Snowflake (NYSE:SNOW) Shares Down 2.8% Following Analyst Downgrade

Snowflake Inc. (NYSE:SNOW) was down 2.8% on Tuesday after Mizuho lowered their price target on the stock from $285.00 to $220.00. Mizuho currently has an outperform rating on the stock. Snowflake traded as low as $172.02 and last traded at $177.21. Approximately 5,746,404 shares traded hands during mid-day trading, a decline of 5% from the average daily volume of 6,054,628 shares. The stock had previously closed at $182.29.

A number of other research firms also recently issued reports on SNOW. Guggenheim reaffirmed a “neutral” rating on shares of Snowflake in a research report on Wednesday, November 26th. TD Cowen reaffirmed a “buy” rating on shares of Snowflake in a research report on Thursday, December 4th. The Goldman Sachs Group dropped their price objective on Snowflake from $286.00 to $246.00 and set a “buy” rating on the stock in a research note on Wednesday, February 11th. Raymond James Financial reissued an “outperform” rating on shares of Snowflake in a report on Monday, February 2nd. Finally, Macquarie Infrastructure boosted their target price on shares of Snowflake from $235.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, December 4th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, four have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $272.97.

Insider Transactions at Snowflake

In other news, Director Frank Slootman sold 200,000 shares of Snowflake stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $221.83, for a total transaction of $44,366,000.00. Following the completion of the sale, the director owned 50,329 shares of the company’s stock, valued at approximately $11,164,482.07. This trade represents a 79.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael L. Speiser sold 50,338 shares of the business’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $230.65, for a total transaction of $11,610,459.70. Following the completion of the sale, the director directly owned 32,756 shares of the company’s stock, valued at approximately $7,555,171.40. The trade was a 60.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 613,681 shares of company stock worth $130,573,518 in the last ninety days. 6.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Snowflake

Institutional investors and hedge funds have recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Snowflake by 1.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 732,092 shares of the company’s stock worth $165,123,000 after buying an additional 8,002 shares during the period. OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Snowflake during the second quarter worth about $6,845,000. Federated Hermes Inc. raised its position in shares of Snowflake by 13.5% during the third quarter. Federated Hermes Inc. now owns 408,037 shares of the company’s stock worth $92,047,000 after acquiring an additional 48,411 shares during the last quarter. Penserra Capital Management LLC lifted its stake in shares of Snowflake by 32.8% in the third quarter. Penserra Capital Management LLC now owns 153,358 shares of the company’s stock worth $34,586,000 after acquiring an additional 37,911 shares during the period. Finally, Rheos Capital Works Inc. boosted its holdings in Snowflake by 102.9% in the third quarter. Rheos Capital Works Inc. now owns 207,000 shares of the company’s stock valued at $46,689,000 after acquiring an additional 105,000 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.

Snowflake Price Performance

The firm has a market cap of $60.64 billion, a price-to-earnings ratio of -43.86 and a beta of 1.14. The business’s 50-day simple moving average is $207.74 and its two-hundred day simple moving average is $224.91. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 1.07.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.04. Snowflake had a negative net margin of 30.76% and a negative return on equity of 45.91%. The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the previous year, the company earned $0.20 EPS. The company’s revenue for the quarter was up 28.7% on a year-over-year basis. As a group, research analysts expect that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Snowflake Company Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.