Snowflake (NYSE:SNOW) Rating Lowered to “Sell” at StockNews.com

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

SNOW has been the topic of a number of other research reports. Wells Fargo & Company raised Snowflake from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $150.00 to $200.00 in a research note on Tuesday, January 7th. Citigroup decreased their target price on shares of Snowflake from $200.00 to $183.00 and set a “buy” rating on the stock in a research report on Monday, November 18th. Argus began coverage on Snowflake in a research note on Tuesday, October 1st. They set a “hold” rating on the stock. Royal Bank of Canada upped their price objective on Snowflake from $175.00 to $188.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Finally, Loop Capital lifted their target price on Snowflake from $185.00 to $205.00 and gave the stock a “buy” rating in a report on Monday, December 23rd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and a consensus price target of $188.06.

Snowflake Stock Performance

Shares of Snowflake stock traded down $0.89 on Friday, hitting $174.05. 2,940,883 shares of the company’s stock were exchanged, compared to its average volume of 4,811,950. Snowflake has a 1 year low of $107.13 and a 1 year high of $237.72. The company has a 50-day simple moving average of $164.87 and a 200-day simple moving average of $135.90. The stock has a market capitalization of $57.45 billion, a PE ratio of -51.34 and a beta of 1.05. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88.

Insider Activity

In other news, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total value of $1,811,550.00. Following the sale, the executive vice president now directly owns 706,755 shares in the company, valued at approximately $85,354,801.35. This trade represents a 2.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frank Slootman sold 45,896 shares of Snowflake stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $176.06, for a total transaction of $8,080,449.76. Following the completion of the transaction, the director now directly owns 208,735 shares in the company, valued at approximately $36,749,884.10. The trade was a 18.02 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 504,151 shares of company stock worth $84,973,139. 7.80% of the stock is currently owned by company insiders.

Institutional Trading of Snowflake

Several hedge funds and other institutional investors have recently made changes to their positions in SNOW. Jennison Associates LLC lifted its stake in shares of Snowflake by 92.2% during the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock worth $1,179,230,000 after buying an additional 3,662,671 shares during the period. State Street Corp raised its stake in Snowflake by 0.8% in the 3rd quarter. State Street Corp now owns 6,867,097 shares of the company’s stock worth $788,755,000 after acquiring an additional 54,909 shares during the last quarter. Geode Capital Management LLC lifted its position in Snowflake by 3.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock worth $475,894,000 after acquiring an additional 138,663 shares during the period. Two Sigma Advisers LP grew its stake in Snowflake by 27.9% during the 3rd quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock valued at $464,402,000 after purchasing an additional 881,700 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board increased its holdings in shares of Snowflake by 19,399.2% in the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock valued at $295,459,000 after purchasing an additional 2,559,144 shares during the period. Hedge funds and other 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, as well as applies artificial intelligence (AI) for solving business problems.