Snowflake (NYSE:SNOW) Downgraded to “Hold” Rating by Wedbush

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

Other research analysts also recently issued research reports about the stock. Oppenheimer restated an “outperform” rating and set a $180.00 price objective on shares of Snowflake in a report on Thursday, November 21st. Needham & Company LLC increased their price objective on Snowflake from $160.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Canaccord Genuity Group cut their target price on Snowflake from $215.00 to $190.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. DA Davidson restated a “buy” rating and set a $175.00 price objective on shares of Snowflake in a research note on Thursday, October 3rd. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $184.46.

Snowflake Price Performance

Shares of SNOW opened at $164.21 on Wednesday. The business’s 50 day moving average price is $142.93 and its two-hundred day moving average price is $130.46. The firm has a market cap of $54.21 billion, a PE ratio of -48.44 and a beta of 1.03. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. Snowflake has a 52-week low of $107.13 and a 52-week high of $237.72.

Insider Buying and Selling

In related news, EVP Christian Kleinerman sold 3,029 shares of the stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $171.00, for a total transaction of $517,959.00. Following the completion of the sale, the executive vice president now owns 684,639 shares in the company, valued at approximately $117,073,269. This trade represents a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Benoit Dageville sold 287 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $111.41, for a total transaction of $31,974.67. Following the sale, the insider now directly owns 53,250 shares of the company’s stock, valued at approximately $5,932,582.50. This trade represents a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 292,901 shares of company stock valued at $48,375,520. 7.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Fifth Third Bancorp raised its position in Snowflake by 9.3% during the second quarter. Fifth Third Bancorp now owns 3,336 shares of the company’s stock valued at $451,000 after purchasing an additional 285 shares during the period. LRI Investments LLC increased its position in Snowflake by 155.6% during the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after acquiring an additional 112 shares during the last quarter. Institute for Wealth Management LLC. raised its stake in shares of Snowflake by 14.7% in the second quarter. Institute for Wealth Management LLC. now owns 5,868 shares of the company’s stock valued at $793,000 after acquiring an additional 750 shares during the period. Clear Creek Financial Management LLC bought a new stake in shares of Snowflake in the 2nd quarter worth about $232,000. Finally, Independence Bank of Kentucky boosted its stake in shares of Snowflake by 19.6% during the 2nd quarter. Independence Bank of Kentucky now owns 5,640 shares of the company’s stock worth $762,000 after purchasing an additional 925 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

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.