Snowflake (NYSE:SNOW) Stock Price Down 2.3% After Analyst Downgrade

Snowflake Inc. (NYSE:SNOW) traded down 2.3% on Friday after Piper Sandler lowered their price target on the stock from $240.00 to $165.00. Piper Sandler currently has an overweight rating on the stock. Snowflake traded as low as $132.55 and last traded at $135.06. 3,060,194 shares were traded during mid-day trading, a decline of 53% from the average session volume of 6,579,865 shares. The stock had previously closed at $138.18.

Several other brokerages also recently weighed in on SNOW. Monness Crespi & Hardt upgraded Snowflake from a “sell” rating to a “neutral” rating in a research report on Monday, March 18th. Canaccord Genuity Group lowered their price target on shares of Snowflake from $230.00 to $215.00 and set a “buy” rating for the company in a report on Friday, May 24th. Sanford C. Bernstein raised their price target on shares of Snowflake from $171.00 to $185.00 and gave the stock a “market perform” rating in a report on Thursday, May 23rd. Macquarie lowered their price objective on shares of Snowflake from $205.00 to $200.00 and set an “outperform” rating for the company in a research note on Friday, May 24th. Finally, Loop Capital cut their target price on Snowflake from $235.00 to $225.00 and set a “buy” rating on the stock in a research note on Thursday, May 23rd. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and an average price target of $197.31.

Insider Buying and Selling

In other news, EVP Christian Kleinerman sold 1,500 shares of the stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $156.38, for a total transaction of $234,570.00. Following the sale, the executive vice president now owns 774,097 shares in the company, valued at $121,053,288.86. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, EVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $156.38, for a total value of $234,570.00. Following the completion of the transaction, the executive vice president now owns 774,097 shares in the company, valued at $121,053,288.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Teresa Briggs sold 848 shares of the stock in a transaction on Friday, July 5th. The shares were sold at an average price of $142.98, for a total value of $121,247.04. Following the sale, the director now directly owns 4,247 shares in the company, valued at $607,236.06. The disclosure for this sale can be found here. Insiders have sold a total of 534,960 shares of company stock worth $67,198,020 in the last quarter. Corporate insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Deutsche Bank AG raised its stake in Snowflake by 16.1% during the 3rd quarter. Deutsche Bank AG now owns 369,893 shares of the company’s stock valued at $56,509,000 after buying an additional 51,319 shares during the last quarter. American Century Companies Inc. boosted its position in Snowflake by 20.6% in the third quarter. American Century Companies Inc. now owns 469,233 shares of the company’s stock worth $71,685,000 after purchasing an additional 80,039 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Snowflake by 69.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,515,224 shares of the company’s stock valued at $231,481,000 after purchasing an additional 623,277 shares during the period. Sunbelt Securities Inc. increased its position in shares of Snowflake by 159.6% during the 3rd quarter. Sunbelt Securities Inc. now owns 2,046 shares of the company’s stock valued at $313,000 after purchasing an additional 1,258 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Snowflake by 4.0% in the 3rd quarter. Vanguard Group Inc. now owns 19,428,890 shares of the company’s stock worth $2,968,152,000 after purchasing an additional 743,211 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Stock Down 1.8 %

The business’s fifty day moving average is $142.81 and its 200-day moving average is $169.23. The company has a market cap of $45.45 billion, a PE ratio of -48.48 and a beta of 0.85.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.40). The business had revenue of $828.71 million for the quarter, compared to analysts’ expectations of $786.95 million. Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. Analysts forecast that Snowflake Inc. will post -2.28 EPS for the current fiscal year.

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, as well as applies artificial intelligence (AI) for solving business problems.