Royal Bank of Canada Lowers Snowflake (NYSE:SNOW) Price Target to $220.00

Snowflake (NYSE:SNOW) had its price target trimmed by Royal Bank of Canada from $246.00 to $220.00 in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

SNOW has been the topic of a number of other research reports. Raymond James lifted their target price on Snowflake from $190.00 to $223.00 and gave the company an outperform rating in a research report on Friday, February 2nd. Truist Financial decreased their price objective on Snowflake from $250.00 to $210.00 and set a buy rating for the company in a report on Thursday, February 29th. Bank of America dropped their target price on Snowflake from $212.00 to $200.00 and set a neutral rating on the stock in a report on Wednesday, May 15th. Morgan Stanley reaffirmed an equal weight rating and set a $175.00 price target (down previously from $230.00) on shares of Snowflake in a research report on Thursday, February 29th. Finally, Monness Crespi & Hardt raised Snowflake from a sell rating to a neutral rating in a report on Monday, March 18th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Snowflake has a consensus rating of Moderate Buy and a consensus price target of $201.19.

Snowflake Stock Down 5.4 %

SNOW stock opened at $154.58 on Monday. The company has a market cap of $51.66 billion, a P/E ratio of -60.62 and a beta of 0.90. The business’s fifty day moving average is $157.04 and its 200-day moving average is $180.08. Snowflake has a twelve month low of $138.40 and a twelve month high of $237.72.

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

Insider Activity at Snowflake

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

Institutional Investors Weigh In On Snowflake

Several large investors have recently made changes to their positions in the business. Rakuten Securities Inc. purchased a new position in Snowflake during the 4th quarter valued at about $790,000. Sequoia Financial Advisors LLC grew its position in Snowflake by 209.3% during the fourth quarter. Sequoia Financial Advisors LLC now owns 4,658 shares of the company’s stock worth $927,000 after buying an additional 3,152 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new position in Snowflake in the 3rd quarter worth about $458,000. Meridian Wealth Management LLC purchased a new stake in shares of Snowflake in the 4th quarter valued at about $288,000. Finally, Glynn Capital Management LLC boosted its position 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 valued at $28,786,000 after acquiring an additional 5,629 shares during the last quarter. 65.10% of the stock is 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.