Snowflake (NYSE:SNOW) Stock Price Down 11.9% Following Analyst Downgrade

Snowflake Inc. (NYSE:SNOW) dropped 11.9% on Thursday after Scotiabank lowered their price target on the stock from $195.00 to $165.00. Scotiabank currently has a sector outperform rating on the stock. Snowflake traded as low as $117.77 and last traded at $118.94. Approximately 15,640,722 shares traded hands during trading, an increase of 142% from the average daily volume of 6,475,882 shares. The stock had previously closed at $135.06.

Several other research firms have also recently weighed in on SNOW. KeyCorp boosted their price objective on Snowflake from $185.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. JMP Securities cut their price target on Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a report on Thursday. Piper Sandler reaffirmed an “overweight” rating and issued a $165.00 price target on shares of Snowflake in a report on Thursday. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $220.00 price target on shares of Snowflake in a report on Monday, July 1st. Finally, TD Cowen cut their price target on Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a report on Monday. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $178.69.

Insiders Place Their Bets

In other Snowflake news, insider Benoit Dageville sold 558 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total transaction of $71,596.98. Following the transaction, the insider now owns 63,222 shares of the company’s stock, valued at approximately $8,112,014.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Benoit Dageville sold 558 shares of the stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total value of $71,596.98. Following the transaction, the insider now owns 63,222 shares of the company’s stock, valued at approximately $8,112,014.82. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $137.14, for a total value of $2,057,100.00. Following the completion of the transaction, the executive vice president now directly owns 757,597 shares in the company, valued at approximately $103,896,852.58. The disclosure for this sale can be found here. In the last quarter, insiders have sold 527,678 shares of company stock valued at $65,491,235. 7.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SNOW. Accent Capital Management LLC acquired a new position in shares of Snowflake in the 4th quarter valued at $25,000. LRI Investments LLC raised its stake in Snowflake by 155.6% during the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after buying an additional 112 shares during the period. Wellington Shields Capital Management LLC acquired a new position in Snowflake in the second quarter valued at about $27,000. Riverview Trust Co bought a new stake in shares of Snowflake in the first quarter worth about $31,000. Finally, Hartford Financial Management Inc. acquired a new stake in shares of Snowflake during the first quarter worth about $32,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Price Performance

The company has a market cap of $38.57 billion, a price-to-earnings ratio of -41.14 and a beta of 0.85. The stock has a 50-day moving average price of $129.96 and a 200 day moving average price of $155.31.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. The firm had revenue of $868.80 million for the quarter, compared to the consensus estimate of $851.72 million. During the same period last year, the company posted ($0.52) EPS. The business’s quarterly revenue was up 28.9% on a year-over-year basis. Sell-side analysts expect that Snowflake Inc. will post -2.31 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.