Needham & Company LLC Trims Snowflake (NYSE:SNOW) Target Price to $210.00

Snowflake (NYSE:SNOW) had its target price lowered by Needham & Company LLC from $240.00 to $210.00 in a research report released on Thursday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities analysts also recently issued reports on the stock. StockNews.com raised shares of Snowflake from a sell rating to a hold rating in a report on Thursday, May 16th. HSBC reaffirmed a reduce rating on shares of Snowflake in a report on Thursday, February 29th. Monness Crespi & Hardt raised shares of Snowflake from a sell rating to a neutral rating in a report on Monday, March 18th. JPMorgan Chase & Co. decreased their price objective on shares of Snowflake from $200.00 to $170.00 and set an overweight rating on the stock in a report on Thursday, February 29th. Finally, Royal Bank of Canada decreased their price objective on shares of Snowflake from $246.00 to $220.00 and set an outperform rating on the stock in a report on Monday, May 20th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $200.64.

Snowflake Price Performance

NYSE:SNOW opened at $156.16 on Thursday. The firm has a market capitalization of $52.19 billion, a P/E ratio of -55.77 and a beta of 0.90. Snowflake has a 1-year low of $138.40 and a 1-year high of $237.72. The company’s fifty day moving average price is $157.03 and its 200-day moving average price is $180.46.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.05. The company had revenue of $774.70 million for the quarter, compared to analyst estimates of $759.86 million. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.54%. Equities analysts anticipate 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 business’s stock in a transaction dated Wednesday, March 6th. The stock was bought 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 in the company, valued at $1,933,614.15. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, EVP Christian Kleinerman sold 1,500 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $161.15, for a total value of $241,725.00. Following the completion of the transaction, the executive vice president now directly owns 772,597 shares in the company, valued at $124,504,006.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mark D. Mclaughlin bought 3,030 shares of the business’s stock in a transaction that occurred on 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 completion of the purchase, 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. Insiders sold 62,380 shares of company stock valued at $9,803,625 over the last 90 days. 8.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SNOW. Trexquant Investment LP raised its stake in Snowflake by 266.3% during the fourth quarter. Trexquant Investment LP now owns 10,499 shares of the company’s stock worth $2,089,000 after acquiring an additional 7,633 shares in the last quarter. Rakuten Securities Inc. acquired a new position in Snowflake during the fourth quarter worth $790,000. Sequoia Financial Advisors LLC raised its stake 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 acquiring an additional 3,152 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Snowflake during the third quarter worth $458,000. Finally, Meridian Wealth Management LLC acquired a new position in Snowflake during the fourth quarter worth $288,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.