Mizuho Cuts Snowflake (NYSE:SNOW) Price Target to $220.00

Snowflake (NYSE:SNOW) had its target price decreased by analysts at Mizuho from $285.00 to $220.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s target price points to a potential upside of 20.64% from the company’s previous close.

Other analysts also recently issued reports about the company. Evercore increased their target price on Snowflake from $280.00 to $300.00 and gave the company an “outperform” rating in a research note on Thursday, December 4th. Zacks Research cut Snowflake from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. Wells Fargo & Company lifted their price objective on Snowflake from $275.00 to $290.00 and gave the stock an “overweight” rating in a report on Thursday, December 4th. Wedbush restated an “outperform” rating and set a $270.00 target price on shares of Snowflake in a research note on Thursday, December 4th. Finally, BTIG Research reissued a “buy” rating and set a $312.00 price objective on shares of Snowflake in a report on Thursday, December 4th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $272.97.

Snowflake Stock Performance

Shares of Snowflake stock opened at $182.37 on Tuesday. Snowflake has a 1 year low of $120.10 and a 1 year high of $280.67. The firm’s 50-day moving average is $207.74 and its 200 day moving average is $224.91. The stock has a market cap of $62.41 billion, a price-to-earnings ratio of -45.14 and a beta of 1.14. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.37 and a quick ratio of 1.37.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.04. Snowflake had a negative net margin of 30.76% and a negative return on equity of 45.91%. The business had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the previous year, the company earned $0.20 earnings per share. The business’s revenue for the quarter was up 28.7% compared to the same quarter last year. Sell-side analysts anticipate that Snowflake will post -2.36 EPS for the current fiscal year.

Insider Buying and Selling at Snowflake

In related news, SVP Vivek Raghunathan sold 11,801 shares of Snowflake stock in a transaction on Wednesday, December 31st. The stock was sold at an average price of $220.44, for a total transaction of $2,601,412.44. Following the transaction, the senior vice president directly owned 218,020 shares in the company, valued at approximately $48,060,328.80. The trade was a 5.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the company’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $249.53, for a total value of $2,495,300.00. Following the completion of the sale, the executive vice president owned 512,450 shares of the company’s stock, valued at approximately $127,871,648.50. The trade was a 1.91% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 613,681 shares of company stock worth $130,573,518. 6.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Melqart Asset Management UK Ltd raised its position in shares of Snowflake by 176.5% during the 4th quarter. Melqart Asset Management UK Ltd now owns 144,695 shares of the company’s stock valued at $31,740,000 after purchasing an additional 92,363 shares during the period. Blair William & Co. IL lifted its position in shares of Snowflake by 25.4% in the fourth quarter. Blair William & Co. IL now owns 35,417 shares of the company’s stock valued at $7,769,000 after acquiring an additional 7,168 shares in the last quarter. Graham Capital Management L.P. boosted its stake in shares of Snowflake by 54.6% in the fourth quarter. Graham Capital Management L.P. now owns 1,988 shares of the company’s stock worth $436,000 after acquiring an additional 702 shares during the period. Howe & Rusling Inc. bought a new position in shares of Snowflake in the fourth quarter worth about $215,000. Finally, Militia Capital Partners LP purchased a new stake in shares of Snowflake during the fourth quarter worth about $724,000. 65.10% of the stock is currently owned by institutional investors.

Snowflake Company Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.