Snowflake (NYSE:SNOW) Price Target Cut to $195.00

Snowflake (NYSE:SNOW) had its price objective reduced by investment analysts at Scotiabank from $207.00 to $195.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “sector outperform” rating on the stock. Scotiabank’s price target indicates a potential upside of 24.86% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Needham & Company LLC reduced their target price on shares of Snowflake from $240.00 to $210.00 and set a “buy” rating for the company in a research note on Thursday. Mizuho reissued a “buy” rating and set a $205.00 target price (down from $255.00) on shares of Snowflake in a research note on Thursday, February 29th. Sanford C. Bernstein lifted their price target on Snowflake from $171.00 to $185.00 and gave the company a “market perform” rating in a research note on Thursday. JMP Securities reiterated a “market outperform” rating and issued a $235.00 price objective on shares of Snowflake in a research report on Friday, May 17th. Finally, Guggenheim upgraded shares of Snowflake from a “sell” rating to a “neutral” rating in a research report on Friday, March 15th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and a consensus target price of $200.64.

Snowflake Stock Performance

Shares of SNOW opened at $156.17 on Thursday. Snowflake has a fifty-two week low of $138.40 and a fifty-two week high of $237.72. The firm has a 50-day simple moving average of $157.03 and a 200-day simple moving average of $180.17. The company has a market capitalization of $52.19 billion, a price-to-earnings ratio of -55.77 and a beta of 0.90.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $759.86 million. Equities research analysts forecast that Snowflake will post -1.83 EPS for the current year.

Insider Activity

In related news, EVP Grzegorz Czajkowski sold 683 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $161.42, for a total value of $110,249.86. Following the transaction, the executive vice president now directly owns 86,208 shares of the company’s stock, valued at approximately $13,915,695.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Benoit Dageville sold 689 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $161.42, for a total transaction of $111,218.38. Following the completion of the sale, the insider now directly owns 70,665 shares of the company’s stock, valued at approximately $11,406,744.30. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Grzegorz Czajkowski sold 683 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $161.42, for a total value of $110,249.86. Following the completion of the transaction, the executive vice president now directly owns 86,208 shares in the company, valued at $13,915,695.36. The disclosure for this sale can be found here. Insiders sold 62,380 shares of company stock valued at $9,803,625 in the last ninety days. Company insiders own 8.30% of the company’s stock.

Institutional Investors Weigh In On Snowflake

A number of large investors have recently modified their holdings of the stock. Accent Capital Management LLC purchased a new stake in shares of Snowflake during the fourth quarter valued at approximately $25,000. LRI Investments LLC acquired a new position in Snowflake in the 1st quarter worth $29,000. Provence Wealth Management Group purchased a new position in Snowflake in the 3rd quarter valued at about $30,000. Global Wealth Management Investment Advisory Inc. grew its stake in shares of Snowflake by 89.0% during the third quarter. Global Wealth Management Investment Advisory Inc. now owns 206 shares of the company’s stock valued at $31,000 after acquiring an additional 97 shares in the last quarter. Finally, Riverview Trust Co purchased a new stake in shares of Snowflake during the first quarter worth about $31,000. 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.