BTIG Research Lowers Snowflake (NYSE:SNOW) to Neutral

BTIG Research downgraded shares of Snowflake (NYSE:SNOW – Get Rating) from a buy rating to a neutral rating in a research note published on Tuesday, MarketBeat.com reports.

Other analysts have also recently issued reports about the company. Barclays cut their target price on Snowflake from $218.00 to $158.00 and set an overweight rating on the stock in a research note on Thursday, May 26th. Raymond James started coverage on Snowflake in a research report on Thursday, June 2nd. They set an outperform rating and a $184.00 price objective on the stock. Piper Sandler cut their price objective on Snowflake from $165.00 to $164.00 and set an overweight rating on the stock in a research report on Monday, July 18th. Rosenblatt Securities raised Snowflake from a neutral rating to a buy rating and cut their price objective for the company from $325.00 to $255.00 in a research report on Tuesday, May 24th. Finally, Citigroup cut their price objective on Snowflake from $232.00 to $175.00 and set a buy rating on the stock in a research report on Thursday, May 26th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $219.27.

Snowflake Trading Up 3.0 %

Shares of NYSE:SNOW opened at $165.53 on Tuesday. The stock’s 50-day moving average price is $140.67 and its 200-day moving average price is $190.15. Snowflake has a 12-month low of $110.26 and a 12-month high of $405.00. The stock has a market capitalization of $52.08 billion, a P/E ratio of -78.45 and a beta of 1.30.

Snowflake (NYSE:SNOW – Get Rating) last posted its 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). The business had revenue of $422.37 million during the quarter, compared to the consensus estimate of $413.01 million. Snowflake had a negative return on equity of 12.39% and a negative net margin of 45.48%. The firm’s revenue for the quarter was up 84.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.69) earnings per share. As a group, research analysts predict that Snowflake will post -2.1 EPS for the current year.

Insider Buying and Selling at Snowflake

In other Snowflake news, CEO Frank Slootman sold 1,727 shares of the firm’s stock in a transaction that occurred on Thursday, June 9th. The shares were sold at an average price of $136.18, for a total value of $235,182.86. Following the completion of the sale, the chief executive officer now directly owns 138,551 shares in the company, valued at $18,867,875.18. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Frank Slootman sold 1,727 shares of Snowflake stock in a transaction dated Thursday, June 9th. The shares were sold at an average price of $136.18, for a total value of $235,182.86. Following the sale, the chief executive officer now owns 138,551 shares in the company, valued at $18,867,875.18. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John Dennis Mcmahon sold 1,224 shares of the business’s stock in a transaction dated Thursday, July 7th. The stock was sold at an average price of $155.44, for a total transaction of $190,258.56. Following the transaction, the director now owns 55,659 shares in the company, valued at $8,651,634.96. The disclosure for this sale can be found here. Insiders sold a total of 3,678 shares of company stock worth $524,444 over the last three months. Corporate insiders own 8.90% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Level Financial Advisors Inc. increased its holdings in shares of Snowflake by 475.0% in the 1st quarter. Level Financial Advisors Inc. now owns 115 shares of the company’s stock valued at $26,000 after purchasing an additional 95 shares in the last quarter. Patriot Financial Group Insurance Agency LLC increased its holdings in shares of Snowflake by 1,800.0% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 190 shares of the company’s stock valued at $26,000 after purchasing an additional 180 shares in the last quarter. Glassman Wealth Services increased its holdings in shares of Snowflake by 233.3% in the 4th quarter. Glassman Wealth Services now owns 80 shares of the company’s stock valued at $27,000 after purchasing an additional 56 shares in the last quarter. Bogart Wealth LLC increased its holdings in shares of Snowflake by 6,433.3% in the 2nd quarter. Bogart Wealth LLC now owns 196 shares of the company’s stock valued at $27,000 after purchasing an additional 193 shares in the last quarter. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC increased its holdings in shares of Snowflake by 333.3% in the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 130 shares of the company’s stock valued at $29,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 76.67% of the company’s stock.

About Snowflake

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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.