Snowflake (NYSE:SNOW) Price Target Cut to $200.00 by Analysts at Stifel Nicolaus

Snowflake (NYSE:SNOW) had its price objective reduced by research analysts at Stifel Nicolaus from $220.00 to $200.00 in a report released on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ target price would suggest a potential upside of 25.75% from the stock’s previous close.

SNOW has been the topic of a number of other reports. HSBC reaffirmed a “reduce” rating on shares of Snowflake in a research report on Thursday, February 29th. Bank of America reduced their price objective on shares of Snowflake from $212.00 to $200.00 and set a “neutral” rating for the company in a research note on Wednesday, May 15th. Oppenheimer lowered their target price on shares of Snowflake from $240.00 to $220.00 and set an “outperform” rating for the company in a research note on Thursday, February 29th. Piper Sandler reiterated an “overweight” rating and set a $240.00 price objective on shares of Snowflake in a report on Thursday. Finally, Truist Financial decreased their price target on Snowflake from $250.00 to $210.00 and set a “buy” rating for the company in a research note on Thursday, February 29th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and an average target price of $200.11.

Snowflake Stock Down 2.6 %

Snowflake stock traded down $4.29 during midday trading on Thursday, reaching $159.05. The stock had a trading volume of 8,206,231 shares, compared to its average volume of 6,040,280. Snowflake has a 52-week low of $138.40 and a 52-week high of $237.72. The company has a fifty day moving average of $157.13 and a 200 day moving average of $180.26. The firm has a market cap of $53.15 billion, a price-to-earnings ratio of -62.02 and a beta of 0.90.

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, topping analysts’ consensus estimates of ($0.49) by $0.05. The firm had revenue of $774.70 million during the quarter, compared to analyst estimates of $759.86 million. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. Equities research analysts predict that Snowflake will post -1.83 EPS for the current year.

Insiders Place Their Bets

In other news, Director Mark D. Mclaughlin purchased 3,030 shares of the stock in a transaction dated Wednesday, March 6th. The shares were purchased at an average price of $165.45 per share, with a total value of $501,313.50. Following the transaction, the director now owns 11,687 shares in the company, valued at approximately $1,933,614.15. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Sridhar Ramaswamy acquired 31,542 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was purchased at an average price of $158.52 per share, with a total value of $5,000,037.84. Following the transaction, the chief executive officer now owns 31,542 shares of the company’s stock, valued at approximately $5,000,037.84. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mark D. Mclaughlin purchased 3,030 shares of the stock in a transaction dated Wednesday, March 6th. The shares were purchased at an average price of $165.45 per share, with a total value of $501,313.50. Following the completion of the transaction, the director now owns 11,687 shares of the company’s stock, valued at $1,933,614.15. The disclosure for this purchase can be found here. Insiders sold 62,380 shares of company stock valued at $9,803,625 in the last three months. 8.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Accent Capital Management LLC acquired a new stake in shares of Snowflake in the fourth quarter valued at $25,000. LRI Investments LLC acquired a new stake in shares of Snowflake in the 1st quarter valued at $29,000. FinTrust Capital Advisors LLC raised its position in shares of Snowflake by 193.9% during the 4th quarter. FinTrust Capital Advisors LLC now owns 194 shares of the company’s stock worth $39,000 after acquiring an additional 128 shares in the last quarter. Riverview Trust Co purchased a new position in Snowflake during the 1st quarter worth approximately $31,000. Finally, Provence Wealth Management Group acquired a new stake in shares of Snowflake in the third quarter valued at approximately $30,000. Institutional investors and hedge funds 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.