Snowflake (NYSE:SNOW) Shares Down 1.1% Following Analyst Downgrade

Snowflake Inc. (NYSE:SNOW)’s share price fell 1.1% during mid-day trading on Monday after Wells Fargo & Company lowered their price target on the stock from $225.00 to $200.00. Wells Fargo & Company currently has an overweight rating on the stock. Snowflake traded as low as $125.53 and last traded at $126.35. 1,150,019 shares were traded during trading, a decline of 82% from the average session volume of 6,502,376 shares. The stock had previously closed at $127.80.

Other analysts also recently issued research reports about the company. Loop Capital cut their price target on Snowflake from $235.00 to $225.00 and set a “buy” rating on the stock in a research note on Thursday, May 23rd. Royal Bank of Canada lowered their price target on Snowflake from $226.00 to $183.00 and set an “outperform” rating for the company in a research report on Wednesday, June 5th. UBS Group increased their price objective on shares of Snowflake from $185.00 to $190.00 and gave the company a “neutral” rating in a research report on Thursday, May 23rd. JPMorgan Chase & Co. lifted their target price on shares of Snowflake from $170.00 to $185.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. Finally, StockNews.com downgraded shares of Snowflake from a “hold” rating to a “sell” rating in a research note on Friday, May 24th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Snowflake currently has a consensus rating of “Moderate Buy” and an average price target of $198.64.

Insider Activity at Snowflake

In related news, EVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $156.38, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Christian Kleinerman sold 1,500 shares of Snowflake stock in a transaction dated 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 SEC, which is available at this hyperlink. Also, CAO Emily Ho sold 6,500 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $158.36, for a total value of $1,029,340.00. Following the sale, the chief accounting officer now owns 36,076 shares in the company, valued at $5,712,995.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 39,862 shares of company stock valued at $5,895,712. 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. Acadian Asset Management LLC increased its stake in Snowflake by 34.3% in the third quarter. Acadian Asset Management LLC now owns 3,364 shares of the company’s stock worth $512,000 after purchasing an additional 860 shares during the period. Northern Trust Corp lifted its holdings in Snowflake by 5.4% during the 3rd quarter. Northern Trust Corp now owns 1,882,281 shares of the company’s stock valued at $287,556,000 after buying an additional 95,814 shares in the last quarter. Cary Street Partners Investment Advisory LLC boosted its position in Snowflake by 16.8% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 1,521 shares of the company’s stock valued at $232,000 after buying an additional 219 shares during the period. Meiji Yasuda Asset Management Co Ltd. grew its stake in Snowflake by 11.5% in the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 3,875 shares of the company’s stock worth $592,000 after acquiring an additional 400 shares in the last quarter. Finally, Profund Advisors LLC increased its position in shares of Snowflake by 11.1% during the third quarter. Profund Advisors LLC now owns 13,671 shares of the company’s stock worth $2,089,000 after acquiring an additional 1,367 shares during the period. Institutional investors own 65.10% of the company’s stock.

Snowflake Stock Down 0.8 %

The stock has a market cap of $42.44 billion, a P/E ratio of -45.12 and a beta of 0.85. The company’s 50 day moving average price is $147.69 and its two-hundred day moving average price is $175.28.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. The firm had revenue of $828.71 million for the quarter, compared to the consensus estimate of $786.95 million. As a group, equities research analysts forecast that Snowflake Inc. will post -2.27 earnings per share for the current 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.