Barclays Lowers Snowflake (NYSE:SNOW) Price Target to $146.00

Snowflake (NYSE:SNOW) had its price target reduced by Barclays from $191.00 to $146.00 in a research report sent to investors on Monday morning, Benzinga reports. Barclays currently has an equal weight rating on the stock.

Other research analysts also recently issued research reports about the stock. BNP Paribas upgraded shares of Snowflake from a neutral rating to an outperform rating and set a $200.00 target price on the stock in a report on Thursday, May 2nd. Wells Fargo & Company downgraded shares of Snowflake from an overweight rating to an equal weight rating and dropped their target price for the stock from $200.00 to $130.00 in a report on Thursday, August 15th. Macquarie dropped their target price on shares of Snowflake from $205.00 to $200.00 and set an outperform rating on the stock in a report on Friday, May 24th. Bank of America dropped their price objective on shares of Snowflake from $200.00 to $160.00 and set a neutral rating on the stock in a report on Friday, August 16th. Finally, Stifel Nicolaus dropped their price objective on shares of Snowflake from $220.00 to $200.00 and set a buy rating on the stock in a report on Thursday, May 23rd. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $178.69.

Snowflake Stock Down 14.7 %

Shares of NYSE:SNOW opened at $115.21 on Monday. The firm has a fifty day moving average of $129.96 and a two-hundred day moving average of $155.31. The firm has a market capitalization of $38.57 billion, a P/E ratio of -41.14 and a beta of 0.85. Snowflake has a 12-month low of $107.93 and a 12-month high of $237.72.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The business had revenue of $868.80 million for the quarter, compared to the consensus estimate of $851.72 million. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. Snowflake’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.52) EPS. Equities research analysts expect that Snowflake will post -2.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $120.00, for a total value of $1,800,000.00. Following the sale, the executive vice president now directly owns 718,773 shares of the company’s stock, valued at $86,252,760. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Benoit Dageville sold 558 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $128.31, for a total value of $71,596.98. Following the sale, the insider now directly owns 63,222 shares of the company’s stock, valued at $8,112,014.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the transaction, the executive vice president now directly owns 718,773 shares in the company, valued at $86,252,760. The disclosure for this sale can be found here. Insiders sold 527,678 shares of company stock worth $65,491,235 over the last quarter. 7.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Accent Capital Management LLC bought a new stake in Snowflake in the fourth quarter valued at $25,000. LRI Investments LLC lifted its position in Snowflake by 155.6% during the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after buying an additional 112 shares during the period. Wellington Shields Capital Management LLC purchased a new position in Snowflake during the second quarter valued at $27,000. Riverview Trust Co purchased a new position in Snowflake during the first quarter valued at $31,000. Finally, Hartford Financial Management Inc. purchased a new position in Snowflake during the first quarter valued at $32,000. 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.