Snowflake (NYSE:SNOW) Stock Rating Lowered by Wedbush

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

Several other equities research analysts also recently weighed in on the stock. Needham & Company LLC upped their target price on shares of 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 price objective on Snowflake from $215.00 to $190.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Monness Crespi & Hardt lifted their target price on Snowflake from $140.00 to $188.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Loop Capital cut their price target on Snowflake from $225.00 to $185.00 and set a “buy” rating on the stock in a report on Wednesday, August 21st. Finally, JMP Securities reiterated a “market outperform” rating and issued a $190.00 price objective on shares of Snowflake in a research note on Tuesday, December 3rd. Two investment 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 stock. Based on data from MarketBeat.com, Snowflake presently has an average rating of “Moderate Buy” and a consensus target price of $184.46.

Snowflake Stock Performance

NYSE SNOW opened at $164.21 on Wednesday. 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 company has a market cap of $54.21 billion, a P/E ratio of -48.44 and a beta of 1.03. The stock has a 50-day moving average of $142.93 and a two-hundred day moving average of $130.46. Snowflake has a 1-year low of $107.13 and a 1-year high of $237.72.

Insider Activity at Snowflake

In other news, insider Benoit Dageville sold 287 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $111.41, for a total value of $31,974.67. Following the completion of the sale, the insider now directly owns 53,250 shares of the company’s stock, valued at $5,932,582.50. This trade represents a 0.54 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Christian Kleinerman sold 30,000 shares of Snowflake stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $120.00, for a total value of $3,600,000.00. Following the completion of the sale, the executive vice president now owns 721,755 shares in the company, valued at approximately $86,610,600. This trade represents a 3.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 292,901 shares of company stock worth $48,375,520 in the last three months. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of large investors have recently made changes to their positions in SNOW. Modus Advisors LLC increased its holdings in Snowflake by 3.9% in the third quarter. Modus Advisors LLC now owns 2,491 shares of the company’s stock valued at $286,000 after buying an additional 94 shares in the last quarter. Catalyst Private Wealth LLC raised its holdings in Snowflake by 3.2% during the third quarter. Catalyst Private Wealth LLC now owns 3,329 shares of the company’s stock worth $382,000 after purchasing an additional 104 shares during the last quarter. LRI Investments LLC increased its position in shares of Snowflake by 155.6% in the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after buying an additional 112 shares in the last quarter. Clear Creek Financial Management LLC raised its stake in shares of Snowflake by 6.7% during the 3rd quarter. Clear Creek Financial Management LLC now owns 1,829 shares of the company’s stock worth $210,000 after buying an additional 115 shares during the last quarter. Finally, Covestor Ltd increased its holdings in Snowflake by 16.2% during the 3rd quarter. Covestor Ltd now owns 827 shares of the company’s stock valued at $95,000 after acquiring an additional 115 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.