Snowflake (NYSE:SNOW) Lowered to “Neutral” at Rosenblatt Securities

Rosenblatt Securities lowered shares of Snowflake (NYSE:SNOW – Get Rating) from a buy rating to a neutral rating in a research report report published on Thursday morning, The Fly reports. They currently have $170.00 price target on the stock, down from their previous price target of $188.00.

Other research analysts also recently issued research reports about the company. Barclays lowered their target price on Snowflake from $180.00 to $171.00 and set an overweight rating on the stock in a research note on Thursday, March 2nd. Stifel Nicolaus upgraded Snowflake from a hold rating to a buy rating and increased their price objective for the stock from $145.00 to $185.00 in a report on Monday, May 8th. Needham & Company LLC increased their price target on shares of Snowflake from $165.00 to $180.00 and gave the stock a buy rating in a research note on Thursday, March 2nd. JMP Securities reaffirmed a market outperform rating and issued a $215.00 price objective on shares of Snowflake in a research note on Thursday, March 2nd. Finally, Citigroup cut their target price on Snowflake from $225.00 to $202.00 and set a buy rating on the stock in a report on Friday, March 3rd. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $184.54.

Snowflake Stock Performance

SNOW stock opened at $147.91 on Thursday. The firm has a 50 day simple moving average of $151.30 and a 200 day simple moving average of $147.97. Snowflake has a 52 week low of $110.26 and a 52 week high of $205.66.

Snowflake (NYSE:SNOW – Get Rating) last issued its earnings results on Wednesday, March 1st. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.12). Snowflake had a negative net margin of 37.78% and a negative return on equity of 14.72%. The company had revenue of $589.01 million for the quarter, compared to analyst estimates of $571.57 million. On average, sell-side analysts forecast that Snowflake will post -1.63 earnings per share for the current year.

Insider Buying and Selling

In related news, Director John Dennis Mcmahon sold 1,000 shares of the firm’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $142.65, for a total transaction of $142,650.00. Following the completion of the sale, the director now directly owns 154,902 shares of the company’s stock, valued at approximately $22,096,770.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director John Dennis Mcmahon sold 1,000 shares of the company’s stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $142.65, for a total transaction of $142,650.00. Following the transaction, the director now owns 154,902 shares in the company, valued at approximately $22,096,770.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Benoit Dageville sold 13,182 shares of the business’s stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $180.00, for a total transaction of $2,372,760.00. Following the completion of the transaction, the insider now directly owns 43,063 shares of the company’s stock, valued at $7,751,340. The disclosure for this sale can be found here. Insiders have sold a total of 309,301 shares of company stock worth $44,133,577 in the last three months. Insiders own 8.90% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several large investors have recently made changes to their positions in the company. Seaport Global Advisors LLC raised its holdings in Snowflake by 14.2% during the 1st quarter. Seaport Global Advisors LLC now owns 1,358 shares of the company’s stock worth $210,000 after purchasing an additional 169 shares during the last quarter. Toroso Investments LLC lifted its stake in shares of Snowflake by 1.2% in the 1st quarter. Toroso Investments LLC now owns 6,928 shares of the company’s stock valued at $1,069,000 after purchasing an additional 85 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Snowflake by 52.4% in the 1st quarter. Ameriprise Financial Inc. now owns 515,855 shares of the company’s stock worth $79,557,000 after purchasing an additional 177,400 shares during the last quarter. Titleist Asset Management LLC acquired a new stake in shares of Snowflake during the first quarter worth $607,000. Finally, B. Riley Wealth Advisors Inc. increased its holdings in Snowflake by 54.8% in the first quarter. B. Riley Wealth Advisors Inc. now owns 7,564 shares of the company’s stock valued at $1,167,000 after purchasing an additional 2,677 shares during the last quarter. Institutional investors and hedge funds own 65.31% of the company’s stock.

About Snowflake

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Snowflake Inc provides a cloud-based data platform in the United States and internationally. The company's 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. Its platform is used by various organizations of sizes in a range of industries.