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

Snowflake (NYSE:SNOW) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.

Other research analysts have also recently issued reports about the stock. Truist Financial decreased their price objective on shares of Snowflake from $250.00 to $210.00 and set a “buy” rating for the company in a report on Thursday, February 29th. Canaccord Genuity Group reissued a “buy” rating and issued a $230.00 price target on shares of Snowflake in a report on Thursday, February 29th. Piper Sandler reaffirmed an “overweight” rating and issued a $250.00 price objective on shares of Snowflake in a research note on Tuesday, February 27th. Citigroup dropped their target price on shares of Snowflake from $290.00 to $240.00 and set a “buy” rating on the stock in a report on Monday, March 4th. Finally, Needham & Company LLC reduced their target price on shares of Snowflake from $265.00 to $240.00 and set a “buy” rating for the company in a report on Thursday, February 29th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $202.50.

Snowflake Trading Up 1.3 %

Shares of Snowflake stock opened at $160.05 on Tuesday. The stock has a market capitalization of $52.70 billion, a price-to-earnings ratio of -62.76 and a beta of 0.94. Snowflake has a twelve month low of $134.17 and a twelve month high of $237.72. The business’s 50 day simple moving average is $195.94 and its 200-day simple moving average is $179.43.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, topping the consensus estimate of ($0.49) by $0.05. Snowflake had a negative return on equity of 13.80% and a negative net margin of 29.79%. The firm had revenue of $774.70 million for the quarter, compared to analyst estimates of $759.86 million. Sell-side analysts predict that Snowflake will post -1.92 earnings per share for the current year.

Insider Activity at Snowflake

In other news, insider Benoit Dageville sold 689 shares of the stock in a transaction on Monday, March 11th. The shares were sold at an average price of $161.42, for a total transaction of $111,218.38. Following the transaction, the insider now owns 70,665 shares in the company, valued at approximately $11,406,744.30. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Snowflake news, insider Benoit Dageville sold 689 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $11,406,744.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CRO Christopher William Degnan sold 3,800 shares of the stock in a transaction dated Wednesday, January 10th. The shares were sold at an average price of $200.13, for a total value of $760,494.00. Following the transaction, the executive now directly owns 102,007 shares in the company, valued at approximately $20,414,660.91. The disclosure for this sale can be found here. In the last quarter, insiders sold 184,355 shares of company stock valued at $37,679,411. 8.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

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