Royal Bank of Canada Trims Snowflake (NYSE:SNOW) Target Price to $220.00

Snowflake (NYSE:SNOW) had its price objective cut by Royal Bank of Canada from $246.00 to $220.00 in a report published on Monday, Benzinga reports. They currently have an outperform rating on the stock.

Other equities research analysts also recently issued research reports about the company. Mizuho restated a buy rating and set a $205.00 target price (down previously from $255.00) on shares of Snowflake in a research report on Thursday, February 29th. Monness Crespi & Hardt upgraded Snowflake from a sell rating to a neutral rating in a report on Monday, March 18th. BNP Paribas upgraded Snowflake from a neutral rating to an outperform rating and set a $200.00 price target for the company in a report on Thursday, May 2nd. Piper Sandler restated an overweight rating and issued a $250.00 price target on shares of Snowflake in a report on Tuesday, February 27th. Finally, Canaccord Genuity Group restated a buy rating and issued a $230.00 price target on shares of Snowflake in a report on Thursday, February 29th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $201.69.

Snowflake Stock Performance

Snowflake stock opened at $163.29 on Monday. The firm has a market cap of $54.57 billion, a P/E ratio of -64.04 and a beta of 0.90. The business’s fifty day moving average is $157.13 and its two-hundred day moving average is $180.26. Snowflake has a 52 week low of $138.40 and a 52 week high of $237.72.

Snowflake (NYSE:SNOW) last released 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 company had revenue of $774.70 million during the quarter, compared to the consensus estimate of $759.86 million. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. On average, equities research analysts predict that Snowflake will post -1.83 earnings per share for the current year.

Insider Transactions at Snowflake

In related news, EVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $161.15, for a total transaction of $241,725.00. Following the sale, the executive vice president now owns 772,597 shares in the company, valued at approximately $124,504,006.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Snowflake news, CRO Christopher William Degnan sold 12,782 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $156.56, for a total value of $2,001,149.92. Following the sale, the executive now owns 354,954 shares in the company, valued at approximately $55,571,598.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Christian Kleinerman sold 1,500 shares of the company’s stock in a transaction dated 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 owns 772,597 shares in the company, valued at approximately $124,504,006.55. The disclosure for this sale can be found here. In the last quarter, insiders sold 62,380 shares of company stock valued at $9,803,625. Corporate insiders own 8.30% of the company’s stock.

Institutional Investors Weigh In On Snowflake

A number of institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of Snowflake during the 4th quarter valued at about $838,455,000. Swedbank AB acquired a new position in Snowflake during the 1st quarter worth approximately $258,957,000. Vanguard Group Inc. raised its stake in Snowflake by 8.0% during the 4th quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock worth $4,176,755,000 after buying an additional 1,559,830 shares during the period. FMR LLC raised its stake in Snowflake by 32.1% during the 3rd 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. Finally, Winslow Capital Management LLC acquired a new position in Snowflake during the 3rd quarter worth approximately $226,302,000. 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.