Snowflake (NYSE:SNOW) Cut to “Hold” at Wedbush

Wedbush downgraded shares of Snowflake (NYSE:SNOW) from a strong-buy rating to a hold rating in a report published on Wednesday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the stock. Argus assumed coverage on shares of Snowflake in a research report on Tuesday, October 1st. They issued a “hold” rating for the company. Canaccord Genuity Group reduced their target price on Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Rosenblatt Securities restated a “buy” rating and set a $180.00 price target on shares of Snowflake in a research note on Tuesday, November 19th. StockNews.com lowered Snowflake from a “hold” rating to a “sell” rating in a research report on Thursday, November 28th. Finally, Monness Crespi & Hardt increased their price objective on Snowflake from $140.00 to $188.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $184.46.

Snowflake Stock Up 1.3 %

Shares of NYSE:SNOW opened at $166.29 on Wednesday. The firm has a 50 day simple moving average of $143.77 and a 200-day simple moving average of $130.66. Snowflake has a twelve month low of $107.13 and a twelve month high of $237.72. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $54.89 billion, a PE ratio of -49.05 and a beta of 1.03.

Insider Activity

In other news, Director Frank Slootman sold 45,896 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $176.06, for a total value of $8,080,449.76. Following the completion of the transaction, the director now owns 208,735 shares in the company, valued at $36,749,884.10. This trade represents a 18.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Emily Ho sold 2,021 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $173.68, for a total transaction of $351,007.28. Following the completion of the sale, the chief accounting officer now owns 26,874 shares in the company, valued at $4,667,476.32. This represents a 6.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 292,901 shares of company stock worth $48,375,520. Company insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Toronto Dominion Bank grew its holdings in Snowflake by 24.1% during the 3rd quarter. Toronto Dominion Bank now owns 37,226 shares of the company’s stock valued at $4,276,000 after buying an additional 7,239 shares during the last quarter. Independent Advisor Alliance lifted its position in shares of Snowflake by 15.5% in the third quarter. Independent Advisor Alliance now owns 4,078 shares of the company’s stock valued at $468,000 after acquiring an additional 548 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Snowflake by 1.4% during the third quarter. Franklin Resources Inc. now owns 536,588 shares of the company’s stock valued at $66,086,000 after acquiring an additional 7,373 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Snowflake by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,247,511 shares of the company’s stock worth $143,289,000 after purchasing an additional 36,704 shares in the last quarter. Finally, Sender Co & Partners Inc. raised its stake in Snowflake by 100.9% in the 3rd quarter. Sender Co & Partners Inc. now owns 8,522 shares of the company’s stock valued at $979,000 after purchasing an additional 4,280 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

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.