Snowflake (NYSE:SNOW) Downgraded by StockNews.com

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

Other analysts also recently issued research reports about the stock. Rosenblatt Securities raised shares of Snowflake from a “neutral” rating to a “buy” rating and set a $185.00 target price for the company in a report on Friday, April 5th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $230.00 target price on shares of Snowflake in a research report on Thursday, February 29th. Raymond James lifted their price target on Snowflake from $190.00 to $223.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. Stifel Nicolaus lowered their price objective on Snowflake from $235.00 to $220.00 and set a “buy” rating on the stock in a research report on Thursday, February 29th. Finally, 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 research report on Thursday, May 2nd. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $202.77.

Snowflake Stock 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 firm has a market capitalization of $53.17 billion, a price-to-earnings ratio of -62.39 and a beta of 0.90. The stock’s 50 day moving average price is $161.85 and its two-hundred day moving average price is $179.19.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.05. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. The business had revenue of $774.70 million for the quarter, compared to analysts’ expectations of $759.86 million. Equities research analysts expect that Snowflake will post -1.9 EPS for the current year.

Insiders Place Their Bets

In other news, CRO Christopher William Degnan sold 12,782 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $156.56, for a total transaction of $2,001,149.92. Following the completion of the transaction, the executive now directly owns 354,954 shares in the company, valued at $55,571,598.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CRO Christopher William Degnan sold 12,782 shares of Snowflake stock in a transaction dated 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 sale, the executive now directly owns 354,954 shares of the company’s stock, valued at $55,571,598.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Frank Slootman sold 86,078 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $225.13, for a total value of $19,378,740.14. Following the completion of the transaction, the chief executive officer now directly owns 180,143 shares of the company’s stock, valued at approximately $40,555,593.59. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 158,458 shares of company stock valued at $31,585,640. 8.30% of the stock is currently owned by insiders.

Institutional Trading of Snowflake

Several institutional investors have recently modified their holdings of SNOW. Accent Capital Management LLC acquired a new position in Snowflake during the 4th quarter worth about $25,000. Provence Wealth Management Group acquired a new position in shares of Snowflake in the third quarter worth approximately $30,000. Whittier Trust Co. of Nevada Inc. boosted its holdings in Snowflake by 54.1% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 205 shares of the company’s stock valued at $31,000 after acquiring an additional 72 shares during the last quarter. Global Wealth Management Investment Advisory Inc. increased its position in Snowflake by 89.0% during the 3rd quarter. Global Wealth Management Investment Advisory Inc. now owns 206 shares of the company’s stock valued at $31,000 after purchasing an additional 97 shares during the period. Finally, Riverview Trust Co bought a new position in Snowflake during the 1st quarter worth approximately $31,000. 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.