Snowflake (NYSE:SNOW) Price Target Cut to $200.00

Snowflake (NYSE:SNOW) had its price objective dropped by Macquarie from $205.00 to $200.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Macquarie’s price objective suggests a potential upside of 28.07% from the company’s previous close.

Other analysts also recently issued reports about the company. Needham & Company LLC lowered their price target on Snowflake from $240.00 to $210.00 and set a “buy” rating for the company in a report on Thursday. Robert W. Baird lowered their price target on Snowflake from $210.00 to $200.00 and set an “outperform” rating for the company in a report on Thursday. JMP Securities restated a “market outperform” rating and set a $235.00 target price on shares of Snowflake in a research note on Friday, May 17th. Sanford C. Bernstein raised their target price on Snowflake from $171.00 to $185.00 and gave the company a “market perform” rating in a research note on Thursday. Finally, Redburn Atlantic restated a “sell” rating and set a $125.00 target price (down from $180.00) on shares of Snowflake in a research note on Tuesday, March 19th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and an average price target of $200.64.

Snowflake Stock Up 1.0 %

SNOW stock opened at $156.16 on Friday. The company has a market cap of $52.19 billion, a price-to-earnings ratio of -55.77 and a beta of 0.90. The business has a fifty day simple moving average of $157.03 and a 200-day simple moving average of $180.31. Snowflake has a 52 week low of $138.40 and a 52 week high of $237.72.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $759.86 million. As a group, analysts expect that Snowflake will post -1.83 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Sridhar Ramaswamy bought 31,542 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The shares were purchased at an average price of $158.52 per share, with a total value of $5,000,037.84. Following the completion of the acquisition, the chief executive officer now directly owns 31,542 shares in the company, valued at $5,000,037.84. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Frank Slootman sold 19,764 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $156.66, for a total transaction of $3,096,228.24. Following the sale, the chief executive officer now owns 233,297 shares of the company’s stock, valued at $36,548,308.02. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Sridhar Ramaswamy bought 31,542 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The shares were purchased at an average cost of $158.52 per share, for a total transaction of $5,000,037.84. Following the acquisition, 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. Over the last 90 days, insiders have sold 62,380 shares of company stock valued at $9,803,625. Insiders own 8.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SNOW. Rakuten Securities Inc. purchased a new position in Snowflake during the 4th quarter worth approximately $790,000. Sequoia Financial Advisors LLC grew its position in Snowflake by 209.3% during the 4th quarter. Sequoia Financial Advisors LLC now owns 4,658 shares of the company’s stock worth $927,000 after purchasing an additional 3,152 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Snowflake during the 3rd quarter worth approximately $458,000. Meridian Wealth Management LLC purchased a new position in Snowflake during the 4th quarter worth approximately $288,000. Finally, Glynn Capital Management LLC grew its position in Snowflake by 3.1% during the 3rd quarter. Glynn Capital Management LLC now owns 188,428 shares of the company’s stock worth $28,786,000 after purchasing an additional 5,629 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

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.