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

Snowflake (NYSE:SNOW) had its target price reduced by Stifel Nicolaus from $220.00 to $200.00 in a report issued on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also weighed in on SNOW. Evercore ISI cut their target price on shares of Snowflake from $250.00 to $225.00 and set an outperform rating on the stock in a research note on Thursday, February 29th. Citigroup decreased their price objective on shares of Snowflake from $290.00 to $240.00 and set a buy rating for the company in a research report on Monday, March 4th. KeyCorp boosted their target price on shares of Snowflake from $185.00 to $200.00 and gave the stock an overweight rating in a research note on Thursday. Bank of America cut their price target 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, Oppenheimer lowered their price objective on Snowflake from $240.00 to $220.00 and set an outperform rating for the company in a research report on Thursday, February 29th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $200.64.

Snowflake Trading Up 1.0 %

Shares of NYSE:SNOW opened at $156.16 on Thursday. 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 has a 12-month low of $138.40 and a 12-month high of $237.72. The business has a 50-day moving average price of $157.03 and a 200 day moving average price of $180.46.

Snowflake (NYSE:SNOW) last announced 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. The company had revenue of $774.70 million for the quarter, compared to analyst estimates of $759.86 million. Snowflake had a negative return on equity of 15.54% and a negative net margin of 30.80%. As a group, equities research analysts predict that Snowflake will post -1.83 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In other Snowflake news, CEO Sridhar Ramaswamy purchased 31,542 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was bought at an average cost of $158.52 per share, with a total value of $5,000,037.84. Following the purchase, the chief executive officer now directly owns 31,542 shares of the company’s stock, valued at $5,000,037.84. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Benoit Dageville sold 689 shares of the company’s stock in a transaction on Monday, March 11th. The stock was 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 in the company, valued at approximately $11,406,744.30. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Sridhar Ramaswamy purchased 31,542 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was bought at an average cost of $158.52 per share, with a total value of $5,000,037.84. Following the purchase, 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. Insiders have sold 62,380 shares of company stock valued at $9,803,625 in the last 90 days. 8.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of 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 buying an additional 297,428 shares in the last quarter. Jennison Associates LLC increased its holdings in Snowflake by 3.7% in the 1st quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock worth $1,132,568,000 after purchasing an additional 249,249 shares in the last quarter. FMR LLC increased its holdings in Snowflake by 32.1% in the 3rd quarter. FMR LLC now owns 6,154,085 shares of the company’s stock worth $940,160,000 after purchasing an additional 1,496,235 shares in the last quarter. Sands Capital Management LLC raised its position in Snowflake by 12.6% in the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after purchasing an additional 610,970 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Snowflake during the fourth quarter valued at about $838,455,000. 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.