Snowflake (NYSE:SNOW) Lowered to “Sell” at StockNews.com

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

A number of other brokerages have also weighed in on SNOW. HSBC restated a “reduce” rating on shares of Snowflake in a research report on Thursday, February 29th. Evercore ISI decreased their price objective on Snowflake from $250.00 to $225.00 and set an “outperform” rating on the stock in a report on Thursday, February 29th. BNP Paribas raised shares of Snowflake from a “neutral” rating to an “outperform” rating and set a $200.00 target price for the company in a report on Thursday, May 2nd. 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. Finally, Morgan Stanley restated an “equal weight” rating and issued a $175.00 target price (down from $230.00) on shares of Snowflake in a report on Thursday, February 29th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Snowflake presently has an average rating of “Moderate Buy” and an average price target of $202.77.

Snowflake Trading Down 2.8 %

NYSE SNOW opened at $159.10 on Wednesday. Snowflake has a 12 month low of $138.40 and a 12 month high of $237.72. The stock’s 50 day moving average is $161.85 and its 200 day moving average is $179.19. The stock has a market cap of $53.17 billion, a PE ratio of -62.39 and a beta of 0.90.

Snowflake (NYSE:SNOW) last released its 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 firm had revenue of $774.70 million for the quarter, compared to the consensus estimate of $759.86 million. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. On average, analysts forecast that Snowflake will post -1.9 EPS for the current fiscal year.

Insider Transactions at Snowflake

In other news, insider Benoit Dageville sold 689 shares of Snowflake stock in a transaction on Monday, March 11th. The stock was sold at an average price of $161.42, for a total value of $111,218.38. Following the transaction, the insider now directly owns 70,665 shares in the company, valued at approximately $11,406,744.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Grzegorz Czajkowski sold 683 shares of the 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 $110,249.86. Following the completion of the sale, the executive vice president now owns 86,208 shares of the company’s stock, valued at $13,915,695.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benoit Dageville sold 689 shares of Snowflake stock in a transaction on Monday, March 11th. The stock was sold at an average price of $161.42, for a total transaction of $111,218.38. Following the completion of the transaction, the insider now directly owns 70,665 shares in the company, valued at $11,406,744.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 158,458 shares of company stock valued at $31,585,640. Company insiders own 8.30% of the company’s stock.

Institutional Trading of Snowflake

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Inspire Investing LLC raised its position in shares of Snowflake by 22.6% in the 1st quarter. Inspire Investing LLC now owns 2,729 shares of the company’s stock valued at $441,000 after purchasing an additional 503 shares during the last quarter. Quantum Private Wealth LLC increased its stake in Snowflake by 42.9% during the 1st quarter. Quantum Private Wealth LLC now owns 8,514 shares of the company’s stock valued at $1,376,000 after purchasing an additional 2,556 shares in the last quarter. RPG Investment Advisory LLC raised its holdings in shares of Snowflake by 112.2% in the first quarter. RPG Investment Advisory LLC now owns 7,764 shares of the company’s stock worth $1,255,000 after buying an additional 4,105 shares during the last quarter. Once Capital Management LLC lifted its stake in shares of Snowflake by 40.0% during the first quarter. Once Capital Management LLC now owns 35,000 shares of the company’s stock worth $5,656,000 after buying an additional 10,000 shares during the period. Finally, Forsta AP Fonden grew its holdings in shares of Snowflake by 7.8% during the first quarter. Forsta AP Fonden now owns 72,100 shares of the company’s stock valued at $11,651,000 after buying an additional 5,200 shares during the last quarter. 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.