Snowflake (NYSE:SNOW) Shares Down 1.7% After Analyst Downgrade

Snowflake Inc. (NYSE:SNOW) was down 1.7% during trading on Monday after Citigroup lowered their price target on the stock from $310.00 to $300.00. Citigroup currently has a buy rating on the stock. Snowflake traded as low as $224.42 and last traded at $224.9860. Approximately 6,184,771 shares traded hands during mid-day trading, an increase of 18% from the average daily volume of 5,246,615 shares. The stock had previously closed at $228.79.

A number of other brokerages have also recently issued reports on SNOW. Deutsche Bank Aktiengesellschaft upped their target price on Snowflake from $250.00 to $275.00 and gave the stock a “buy” rating in a research report on Thursday, December 4th. Mizuho upped their price objective on shares of Snowflake from $260.00 to $285.00 and gave the stock an “outperform” rating in a report on Monday, November 17th. Piper Sandler reiterated an “overweight” rating and issued a $285.00 target price on shares of Snowflake in a report on Thursday, December 4th. Wedbush reissued an “outperform” rating and set a $270.00 target price on shares of Snowflake in a research report on Thursday, December 4th. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Snowflake in a research report on Wednesday, November 26th. Two analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $274.78.

Insider Activity at Snowflake

In other news, EVP Christian Kleinerman sold 10,000 shares of the company’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $223.88, for a total transaction of $2,238,800.00. Following the completion of the transaction, the executive vice president owned 532,450 shares of the company’s stock, valued at approximately $119,204,906. This represents a 1.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Slootman sold 7,551 shares of the stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the completion of the sale, the director owned 153,226 shares of the company’s stock, valued at approximately $33,899,720.24. The trade was a 4.70% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 218,819 shares of company stock worth $52,823,885. 6.80% of the stock is owned by company insiders.

Institutional Trading of Snowflake

A number of institutional investors and hedge funds have recently modified their holdings of the company. Trust Co. of Toledo NA OH bought a new position in Snowflake in the second quarter worth $25,000. Grey Fox Wealth Advisors LLC acquired a new position in shares of Snowflake in the 3rd quarter valued at $25,000. Avion Wealth lifted its holdings in shares of Snowflake by 76.6% during the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after acquiring an additional 49 shares during the period. Tripletail Wealth Management LLC acquired a new stake in shares of Snowflake during the 3rd quarter valued at about $28,000. Finally, Rossby Financial LCC increased its stake in Snowflake by 4,233.3% in the second quarter. Rossby Financial LCC now owns 130 shares of the company’s stock valued at $29,000 after acquiring an additional 127 shares during the period. 65.10% of the stock is currently owned by institutional investors.

Snowflake Stock Performance

The company has a debt-to-equity ratio of 1.07, a current ratio of 1.37 and a quick ratio of 1.48. The firm has a market cap of $75.55 billion, a P/E ratio of -55.19 and a beta of 1.09. The stock’s 50 day moving average is $251.27 and its two-hundred day moving average is $227.19.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, December 3rd. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.04. Snowflake had a negative net margin of 30.76% and a negative return on equity of 45.91%. The firm had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter last year, the company earned $0.20 earnings per share. The company’s revenue for the quarter was up 28.7% compared to the same quarter last year. As a group, equities analysts predict that Snowflake Inc. will post -2.36 EPS for the current 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.