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 Monday morning.

A number of other equities analysts have also commented on SNOW. Monness Crespi & Hardt upgraded shares of Snowflake from a sell rating to a neutral rating in a report on Monday, March 18th. Morgan Stanley restated an equal weight rating and issued a $175.00 target price (down previously from $230.00) on shares of Snowflake in a research note on Thursday, February 29th. Citigroup cut their target price on shares of Snowflake from $290.00 to $240.00 and set a buy rating on the stock in a research note on Monday, March 4th. Needham & Company LLC cut their target price on shares of Snowflake from $265.00 to $240.00 and set a buy rating on the stock in a research note on Thursday, February 29th. Finally, Royal Bank of Canada cut their target price on shares of Snowflake from $255.00 to $246.00 and set an outperform rating on the stock in a research note on Thursday, February 29th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-two have assigned a buy rating to the stock. Based on data from MarketBeat, Snowflake currently has a consensus rating of Moderate Buy and a consensus price target of $202.00.

Snowflake Stock Performance

NYSE:SNOW opened at $152.50 on Monday. The firm’s fifty day simple moving average is $171.35 and its 200 day simple moving average is $178.97. Snowflake has a twelve month low of $138.40 and a twelve month high of $237.72.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.05. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. The firm had revenue of $774.70 million for the quarter, compared to analyst estimates of $759.86 million. Sell-side analysts anticipate that Snowflake will post -1.9 earnings per share for the current year.

Insider Transactions at Snowflake

In other news, insider Benoit Dageville sold 689 shares of the company’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 value of $111,218.38. Following the completion of the sale, 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 document filed with the SEC, which is available at this hyperlink. In related news, insider Benoit Dageville sold 689 shares of the 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 $111,218.38. Following the completion of the sale, the insider now directly owns 70,665 shares of the company’s stock, valued at $11,406,744.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Frank Slootman sold 86,078 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $225.13, for a total transaction of $19,378,740.14. Following the sale, the chief executive officer now directly owns 180,143 shares of the company’s stock, valued at $40,555,593.59. The disclosure for this sale can be found here. In the last three months, insiders sold 168,209 shares of company stock valued at $34,291,592. Company insiders own 8.30% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Hedge funds have recently made changes to their positions in the company. Rakuten Securities Inc. purchased a new stake in shares of Snowflake in the 4th quarter valued at approximately $790,000. Sequoia Financial Advisors LLC increased its stake in shares of Snowflake by 209.3% during the 4th quarter. Sequoia Financial Advisors LLC now owns 4,658 shares of the company’s stock worth $927,000 after purchasing an additional 3,152 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Snowflake during the 3rd quarter worth $458,000. Glynn Capital Management LLC grew its stake in Snowflake by 3.1% in the 3rd quarter. Glynn Capital Management LLC now owns 188,428 shares of the company’s stock valued at $28,786,000 after buying an additional 5,629 shares during the last quarter. Finally, Raymond James & Associates grew its stake in Snowflake by 55.9% in the 4th quarter. Raymond James & Associates now owns 295,486 shares of the company’s stock valued at $58,802,000 after buying an additional 105,937 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.