Snowflake (NYSE:SNOW) Cut to “Sell” at StockNews.com

StockNews.com cut shares of Snowflake (NYSE:SNOW) from a hold rating to a sell rating in a research note published on Thursday morning.

Several other equities analysts have also recently issued reports on the company. Barclays lifted their price objective on Snowflake from $142.00 to $172.00 and gave the company an “equal weight” rating in a research note on Thursday, November 21st. DA Davidson reissued a “buy” rating and set a $175.00 target price on shares of Snowflake in a research report on Thursday, October 3rd. Scotiabank cut their target price on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 22nd. HSBC raised Snowflake from a “reduce” rating to a “hold” rating and raised their target price for the stock from $119.00 to $121.00 in a research report on Friday, August 23rd. Finally, Piper Sandler reissued an “overweight” rating and set a $185.00 target price (up previously from $165.00) on shares of Snowflake in a research report on Thursday, November 21st. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $181.09.

Snowflake Stock Performance

Shares of SNOW opened at $173.70 on Thursday. The stock has a 50-day simple moving average of $124.88 and a 200-day simple moving average of $128.64. The stock has a market capitalization of $58.22 billion, a PE ratio of -51.24 and a beta of 0.83. Snowflake has a 1 year low of $107.13 and a 1 year high of $237.72.

Insider Activity at Snowflake

In other Snowflake news, CRO Christopher William Degnan sold 76,692 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $168.42, for a total transaction of $12,916,466.64. Following the sale, the executive now directly owns 346,741 shares in the company, valued at approximately $58,398,119.22. The trade was a 18.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Slootman sold 1,606 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the sale, the director now owns 218,246 shares in the company, valued at approximately $23,998,330.16. The trade was a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 204,661 shares of company stock worth $32,004,752 over the last three months. 7.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Snowflake

A number of institutional investors have recently bought and sold shares of SNOW. Ontario Teachers Pension Plan Board boosted its position in Snowflake by 19,399.2% during the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock worth $295,459,000 after purchasing an additional 2,559,144 shares in the last quarter. Two Sigma Advisers LP boosted its position in Snowflake by 27.9% during the third quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after purchasing an additional 881,700 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Snowflake by 210.0% in the second quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock worth $131,656,000 after acquiring an additional 660,168 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Snowflake by 471.9% in the third quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock worth $87,489,000 after acquiring an additional 628,511 shares during the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in shares of Snowflake by 90.3% in the second quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock worth $170,938,000 after acquiring an additional 600,469 shares during the last quarter. 65.10% of the stock is currently 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.