Wedbush Downgrades Snowflake (NYSE:SNOW) to Hold

Wedbush lowered shares of Snowflake (NYSE:SNOW) from a strong-buy rating to a hold rating in a report released on Wednesday,Zacks.com reports.

Other analysts have also issued reports about the stock. Jefferies Financial Group upped their price objective on shares of Snowflake from $180.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday. Oppenheimer reissued an “outperform” rating and set a $180.00 price objective on shares of Snowflake in a report on Thursday, November 21st. Royal Bank of Canada upped their target price on Snowflake from $175.00 to $188.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. Evercore ISI boosted their price target on Snowflake from $170.00 to $190.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Finally, Needham & Company LLC boosted their target price on shares of Snowflake from $160.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-six have issued a buy rating to the company. According to MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and an average price target of $184.46.

Snowflake Stock Performance

Snowflake stock opened at $164.21 on Wednesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The company has a market capitalization of $54.21 billion, a PE ratio of -48.44 and a beta of 1.03. The company has a 50 day moving average price of $142.93 and a 200-day moving average price of $130.46. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $237.72.

Insider Buying and Selling at Snowflake

In other news, CRO Christopher William Degnan sold 76,692 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $168.42, for a total value of $12,916,466.64. Following the transaction, the executive now owns 346,741 shares of the company’s stock, valued at $58,398,119.22. This represents a 18.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $180.00, for a total value of $2,700,000.00. Following the sale, the executive vice president now directly owns 691,755 shares of the company’s stock, valued at $124,515,900. The trade was a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 292,901 shares of company stock worth $48,375,520. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Large investors have recently made changes to their positions in the stock. LRI Investments LLC lifted its stake in 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 in the last quarter. Groupama Asset Managment acquired a new position in Snowflake during the 3rd quarter worth about $25,000. Wellington Shields Capital Management LLC purchased a new position in Snowflake during the 2nd quarter valued at about $27,000. V Square Quantitative Management LLC acquired a new position in Snowflake in the 3rd quarter valued at about $30,000. Finally, Fortitude Family Office LLC purchased a new stake in Snowflake during the third quarter worth about $34,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.