BTIG Research Lowers Snowflake (NYSE:SNOW) to Neutral

BTIG Research downgraded shares of Snowflake (NYSE:SNOWGet Rating) from a buy rating to a neutral rating in a research note published on Tuesday, Marketbeat Ratings reports.

Several other research analysts also recently commented on SNOW. Wolfe Research started coverage on shares of Snowflake in a report on Monday, April 25th. They set an outperform rating and a $250.00 price objective for the company. Piper Sandler decreased their target price on shares of Snowflake from $165.00 to $164.00 and set an overweight rating on the stock in a research report on Monday, July 18th. Stifel Nicolaus reduced their price objective on shares of Snowflake from $240.00 to $120.00 in a research report on Thursday, May 26th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Snowflake from $300.00 to $175.00 in a research note on Thursday, May 26th. Finally, JMP Securities reduced their target price on shares of Snowflake from $385.00 to $180.00 and set a market outperform rating for the company in a report on Thursday, May 26th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-six have given a buy rating to the company. Based on data from MarketBeat, Snowflake has a consensus rating of Moderate Buy and an average target price of $219.27.

Snowflake Stock Up 3.0 %

NYSE SNOW opened at $165.53 on Tuesday. The company has a market capitalization of $52.08 billion, a price-to-earnings ratio of -78.45 and a beta of 1.30. The stock’s 50-day simple moving average is $140.67 and its two-hundred day simple moving average is $190.15. Snowflake has a twelve month low of $110.26 and a twelve month high of $405.00.

Snowflake (NYSE:SNOWGet Rating) last posted its earnings results on Wednesday, May 25th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.13). The business had revenue of $422.37 million during the quarter, compared to the consensus estimate of $413.01 million. Snowflake had a negative return on equity of 12.39% and a negative net margin of 45.48%. The firm’s revenue for the quarter was up 84.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.69) earnings per share. On average, equities analysts expect that Snowflake will post -2.1 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Frank Slootman sold 1,727 shares of Snowflake stock in a transaction on Thursday, June 9th. The shares were sold at an average price of $136.18, for a total value of $235,182.86. Following the completion of the sale, the chief executive officer now owns 138,551 shares in the company, valued at $18,867,875.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Snowflake news, CEO Frank Slootman sold 1,727 shares of Snowflake stock in a transaction on Thursday, June 9th. The shares were sold at an average price of $136.18, for a total value of $235,182.86. Following the completion of the transaction, the chief executive officer now owns 138,551 shares of the company’s stock, valued at $18,867,875.18. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John Dennis Mcmahon sold 1,224 shares of Snowflake stock in a transaction on Thursday, July 7th. The stock was sold at an average price of $155.44, for a total transaction of $190,258.56. Following the completion of the transaction, the director now directly owns 55,659 shares of the company’s stock, valued at approximately $8,651,634.96. The disclosure for this sale can be found here. Insiders have sold 3,678 shares of company stock worth $524,444 over the last 90 days. Company insiders own 8.90% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Hedge funds and other institutional investors have recently modified their holdings of the stock. State of Michigan Retirement System acquired a new stake in Snowflake during the 4th quarter worth about $1,509,000. Commonwealth Equity Services LLC lifted its holdings in shares of Snowflake by 37.9% during the fourth quarter. Commonwealth Equity Services LLC now owns 50,978 shares of the company’s stock worth $17,268,000 after buying an additional 14,013 shares during the last quarter. Yousif Capital Management LLC acquired a new position in shares of Snowflake during the fourth quarter worth approximately $966,000. D.A. Davidson & CO. raised its stake in shares of Snowflake by 6.7% in the fourth quarter. D.A. Davidson & CO. now owns 2,315 shares of the company’s stock valued at $784,000 after purchasing an additional 145 shares in the last quarter. Finally, CWM LLC acquired a new position in shares of Snowflake in the fourth quarter valued at $301,000. 76.67% of the stock is currently owned by institutional investors.

About Snowflake

(Get Rating)

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.

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Analyst Recommendations for Snowflake (NYSE:SNOW)

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