate that Snowflake will post -1.83 EPS for the current fiscal year.

Insider Activity at Snowflake

In related news, insider Benoit Dageville sold 689 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $161.42, for a total transaction of $111,218.38. Following the sale, the insider now owns 70,665 shares of the company’s stock, valued at approximately $11,406,744.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Christian Kleinerman sold 1,500 shares of the company’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 owns 772,597 shares of the company’s stock, valued at approximately $124,504,006.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Benoit Dageville sold 689 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $161.42, for a total transaction of $111,218.38. Following the completion of the sale, the insider now directly owns 70,665 shares of the company’s stock, valued at approximately $11,406,744.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 62,380 shares of company stock worth $9,803,625. 8.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Snowflake

Several institutional investors have recently added to or reduced their stakes in the company. Trexquant Investment LP lifted its position in shares of Snowflake by 266.3% in the 4th quarter. Trexquant Investment LP now owns 10,499 shares of the company’s stock worth $2,089,000 after purchasing an additional 7,633 shares during the period. Rakuten Securities Inc. bought a new position in shares of Snowflake in the 4th quarter worth about $790,000. Sequoia Financial Advisors LLC increased its stake in shares of Snowflake by 209.3% in the 4th quarter. Sequoia Financial Advisors LLC now owns 4,658 shares of the company’s stock worth $927,000 after acquiring an additional 3,152 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Snowflake in the 3rd quarter worth about $458,000. Finally, Meridian Wealth Management LLC bought a new position in shares of Snowflake in the 4th quarter worth about $288,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.