Snowflake (NYSE:SNOW) Share Price Falls 11.9% After Analyst Downgrade

Snowflake Inc. (NYSE:SNOW – Get Your Free Report ) fell 11.9% Thursday after Scotiabank cut its price target for the stock from $195.00 to $165.00. Scotiabank currently has a sector outperform rating on the stock. Snowflake traded as high as $117.77 and last traded at $118.94. About 15,640,722 shares traded hands during trading, an increase of 142% from the average daily volume of 6,475,882 shares. Shares previously closed at $135.06.

Several other research firms 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 restated an “overweight” rating and issued a $165.00 target price on shares of Snowflake in a report on Thursday. Goldman Sachs Group reaffirmed a “buy” rating and issued a $220.00 target price 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 assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $178.69.

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Insiders place their bets

In other Snowflake news, insider Benoit Dageville sold 558 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were 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 filing with the SEC, which can be accessed via this link. In other news, insider Benoit Dageville sold 558 shares of the stock in a transaction dated 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 filing with the SEC, which is accessible through the SEC’s website. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction dated 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 sold 527,678 shares of company stock worth $65,491,235. 7.80% of shares are currently held by corporate insiders.

Institutional inputs and outputs

A number of large investors have recently made changes to their positions in SNOW. Accent Capital Management LLC purchased a new position in shares of Snowflake in the 4th quarter valued at $25,000. LRI Investments LLC boosted its stake in Snowflake by 155.6% in the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after purchasing an additional 112 shares during the period. Wellington Shields Capital Management LLC purchased 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 1st quarter valued at about $31,000. Finally, Hartford Financial Management Inc. purchased a new stake in shares of Snowflake in the 1st quarter worth approximately $32,000. Institutional investors and hedge funds own 65.10% of the company’s shares.

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 – Get Your Free Report ) 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 EPS of ($0.52). The company’s quarterly revenue was up 28.9% year over year. Sell-side analysts expect that Snowflake Inc. to record -2.31 EPS for the current fiscal year.

About the snowflake

(Get a free report)

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 generate meaningful business insights, build data-driven applications and share data and data products, and apply artificial intelligence (AI) for solving business problems. .

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