Snowflake (NYSE:SNOW) Lowered to Sell Rating by StockNews.com

Snowflake (NYSE:SNOW) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.

Several other research analysts also recently issued reports on the company. UBS Group cut their price objective on Snowflake from $155.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, September 24th. Royal Bank of Canada lifted their price objective on Snowflake from $175.00 to $188.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Monness Crespi & Hardt lifted their price objective on Snowflake from $140.00 to $188.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Oppenheimer restated an “outperform” rating and set a $180.00 price objective on shares of Snowflake in a research report on Thursday, November 21st. Finally, Stifel Nicolaus cut their price objective on Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a research report on Monday, August 19th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $181.09.

Snowflake Price Performance

Shares of NYSE:SNOW opened at $173.62 on Thursday. The business’s 50 day simple moving average is $123.68 and its 200-day simple moving average is $128.32. The firm has a market capitalization of $58.20 billion, a price-to-earnings ratio of -51.22 and a beta of 0.83. Snowflake has a 12 month low of $107.13 and a 12 month high of $237.72.

Insider Buying and Selling

In other Snowflake news, EVP Christian Kleinerman sold 558 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $61,357.68. Following the completion of the transaction, the executive vice president now directly owns 759,473 shares of the company’s stock, valued at $83,511,651.08. This represents a 0.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Benoit Dageville sold 1,946 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $222,602.94. Following the completion of the transaction, the insider now directly owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. The trade was a 3.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 204,661 shares of company stock valued at $32,004,752. Company insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. LRI Investments LLC lifted its position in shares of Snowflake by 155.6% during the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after purchasing an additional 112 shares during the last quarter. Groupama Asset Managment bought a new position in shares of Snowflake during the third quarter worth about $25,000. Wellington Shields Capital Management LLC bought a new position in shares of Snowflake during the second quarter worth about $27,000. V Square Quantitative Management LLC bought a new position in shares of Snowflake during the third quarter worth about $30,000. Finally, Fortitude Family Office LLC bought a new position in shares of Snowflake during the third quarter worth about $34,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

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.