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

Snowflake Inc. (NYSE:SNOW)’s stock price traded down 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. 15,640,722 shares traded hands during mid-day trading, an increase of 142% from the average session volume of 6,475,882 shares. The stock had previously closed at $135.06.

A number of other equities analysts have also weighed in on the company. DA Davidson decreased their price target on Snowflake from $230.00 to $175.00 and set a “buy” rating for the company in a research report on Thursday. TD Cowen decreased their price target on Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a research report on Monday, August 19th. StockNews.com lowered Snowflake from a “hold” rating to a “sell” rating in a research report on Friday, May 24th. Wells Fargo & Company decreased their price target on Snowflake from $130.00 to $125.00 and set an “equal weight” rating for the company in a research report on Thursday. Finally, Piper Sandler reissued an “overweight” rating and issued a $165.00 price objective on shares of Snowflake in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, Snowflake presently has an average rating of “Moderate Buy” and an average price target of $176.03.

Insider Activity at Snowflake

In related news, CAO Emily Ho sold 3,845 shares of the firm’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $130.39, for a total value of $501,349.55. Following the transaction, the chief accounting officer now directly owns 30,613 shares of the company’s stock, valued at approximately $3,991,629.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Snowflake news, EVP Grzegorz Czajkowski sold 469,120 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $123.09, for a total value of $57,743,980.80. Following the sale, the executive vice president now owns 494,942 shares of the company’s stock, valued at approximately $60,922,410.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Emily Ho sold 3,845 shares of the firm’s stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $130.39, for a total value of $501,349.55. Following the completion of the sale, the chief accounting officer now directly owns 30,613 shares in the company, valued at approximately $3,991,629.07. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 527,678 shares of company stock valued at $65,491,235. Corporate insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Commerce Bank grew its holdings in Snowflake by 0.8% in the 4th quarter. Commerce Bank now owns 6,138 shares of the company’s stock valued at $1,221,000 after buying an additional 51 shares during the last quarter. Parkside Financial Bank & Trust grew its holdings in Snowflake by 34.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 202 shares of the company’s stock valued at $40,000 after buying an additional 52 shares during the last quarter. Park Avenue Securities LLC grew its holdings in Snowflake by 0.5% in the 1st quarter. Park Avenue Securities LLC now owns 13,484 shares of the company’s stock valued at $2,179,000 after buying an additional 70 shares during the last quarter. Covestor Ltd grew its holdings in Snowflake by 25.0% in the 1st quarter. Covestor Ltd now owns 350 shares of the company’s stock valued at $57,000 after buying an additional 70 shares during the last quarter. Finally, IAM Advisory LLC grew its holdings in shares of Snowflake by 2.0% during the 1st quarter. IAM Advisory LLC now owns 3,711 shares of the company’s stock worth $600,000 after purchasing an additional 74 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Trading Up 0.5 %

The company has a market cap of $38.78 billion, a price-to-earnings ratio of -41.37 and a beta of 0.85. The company has a fifty day moving average price of $129.74 and a two-hundred day moving average price of $154.61.

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

Snowflake Company Profile

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.