Snowflake (NYSE:SNOW) Stock Price Down 4.3% Following Analyst Downgrade

Snowflake Inc. (NYSE:SNOW)’s stock price dropped 4.3% during mid-day trading on Thursday after Stifel Nicolaus lowered their price target on the stock from $220.00 to $200.00. Stifel Nicolaus currently has a buy rating on the stock. Snowflake traded as low as $155.40 and last traded at $156.27. Approximately 9,296,538 shares were traded during trading, an increase of 53% from the average daily volume of 6,062,430 shares. The stock had previously closed at $163.34.

A number of other research analysts have also issued reports on SNOW. Redburn Atlantic restated a “sell” rating and set a $125.00 price objective (down previously from $180.00) on shares of Snowflake in a research report on Tuesday, March 19th. Barclays cut their target price on Snowflake from $198.00 to $188.00 and set an “equal weight” rating on the stock in a research note on Friday, March 1st. Mizuho reaffirmed a “buy” rating and set a $205.00 target price (down previously from $255.00) on shares of Snowflake in a research note on Thursday, February 29th. Citigroup cut their target price on Snowflake from $290.00 to $240.00 and set a “buy” rating on the stock in a research note on Monday, March 4th. Finally, Royal Bank of Canada dropped their price objective on Snowflake from $246.00 to $220.00 and set an “outperform” rating on the stock in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $200.11.

Insider Transactions at Snowflake

In other Snowflake news, CEO Sridhar Ramaswamy acquired 31,542 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was acquired at an average price of $158.52 per share, with a total value of $5,000,037.84. Following the transaction, the chief executive officer now owns 31,542 shares of the company’s stock, valued at $5,000,037.84. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Benoit Dageville sold 689 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $161.42, for a total value of $111,218.38. Following the sale, the insider now directly owns 70,665 shares in the company, valued at approximately $11,406,744.30. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sridhar Ramaswamy acquired 31,542 shares of the stock in a transaction dated Monday, March 25th. The stock was bought at an average price of $158.52 per share, for a total transaction of $5,000,037.84. Following the completion of the purchase, the chief executive officer now owns 31,542 shares in the company, valued at approximately $5,000,037.84. The disclosure for this purchase can be found here. In the last quarter, insiders sold 62,380 shares of company stock worth $9,803,625. 8.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Snowflake

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Snowflake by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock worth $3,439,842,000 after acquiring an additional 297,428 shares during the last quarter. Jennison Associates LLC boosted its position in Snowflake by 3.7% in the 1st quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock valued at $1,132,568,000 after buying an additional 249,249 shares during the last quarter. FMR LLC boosted its position in Snowflake by 32.1% in the 3rd quarter. FMR LLC now owns 6,154,085 shares of the company’s stock valued at $940,160,000 after buying an additional 1,496,235 shares during the last quarter. Sands Capital Management LLC boosted its position in Snowflake by 12.6% in the 4th quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after buying an additional 610,970 shares during the last quarter. Finally, Norges Bank bought a new position in Snowflake in the 4th quarter valued at $838,455,000. 65.10% of the stock is currently owned by institutional investors.

Snowflake Stock Performance

The stock has a market capitalization of $52.86 billion, a P/E ratio of -61.28 and a beta of 0.90. The stock has a 50-day simple moving average of $157.13 and a 200 day simple moving average of $180.26.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.05. The company had revenue of $774.70 million for the quarter, compared to the consensus estimate of $759.86 million. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. Equities analysts predict that Snowflake Inc. will post -1.83 earnings per share 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.