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

StockNews.com cut shares of Snowflake (NYSE:SNOW) from a hold rating to a sell rating in a research report report published on Tuesday morning.

Other equities research analysts have also recently issued reports about the stock. Needham & Company LLC cut their price objective on shares of Snowflake from $265.00 to $240.00 and set a buy rating for the company in a research report on Thursday, February 29th. Morgan Stanley restated an equal weight rating and set a $175.00 price objective (down from $230.00) on shares of Snowflake in a research report on Thursday, February 29th. Truist Financial cut their price objective on shares of Snowflake from $250.00 to $210.00 and set a buy rating for the company in a research report on Thursday, February 29th. Stifel Nicolaus cut their price objective on shares of Snowflake from $235.00 to $220.00 and set a buy rating for the company in a research report on Thursday, February 29th. Finally, Scotiabank raised their price objective on shares of Snowflake from $194.00 to $226.00 and gave the stock a sector outperform rating in a research report on Thursday, November 30th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $202.50.

Snowflake Stock Up 1.0 %

Shares of NYSE SNOW opened at $161.60 on Tuesday. The firm has a 50-day simple moving average of $194.80 and a 200-day simple moving average of $179.24. The stock has a market capitalization of $53.21 billion, a price-to-earnings ratio of -63.37 and a beta of 0.94. Snowflake has a 52 week low of $135.26 and a 52 week high of $237.72.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.05. The business had revenue of $774.70 million during the quarter, compared to analysts’ expectations of $759.86 million. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. As a group, equities research analysts expect that Snowflake will post -1.92 EPS for the current year.

Insider Transactions at Snowflake

In other news, EVP Grzegorz Czajkowski sold 683 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $161.42, for a total transaction of $110,249.86. Following the completion of the sale, the executive vice president now owns 86,208 shares in the company, valued at approximately $13,915,695.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Benoit Dageville sold 689 shares of Snowflake stock in a transaction on Monday, March 11th. The shares were sold at an average price of $161.42, for a total value of $111,218.38. Following the transaction, the insider now directly owns 70,665 shares of the company’s stock, valued at approximately $11,406,744.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Grzegorz Czajkowski sold 683 shares of Snowflake stock in a transaction on Monday, March 11th. The shares were sold at an average price of $161.42, for a total transaction of $110,249.86. Following the completion of the transaction, the executive vice president now directly owns 86,208 shares in the company, valued at $13,915,695.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 184,355 shares of company stock worth $37,679,411. 8.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Snowflake

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Snowflake by 8.0% in the 4th quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock valued at $4,176,755,000 after buying an additional 1,559,830 shares during the period. BlackRock Inc. increased its stake in Snowflake by 5.0% in the 2nd quarter. BlackRock Inc. now owns 14,088,422 shares of the company’s stock valued at $2,479,280,000 after buying an additional 674,196 shares during the period. FMR LLC increased its stake in Snowflake by 32.1% in the 3rd quarter. FMR LLC now owns 6,154,085 shares of the company’s stock valued at $940,160,000 after buying an additional 1,496,235 shares during the period. State Street Corp increased its stake in Snowflake by 3.0% in the 2nd quarter. State Street Corp now owns 5,953,850 shares of the company’s stock valued at $1,047,759,000 after buying an additional 170,914 shares during the period. Finally, Sands Capital Management LLC increased its stake in Snowflake by 12.6% in the 4th quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after buying an additional 610,970 shares during the period. 65.10% of the stock is 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.