Snowflake gets its first analyst rating and it's a sell: 'Most expensive name in all tech'

A banner for Snowflake Inc. is displayed celebrating the company's IPO at the New York Stock Exchange (NYSE) in New York, U.S., September 16, 2020.
Brendan McDermid | Reuters

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The first Wall Street firm to initiate coverage on Snowflake after the cloud company's big IPO pop slapped a sell rating on the stock and warned of a "violent sell-off."

Shares of Snowflake more than doubled in their first day of trading Wednesday and continued to swing in the following days. Summit Insights Group said in a note to clients that Snowflake is not a unique company in the enterprise software space, and the firm expects a pullback of more than 25% for the stock.