Snowflake (NYSE:SNOW) Rating Lowered to “Hold” at Wedbush

Snowflake (NYSE:SNOW) was downgraded by Wedbush from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday,Zacks.com reports.

SNOW has been the topic of a number of other reports. Wells Fargo & Company raised their price target on Snowflake from $125.00 to $150.00 and gave the company an “equal weight” rating in a report on Thursday, November 21st. Mizuho boosted their price target on shares of Snowflake from $165.00 to $195.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Morgan Stanley reiterated an “equal weight” rating and issued a $175.00 price objective on shares of Snowflake in a report on Thursday, August 22nd. Evercore ISI boosted their target price on Snowflake from $170.00 to $190.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. Finally, Canaccord Genuity Group decreased their price target on Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-six have given a buy rating to the stock. According to MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and an average target price of $184.46.

Snowflake Stock Performance

Shares of SNOW stock opened at $164.21 on Wednesday. Snowflake has a 12-month low of $107.13 and a 12-month high of $237.72. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The firm has a market capitalization of $54.21 billion, a price-to-earnings ratio of -48.44 and a beta of 1.03. The business has a 50 day simple moving average of $142.93 and a 200 day simple moving average of $130.46.

Insider Buying and Selling

In related news, CAO Emily Ho sold 2,021 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $173.68, for a total transaction of $351,007.28. Following the completion of the sale, the chief accounting officer now owns 26,874 shares in the company, valued at $4,667,476.32. This represents a 6.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Christian Kleinerman sold 3,029 shares of Snowflake stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $171.00, for a total value of $517,959.00. Following the completion of the transaction, the executive vice president now directly owns 684,639 shares in the company, valued at approximately $117,073,269. This represents a 0.44 % 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 worth $48,375,520. 7.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Snowflake

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

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.