Snowflake (NYSE:SNOW) Shares Gap Down After Analyst Downgrade

Snowflake Inc. (NYSE:SNOW) shares gapped down before the market opened on Friday after Piper Sandler lowered their price target on the stock from $240.00 to $165.00. The stock had previously closed at $138.18, but opened at $133.95. Piper Sandler currently has an overweight rating on the stock. Snowflake shares last traded at $134.60, with a volume of 1,892,401 shares traded.

Several other research analysts also recently weighed in on SNOW. Stifel Nicolaus decreased their target price on shares of Snowflake from $220.00 to $200.00 and set a “buy” rating for the company in a research note on Thursday, May 23rd. Mizuho decreased their target price on shares of Snowflake from $205.00 to $180.00 and set a “buy” rating for the company in a research note on Wednesday, June 5th. Barclays upped their target price on shares of Snowflake from $188.00 to $191.00 and gave the company an “equal weight” rating in a research note on Thursday, May 23rd. Needham & Company LLC restated a “buy” rating and issued a $210.00 target price on shares of Snowflake in a research note on Monday. Finally, Royal Bank of Canada decreased their target price on shares of Snowflake from $226.00 to $183.00 and set an “outperform” rating for the company in a research note on Wednesday, June 5th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and an average target price of $197.31.

Insider Buying and Selling

In related news, EVP Grzegorz Czajkowski sold 469,120 shares of the stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $123.09, for a total value of $57,743,980.80. Following the sale, the executive vice president now owns 494,942 shares of the company’s stock, valued at approximately $60,922,410.78. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Grzegorz Czajkowski sold 469,120 shares of the stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $123.09, for a total value of $57,743,980.80. Following the completion of the transaction, the executive vice president now owns 494,942 shares in the company, valued at approximately $60,922,410.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael L. Speiser bought 76,200 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was bought at an average price of $131.09 per share, with a total value of $9,989,058.00. Following the transaction, the director now directly owns 1,632,225 shares in the company, valued at $213,968,375.25. The disclosure for this purchase can be found here. Insiders have sold a total of 534,960 shares of company stock valued at $67,198,020 in the last quarter. Company insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Deutsche Bank AG boosted its position in shares of Snowflake by 16.1% during the 3rd quarter. Deutsche Bank AG now owns 369,893 shares of the company’s stock valued at $56,509,000 after purchasing an additional 51,319 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Snowflake by 20.6% during the 3rd quarter. American Century Companies Inc. now owns 469,233 shares of the company’s stock valued at $71,685,000 after purchasing an additional 80,039 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Snowflake by 69.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,515,224 shares of the company’s stock valued at $231,481,000 after purchasing an additional 623,277 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its position in shares of Snowflake by 66.7% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 20,972 shares of the company’s stock valued at $3,204,000 after purchasing an additional 8,393 shares in the last quarter. Finally, Hudson Bay Capital Management LP bought a new position in shares of Snowflake during the 3rd quarter valued at about $4,989,000. Institutional investors own 65.10% of the company’s stock.

Snowflake Trading Down 2.5 %

The company’s 50-day moving average price is $143.28 and its two-hundred day moving average price is $169.85. The company has a market cap of $45.10 billion, a P/E ratio of -49.34 and a beta of 0.85.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, May 22nd. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.40). Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. The firm had revenue of $828.71 million during the quarter, compared to analyst estimates of $786.95 million. Equities analysts forecast that Snowflake Inc. will post -2.28 earnings per share for the current year.

Snowflake Company Profile

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.