Snowflake (NYSE:SNOW) Cut to Strong Sell at Hsbc Global Res

Hsbc Global Res downgraded shares of Snowflake (NYSE:SNOW) from a hold rating to a strong sell rating in a research note published on Thursday morning,Zacks.com reports.

Several other equities research analysts have also weighed in on SNOW. Truist Financial upped their target price on shares of Snowflake from $210.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday. Macquarie upped their target price on shares of Snowflake from $160.00 to $190.00 and gave the stock a “neutral” rating in a report on Thursday. Royal Bank of Canada set a $236.00 target price on shares of Snowflake and gave the stock an “outperform” rating in a report on Thursday. Daiwa Capital Markets began coverage on shares of Snowflake in a report on Tuesday, April 1st. They issued a “buy” rating and a $210.00 target price on the stock. Finally, Raymond James reaffirmed an “outperform” rating and issued a $212.00 target price (up previously from $196.00) on shares of Snowflake in a report on Thursday. Two 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $217.33.

Snowflake Trading Down 1.6%

Shares of SNOW stock opened at $199.99 on Thursday. Snowflake has a 52-week low of $107.13 and a 52-week high of $205.40. The stock has a market cap of $66.02 billion, a price-to-earnings ratio of -58.99 and a beta of 1.11. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The firm has a fifty day moving average of $159.20 and a 200-day moving average of $163.86.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the prior year, the company posted $0.14 EPS. The business’s revenue was up 25.8% on a year-over-year basis. On average, equities research analysts forecast that Snowflake will post -2.36 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Michael L. Speiser sold 403 shares of the stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $129.25, for a total value of $52,087.75. Following the sale, the director now directly owns 26,375 shares in the company, valued at $3,408,968.75. This trade represents a 1.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $171.75, for a total transaction of $2,576,250.00. Following the completion of the sale, the executive vice president now owns 594,975 shares in the company, valued at $102,186,956.25. This represents a 2.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 356,963 shares of company stock valued at $58,204,058. 7.80% of the stock is currently owned by insiders.

Institutional Trading of Snowflake

A number of hedge funds have recently modified their holdings of SNOW. Norges Bank acquired a new stake in shares of Snowflake in the 4th quarter valued at approximately $988,950,000. GQG Partners LLC acquired a new stake in Snowflake during the 4th quarter worth approximately $750,572,000. Nuveen LLC acquired a new stake in Snowflake during the 1st quarter worth approximately $555,847,000. Jennison Associates LLC raised its holdings in Snowflake by 92.2% during the 4th quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock worth $1,179,230,000 after buying an additional 3,662,671 shares during the period. Finally, FMR LLC raised its holdings in Snowflake by 84.9% during the 4th quarter. FMR LLC now owns 6,108,123 shares of the company’s stock worth $943,155,000 after buying an additional 2,805,425 shares during the period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.