Snowflake (NYSE:SNOW) Cut to Hold at 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 analysts have also issued reports about the company. Oppenheimer reissued an “outperform” rating and issued a $180.00 price target on shares of Snowflake in a research note on Thursday, November 21st. Citigroup decreased their target price on shares of Snowflake from $200.00 to $183.00 and set a “buy” rating on the stock in a research report on Monday, November 18th. Canaccord Genuity Group dropped their price target on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. KeyCorp lifted their price target on shares of Snowflake from $185.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Snowflake from $180.00 to $190.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $184.46.

Snowflake Price Performance

SNOW stock opened at $166.29 on Wednesday. The stock has a market capitalization of $54.89 billion, a price-to-earnings ratio of -49.05 and a beta of 1.03. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. Snowflake has a 52-week low of $107.13 and a 52-week high of $237.72. The stock’s fifty day simple moving average is $143.77 and its 200-day simple moving average is $130.66.

Insiders Place Their Bets

In other news, insider Benoit Dageville sold 287 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $111.41, for a total transaction of $31,974.67. Following the transaction, the insider now 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Christopher William Degnan sold 76,692 shares of Snowflake stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $168.42, for a total value of $12,916,466.64. Following the completion of the transaction, the executive now owns 346,741 shares of the company’s stock, valued at $58,398,119.22. This trade represents a 18.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 292,901 shares of company stock worth $48,375,520 in the last three months. 7.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. LRI Investments LLC raised its position in shares of Snowflake by 155.6% during 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. Wellington Shields Capital Management LLC acquired a new stake in shares of Snowflake during the second quarter worth $27,000. Groupama Asset Managment acquired a new position in shares of Snowflake in the 3rd quarter valued at about $25,000. V Square Quantitative Management LLC bought a new stake in shares of Snowflake during the 3rd quarter valued at about $30,000. Finally, Fortitude Family Office LLC acquired a new stake in Snowflake during the third quarter worth about $34,000. Institutional investors 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.