Snowflake (NYSE:SNOW) Price Target Cut to $170.00

Snowflake (NYSE:SNOW) had its target price lowered by analysts at Evercore ISI from $225.00 to $170.00 in a report issued on Monday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Evercore ISI’s price target indicates a potential upside of 28.88% from the company’s previous close.

Several other equities analysts have also recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $210.00 price objective on shares of Snowflake in a report on Monday, July 8th. Macquarie lowered their price objective on Snowflake from $205.00 to $200.00 and set an “outperform” rating on the stock in a report on Friday, May 24th. Sanford C. Bernstein increased their target price on shares of Snowflake from $171.00 to $185.00 and gave the company a “market perform” rating in a research report on Thursday, May 23rd. The Goldman Sachs Group reissued a “buy” rating and set a $220.00 price objective on shares of Snowflake in a research note on Monday, July 1st. Finally, UBS Group dropped their price target on shares of Snowflake from $171.00 to $155.00 and set a “neutral” rating for the company in a research note on Monday. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $188.21.

Snowflake Stock Up 0.4 %

Shares of NYSE:SNOW opened at $131.91 on Monday. The stock has a market cap of $44.16 billion, a P/E ratio of -47.11 and a beta of 0.85. Snowflake has a 52-week low of $107.93 and a 52-week high of $237.72. The business’s 50 day moving average is $130.08 and its 200 day moving average is $155.73.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.40). The firm had revenue of $828.71 million during the quarter, compared to analysts’ expectations of $786.95 million. Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. On average, sell-side analysts anticipate that Snowflake will post -2.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Emily Ho sold 6,500 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $158.36, for a total value of $1,029,340.00. Following the completion of the sale, the chief accounting officer now directly owns 36,076 shares of the company’s stock, valued at approximately $5,712,995.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Emily Ho sold 6,500 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $158.36, for a total transaction of $1,029,340.00. Following the transaction, the chief accounting officer now directly owns 36,076 shares in the company, valued at $5,712,995.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Benoit Dageville sold 558 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $128.31, for a total transaction of $71,596.98. Following the completion of the sale, the insider now owns 63,222 shares of the company’s stock, valued at approximately $8,112,014.82. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 534,178 shares of company stock valued at $66,520,575. 7.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Snowflake

Several institutional investors have recently added to or reduced their stakes in the stock. Comerica Bank lifted its position in Snowflake by 17.2% during the 1st quarter. Comerica Bank now owns 29,267 shares of the company’s stock worth $4,729,000 after acquiring an additional 4,296 shares during the period. Choreo LLC raised its stake in shares of Snowflake by 18.6% during the first quarter. Choreo LLC now owns 8,267 shares of the company’s stock worth $1,336,000 after purchasing an additional 1,294 shares during the last quarter. Trexquant Investment LP lifted its holdings in shares of Snowflake by 266.3% during the fourth quarter. Trexquant Investment LP now owns 10,499 shares of the company’s stock worth $2,089,000 after purchasing an additional 7,633 shares during the period. Ridgewood Investments LLC purchased a new position in Snowflake in the 1st quarter valued at $244,000. Finally, Cetera Investment Advisers increased its stake in Snowflake by 201.5% in the 1st quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock valued at $10,292,000 after buying an additional 42,563 shares during the period. 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.