Snowflake (NYSE:SNOW) Given New $215.00 Price Target at Canaccord Genuity Group

Snowflake (NYSE:SNOW) had its target price lowered by Canaccord Genuity Group from $230.00 to $215.00 in a research note issued to investors on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts have also issued research reports about the stock. Stifel Nicolaus reduced their target price on Snowflake from $220.00 to $200.00 and set a buy rating on the stock in a research note on Thursday. Guggenheim upgraded shares of Snowflake from a sell rating to a neutral rating in a research report on Friday, March 15th. Robert W. Baird reduced their target price on Snowflake from $210.00 to $200.00 and set an outperform rating on the stock in a report on Thursday. KeyCorp lifted their price target on Snowflake from $185.00 to $200.00 and gave the company an overweight rating in a research report on Thursday. Finally, StockNews.com lowered Snowflake from a hold rating to a sell rating in a research report on Friday. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $200.64.

Snowflake Price Performance

Shares of NYSE:SNOW traded up $1.58 during trading on Friday, hitting $156.16. 6,026,313 shares of the company were exchanged, compared to its average volume of 4,735,169. The stock has a 50 day moving average of $157.03 and a 200 day moving average of $180.17. The company has a market cap of $52.19 billion, a PE ratio of -55.77 and a beta of 0.90. Snowflake has a 52-week low of $138.40 and a 52-week high of $237.72.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.05. The business had revenue of $774.70 million for the quarter, compared to analyst estimates of $759.86 million. Snowflake had a negative return on equity of 15.54% and a negative net margin of 30.80%. Sell-side analysts forecast that Snowflake will post -1.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other Snowflake news, Director Mark D. Mclaughlin purchased 3,030 shares of the stock in a transaction dated Wednesday, March 6th. The stock was 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 of the company’s stock, valued at $1,933,614.15. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Grzegorz Czajkowski sold 683 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $161.42, for a total transaction of $110,249.86. Following the completion of the sale, the executive vice president now owns 86,208 shares of the company’s stock, valued at $13,915,695.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark D. Mclaughlin purchased 3,030 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was purchased at an average cost of $165.45 per share, for a total transaction of $501,313.50. Following the completion of the acquisition, the director now directly 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. In the last ninety days, insiders sold 62,380 shares of company stock worth $9,803,625. 8.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Yousif Capital Management LLC lifted its stake in Snowflake by 5.7% during the 3rd quarter. Yousif Capital Management LLC now owns 2,972 shares of the company’s stock valued at $454,000 after acquiring an additional 160 shares during the period. Private Advisor Group LLC grew its position in Snowflake by 27.3% during the 3rd quarter. Private Advisor Group LLC now owns 15,297 shares of the company’s stock worth $2,337,000 after purchasing an additional 3,277 shares during the period. Victory Capital Management Inc. raised its stake in shares of Snowflake by 3.3% during the 3rd quarter. Victory Capital Management Inc. now owns 335,916 shares of the company’s stock valued at $51,318,000 after buying an additional 10,592 shares during the last quarter. Picton Mahoney Asset Management lifted its holdings in shares of Snowflake by 0.9% in the 3rd quarter. Picton Mahoney Asset Management now owns 18,981 shares of the company’s stock valued at $2,901,000 after buying an additional 162 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Snowflake by 43.2% in the third quarter. Assenagon Asset Management S.A. now owns 47,209 shares of the company’s stock worth $7,212,000 after buying an additional 14,242 shares during the last quarter. Hedge funds and other institutional investors 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.