StockNews.com Downgrades Snowflake (NYSE:SNOW) to Sell

StockNews.com downgraded shares of Snowflake (NYSE:SNOW) from a hold rating to a sell rating in a report released on Tuesday.

Several other analysts also recently commented on the company. Redburn Atlantic reissued a sell rating and issued a $125.00 price objective (down from $180.00) on shares of Snowflake in a research note on Tuesday, March 19th. TD Cowen increased their price objective on Snowflake from $215.00 to $230.00 and gave the stock an outperform rating in a research note on Monday, December 11th. Scotiabank increased their price objective on Snowflake from $194.00 to $226.00 and gave the stock a sector outperform rating in a research note on Thursday, November 30th. Needham & Company LLC lowered their price objective on Snowflake from $265.00 to $240.00 and set a buy rating for the company in a research note on Thursday, February 29th. Finally, Morgan Stanley reissued an equal weight rating and issued a $175.00 price objective (down from $230.00) on shares of Snowflake in a research note on Thursday, February 29th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $202.50.

Snowflake Stock Performance

SNOW stock opened at $161.60 on Tuesday. The stock’s 50 day simple moving average is $194.80 and its 200 day simple moving average is $179.24. Snowflake has a fifty-two week low of $135.26 and a fifty-two week high of $237.72. The company has a market cap of $53.21 billion, a P/E ratio of -63.37 and a beta of 0.94.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, topping 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 the consensus estimate of $759.86 million. Equities analysts predict that Snowflake will post -1.92 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Sridhar Ramaswamy bought 31,542 shares of the company’s stock in a transaction on Monday, March 25th. The shares were purchased at an average price of $158.52 per share, for a total transaction of $5,000,037.84. Following the completion of the transaction, the chief executive officer now directly owns 31,542 shares in the company, valued at approximately $5,000,037.84. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Snowflake news, CEO Sridhar Ramaswamy acquired 31,542 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were bought at an average price of $158.52 per share, for a total transaction of $5,000,037.84. Following the completion of the transaction, the chief executive officer now owns 31,542 shares of the company’s stock, valued at approximately $5,000,037.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Benoit Dageville sold 689 shares of the 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 completion of the sale, the insider now owns 70,665 shares in the company, valued at approximately $11,406,744.30. The disclosure for this sale can be found here. Insiders have sold a total of 184,355 shares of company stock worth $37,679,411 over the last 90 days. Corporate insiders own 8.30% of the company’s stock.

Institutional Investors Weigh In On Snowflake

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Cigna Investments Inc. New raised its position in Snowflake by 1.6% during the fourth quarter. Cigna Investments Inc. New now owns 3,295 shares of the company’s stock valued at $656,000 after purchasing an additional 51 shares in the last quarter. E&G Advisors LP grew its stake in shares of Snowflake by 3.0% during the fourth quarter. E&G Advisors LP now owns 1,768 shares of the company’s stock valued at $352,000 after buying an additional 51 shares during the last quarter. Commerce Bank grew its stake in shares of Snowflake by 0.8% during the fourth quarter. Commerce Bank now owns 6,138 shares of the company’s stock valued at $1,221,000 after buying an additional 51 shares during the last quarter. Parkside Financial Bank & Trust grew its stake in shares of Snowflake by 34.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 202 shares of the company’s stock valued at $40,000 after buying an additional 52 shares during the last quarter. Finally, Valley National Advisers Inc. grew its stake in shares of Snowflake by 18.1% during the fourth quarter. Valley National Advisers Inc. now owns 346 shares of the company’s stock valued at $68,000 after buying an additional 53 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.