Snowflake (NYSE:SNOW) Price Target Cut to $195.00

Snowflake (NYSE:SNOW) had its target price cut by stock analysts at Scotiabank from $207.00 to $195.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s target price points to a potential upside of 27.55% from the stock’s current price.

Several other research firms also recently commented on SNOW. StockNews.com raised shares of Snowflake from a “sell” rating to a “hold” rating in a report on Thursday, May 16th. Macquarie raised shares of Snowflake from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $182.00 to $205.00 in a report on Thursday, February 29th. Mizuho reissued a “buy” rating and set a $205.00 price target (down from $255.00) on shares of Snowflake in a report on Thursday, February 29th. Piper Sandler reissued an “overweight” rating and set a $240.00 price target on shares of Snowflake in a report on Thursday. Finally, Sanford C. Bernstein increased their price target on shares of Snowflake from $171.00 to $185.00 and gave the stock a “market perform” rating in a report on Thursday. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $201.19.

Snowflake Stock Down 6.4 %

Shares of NYSE SNOW traded down $10.46 during trading hours on Thursday, hitting $152.88. 16,249,534 shares of the stock were exchanged, compared to its average volume of 6,128,844. Snowflake has a 12 month low of $138.40 and a 12 month high of $237.72. The company has a market cap of $51.09 billion, a PE ratio of -59.95 and a beta of 0.90. The firm has a fifty day moving average price of $157.13 and a 200-day moving average price of $180.26.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.05. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. The business had revenue of $774.70 million for the quarter, compared to analyst estimates of $759.86 million. As a group, equities analysts anticipate that Snowflake will post -1.83 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Benoit Dageville sold 689 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $161.42, for a total value of $111,218.38. Following the completion of the transaction, the insider now owns 70,665 shares of the company’s stock, valued at $11,406,744.30. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Benoit Dageville sold 689 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $161.42, for a total value of $111,218.38. Following the completion of the sale, the insider now directly owns 70,665 shares of the company’s stock, valued at $11,406,744.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mark D. Mclaughlin bought 3,030 shares of the stock in a transaction dated Wednesday, March 6th. The shares were acquired at an average price of $165.45 per share, for a total transaction of $501,313.50. Following the completion of the transaction, the director now owns 11,687 shares of the company’s stock, valued at approximately $1,933,614.15. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 62,380 shares of company stock valued at $9,803,625. 8.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Snowflake

Hedge funds and other institutional investors have recently bought and sold shares of the company. Rakuten Securities Inc. purchased a new position in Snowflake in the 4th quarter valued at $790,000. Sequoia Financial Advisors LLC lifted its holdings in Snowflake by 209.3% in the fourth quarter. Sequoia Financial Advisors LLC now owns 4,658 shares of the company’s stock valued at $927,000 after acquiring an additional 3,152 shares during the period. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Snowflake in the third quarter valued at $458,000. Glynn Capital Management LLC raised its stake in shares of Snowflake by 3.1% during the 3rd quarter. Glynn Capital Management LLC now owns 188,428 shares of the company’s stock worth $28,786,000 after buying an additional 5,629 shares during the last quarter. Finally, Raymond James & Associates raised its stake in shares of Snowflake by 55.9% during the 4th quarter. Raymond James & Associates now owns 295,486 shares of the company’s stock worth $58,802,000 after buying an additional 105,937 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

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.