Snowflake Inc. (NYSE:SNOW – Get Rating) gapped down before the market opened on Tuesday after UBS Group downgraded the stock from a buy rating to a neutral rating. The stock had previously closed at $170.44, but opened at $164.61. UBS Group now has a $175.00 price target on the stock, up from their previous price target of $165.00. Snowflake shares last traded at $160.92, with a volume of 48,633 shares trading hands.
SNOW has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft cut their price objective on Snowflake from $300.00 to $175.00 in a report on Thursday, May 26th. Barclays reduced their price target on shares of Snowflake from $218.00 to $158.00 and set an “overweight” rating on the stock in a research report on Thursday, May 26th. BTIG Research lowered shares of Snowflake from a “buy” rating to a “neutral” rating in a research report on Tuesday, August 2nd. Mizuho reduced their target price on shares of Snowflake from $225.00 to $200.00 and set a “buy” rating on the stock in a report on Thursday, May 26th. Finally, Loop Capital lowered their price target on Snowflake from $370.00 to $180.00 and set a “buy” rating for the company in a report on Thursday, May 26th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $217.26.
Insider Transactions at Snowflake
In related news, CEO Frank Slootman sold 1,727 shares of the stock in a transaction that occurred on Thursday, June 9th. The shares were sold at an average price of $136.18, for a total transaction of $235,182.86. Following the completion of the sale, the chief executive officer now directly owns 138,551 shares of the company’s stock, valued at $18,867,875.18. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director John Dennis Mcmahon sold 1,224 shares of the business’s stock in a transaction that occurred on Thursday, July 7th. The shares were sold at an average price of $155.44, for a total transaction of $190,258.56. Following the sale, the director now owns 55,659 shares in the company, valued at $8,651,634.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Frank Slootman sold 1,727 shares of Snowflake stock in a transaction that occurred on Thursday, June 9th. The stock was sold at an average price of $136.18, for a total transaction of $235,182.86. Following the transaction, the chief executive officer now owns 138,551 shares in the company, valued at $18,867,875.18. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,678 shares of company stock valued at $524,444. Corporate insiders own 8.90% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of SNOW. Nordea Investment Management AB increased its holdings in shares of Snowflake by 4.5% in the 1st quarter. Nordea Investment Management AB now owns 148,058 shares of the company’s stock valued at $34,591,000 after purchasing an additional 6,380 shares during the period. Wedbush Securities Inc. lifted its position in Snowflake by 25.5% in the 1st quarter. Wedbush Securities Inc. now owns 1,650 shares of the company’s stock worth $378,000 after buying an additional 335 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Snowflake by 0.7% during the 1st quarter. Victory Capital Management Inc. now owns 13,338 shares of the company’s stock valued at $2,287,000 after buying an additional 93 shares during the period. Metropolitan Life Insurance Co NY boosted its stake in shares of Snowflake by 2.7% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 12,690 shares of the company’s stock valued at $4,299,000 after buying an additional 336 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its holdings in shares of Snowflake by 16.6% during the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 50,962 shares of the company’s stock valued at $16,920,000 after acquiring an additional 7,253 shares in the last quarter. Hedge funds and other institutional investors own 76.67% of the company’s stock.
Snowflake Stock Down 5.0 %
The stock’s 50 day moving average price is $145.33 and its two-hundred day moving average price is $185.02. The firm has a market capitalization of $50.94 billion, a price-to-earnings ratio of -80.78 and a beta of 1.31.
Snowflake (NYSE:SNOW – Get Rating) last announced its quarterly earnings results on Wednesday, May 25th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.13). Snowflake had a negative net margin of 45.48% and a negative return on equity of 12.39%. The firm had revenue of $422.37 million for the quarter, compared to analyst estimates of $413.01 million. During the same quarter in the prior year, the firm earned ($0.69) earnings per share. The firm’s quarterly revenue was up 84.5% compared to the same quarter last year. On average, equities analysts expect that Snowflake Inc. will post -2.1 EPS for the current fiscal year.
About Snowflake
Snowflake Inc provides a cloud-based data platform in the United States and internationally. The company’s 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. Its platform is used by various organizations of sizes in a range of industries.