Truist Financial Trims Snowflake (NYSE:SNOW) Target Price to $200.00

Snowflake (NYSE:SNOWGet Rating) had its target price reduced by Truist Financial from $300.00 to $200.00 in a report released on Thursday morning, The Fly reports. They currently have a buy rating on the stock.

Several other research firms also recently commented on SNOW. Credit Suisse Group dropped their price objective on shares of Snowflake from $465.00 to $415.00 and set an outperform rating on the stock in a report on Thursday, March 3rd. Oppenheimer decreased their target price on shares of Snowflake from $280.00 to $230.00 and set an outperform rating for the company in a research note on Thursday. Zacks Investment Research cut shares of Snowflake from a buy rating to a hold rating in a research report on Tuesday, May 17th. Jefferies Financial Group reduced their price objective on shares of Snowflake from $230.00 to $150.00 in a research report on Monday, May 23rd. Finally, Canaccord Genuity Group reduced their target price on shares of Snowflake from $360.00 to $210.00 and set a hold rating for the company in a research report on Thursday, March 3rd. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Buy and a consensus target price of $225.86.

Shares of Snowflake stock opened at $129.91 on Thursday. The company has a market cap of $40.87 billion, a P/E ratio of -56.98 and a beta of 1.80. Snowflake has a 52-week low of $112.10 and a 52-week high of $405.00. The firm’s 50 day moving average price is $183.80 and its 200-day moving average price is $260.70.

Snowflake (NYSE:SNOWGet Rating) last released its earnings results on Wednesday, May 25th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.47. The company had revenue of $422.37 million for the quarter, compared to the consensus estimate of $413.01 million. Snowflake had a negative net margin of 55.76% and a negative return on equity of 13.45%. Snowflake’s revenue was up 84.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.69) EPS. As a group, equities research analysts expect that Snowflake will post -1.6 earnings per share for the current fiscal year.

In other news, Director Michael L. Speiser sold 750,000 shares of Snowflake stock in a transaction that occurred on Friday, March 18th. The stock was sold at an average price of $222.18, for a total transaction of $166,635,000.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 11.30% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Titus Wealth Management increased its stake in shares of Snowflake by 2.6% in the 3rd quarter. Titus Wealth Management now owns 977 shares of the company’s stock valued at $298,000 after buying an additional 25 shares during the period. Citizens Financial Group Inc RI grew its stake in shares of Snowflake by 1.4% during the fourth quarter. Citizens Financial Group Inc RI now owns 2,758 shares of the company’s stock worth $934,000 after purchasing an additional 39 shares during the period. Shay Capital LLC grew its stake in shares of Snowflake by 2.5% during the fourth quarter. Shay Capital LLC now owns 1,584 shares of the company’s stock worth $537,000 after purchasing an additional 39 shares during the period. PrairieView Partners LLC grew its stake in shares of Snowflake by 66.7% during the fourth quarter. PrairieView Partners LLC now owns 100 shares of the company’s stock worth $34,000 after purchasing an additional 40 shares during the period. Finally, Claro Advisors LLC grew its stake in shares of Snowflake by 5.5% during the fourth quarter. Claro Advisors LLC now owns 869 shares of the company’s stock worth $294,000 after purchasing an additional 45 shares during the period. Hedge funds and other institutional investors own 76.67% of the company’s stock.

About Snowflake (Get Rating)

Snowflake Inc provides a cloud-based data platform in the United States and internationally. The company's 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. Its platform is used by various organizations of sizes in a range of industries.

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