Snowflake (NYSE:SNOW) Rating Lowered to “Strong Sell” at Hsbc Global Res

Snowflake (NYSE:SNOW) was downgraded by equities researchers at Hsbc Global Res from a “hold” rating to a “strong sell” rating in a report released on Thursday,Zacks.com reports.

Several other equities analysts have also issued reports on the stock. Raymond James restated an “outperform” rating and issued a $212.00 target price (up previously from $196.00) on shares of Snowflake in a report on Thursday. Monness Crespi & Hardt boosted their price objective on Snowflake from $230.00 to $245.00 and gave the company a “buy” rating in a research note on Thursday. Wolfe Research raised Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 target price for the company in a research note on Tuesday, February 18th. Oppenheimer reiterated an “outperform” rating and issued a $225.00 target price (up from $210.00) on shares of Snowflake in a report on Thursday. Finally, Royal Bank of Canada set a $236.00 price target on Snowflake and gave the company an “outperform” rating in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, thirty-one have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $217.33.

Snowflake Price Performance

Snowflake stock opened at $199.99 on Thursday. The stock’s 50 day moving average is $159.20 and its 200 day moving average is $163.56. Snowflake has a one year low of $107.13 and a one year high of $205.40. The firm has a market cap of $66.02 billion, a P/E ratio of -58.99 and a beta of 1.11. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.02. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the business earned $0.14 EPS. The company’s revenue was up 25.8% compared to the same quarter last year. As a group, research analysts expect that Snowflake will post -2.36 EPS for the current year.

Insiders Place Their Bets

In other Snowflake news, Director Frank Slootman sold 1,783 shares of the business’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $147.24, for a total value of $262,528.92. Following the sale, the director now directly owns 192,511 shares in the company, valued at $28,345,319.64. The trade was a 0.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $171.75, for a total value of $2,576,250.00. Following the transaction, the executive vice president now directly owns 594,975 shares in the company, valued at $102,186,956.25. This represents a 2.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 356,963 shares of company stock valued at $58,204,058 in the last 90 days. 7.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Snowflake

Several institutional investors have recently added to or reduced their stakes in the business. Opal Wealth Advisors LLC bought a new stake in shares of Snowflake in the first quarter valued at approximately $26,000. Stonebridge Financial Group LLC purchased a new stake in shares of Snowflake during the fourth quarter worth $29,000. CVA Family Office LLC boosted its holdings in shares of Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company’s stock worth $29,000 after acquiring an additional 88 shares during the period. West Paces Advisors Inc. purchased a new position in shares of Snowflake in the fourth quarter valued at $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in shares of Snowflake in the fourth quarter valued at $31,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Company Profile

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.