Snowflake (NYSE:SNOW) Price Target Cut to $225.00 by Analysts at Loop Capital

Snowflake (NYSE:SNOW) had its price target reduced by Loop Capital from $235.00 to $225.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also issued reports on the company. UBS Group boosted their target price on Snowflake from $185.00 to $190.00 and gave the company a neutral rating in a research note on Thursday. Raymond James boosted their target price on Snowflake from $190.00 to $223.00 and gave the company an outperform rating in a research note on Friday, February 2nd. JPMorgan Chase & Co. boosted their price objective on Snowflake from $170.00 to $185.00 and gave the company an overweight rating in a research note on Thursday. Bank of America decreased their price objective on Snowflake from $212.00 to $200.00 and set a neutral rating on the stock in a research note on Wednesday, May 15th. Finally, Piper Sandler reiterated an overweight rating and set a $240.00 price objective on shares of Snowflake in a research note on Thursday. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $201.19.

Snowflake Stock Down 5.4 %

Shares of NYSE:SNOW opened at $154.58 on Thursday. Snowflake has a 12-month low of $138.40 and a 12-month high of $237.72. The business’s 50 day moving average is $157.04 and its 200 day moving average is $180.08.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data 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 15.54% and a negative net margin of 30.80%. The business had revenue of $774.70 million for the quarter, compared to analysts’ expectations of $759.86 million. Analysts forecast that Snowflake will post -1.83 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total transaction of $241,725.00. Following the completion of the transaction, the executive vice president now owns 772,597 shares in the company, valued at $124,504,006.55. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total value of $241,725.00. Following the completion of the sale, the executive vice president now directly owns 772,597 shares of the company’s stock, valued at $124,504,006.55. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Mark D. Mclaughlin purchased 3,030 shares of Snowflake stock in a transaction that occurred on Wednesday, March 6th. The stock was bought at an average cost 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 a total of 62,380 shares of company stock worth $9,803,625 over the last 90 days. Corporate insiders own 8.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Snowflake by 1.4% during the first quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock worth $3,439,842,000 after purchasing an additional 297,428 shares in the last quarter. Jennison Associates LLC grew its position in Snowflake by 3.7% during the first quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock worth $1,132,568,000 after buying an additional 249,249 shares during the period. FMR LLC grew its position in Snowflake by 32.1% during the third quarter. FMR LLC now owns 6,154,085 shares of the company’s stock worth $940,160,000 after buying an additional 1,496,235 shares during the period. Sands Capital Management LLC grew its position in Snowflake by 12.6% during the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock worth $1,083,238,000 after buying an additional 610,970 shares during the period. Finally, Norges Bank acquired a new position in Snowflake during the fourth quarter worth about $838,455,000. 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.