Snowflake (NYSE:SNOW) Stock Rating Adjustment by StockNews.com

On November 30th, 2024, StockNews.com made a significant change to its evaluation of Snowflake (NYSE:SNOW), downgrading the stock from a “hold” rating to a “sell” rating in a recent report.

Several other analysts have also commented on Snowflake in recent research reports. For instance, Morgan Stanley maintained an “equal weight” rating, setting a price target of $175.00 on the shares back on August 22nd. Jefferies Financial Group recently boosted their price target from $145.00 to $180.00 and upgraded the stock to a “buy” on November 21st. Additionally, Argus began coverage of Snowflake on October 1st with a “hold” rating. On the same day as Jefferies' report, Mizuho raised their price target from $165.00 to $195.00 while giving the stock an “outperform” rating. Meanwhile, HSBC Global Research upgraded Snowflake from a “moderate sell” to a “hold” on August 23rd. Overall, out of the analysts, two have rated the stock as a sell, ten have a hold rating, and twenty-seven have given it a buy rating. MarketBeat data suggests that the stock has an average rating of “Moderate Buy” and a price target of $181.09.

Snowflake Stock Performance

On Thursday, shares of Snowflake opened at $174.83. The company has a market capitalization of $58.60 billion, a PE ratio of -51.57, and a beta of 0.83. The stock has seen a fifty-two week low of $107.13 and a high of $237.72. Its fifty-day moving average stands at $126.17, while its two-hundred day moving average is at $128.74.

Insider Transactions

Recent insider activities include CAO Emily Ho selling 2,021 shares on November 25th, at an average price of $173.68, totaling $351,007.28. Following this transaction, she owns 26,874 shares, valued at approximately $4.67 million, marking a 6.99% decrease in her holdings. Another insider, Benoit Dageville, sold 287 shares on September 23rd for $31,974.67, leading to a 0.54% reduction in his total shareholding, now amounting to 53,250 shares worth about $5.93 million. In total, insiders have sold 204,661 shares valued at $32 million over the past three months, with insiders holding 7.80% of the stock.

Institutional Investor Movements

In terms of institutional investments, several hedge funds have altered their stakes in Snowflake recently. State Street Corp increased its holdings by 0.8% in the third quarter, now owning 6,867,097 shares valued at $788.75 million, after acquiring an additional 54,909 shares. Geode Capital Management expanded its stake by 3.5%, owning 4,152,146 shares worth $475.89 million after buying 138,663 additional shares. Two Sigma Advisers raised its stake by 27.9%, with ownership of 4,043,200 shares valued at $464.40 million post-purchase. Additionally, the Ontario Teachers Pension Plan Board significantly lifted their holdings by 19,399.2% to own 2,572,336 shares worth approximately $295.46 million. Legal & General Group Plc also increased their ownership by 11.5%, owning 2,175,131 shares valued at $293.84 million. Collectively, institutional investors now hold 65.10% of Snowflake's stock.

Company Overview

Snowflake Inc operates a cloud-based data platform that services various organizations both in the United States and internationally. It offers the Data Cloud, which allows clients to consolidate their data into a unified source for gaining valuable business insights, developing data-driven applications, and sharing data products while incorporating artificial intelligence (AI) to address business challenges.

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