Snowflake Inc. (NYSE:SNOW – Get Free Report) was down 11.9% during mid-day trading on Thursday after Canaccord Genuity Group lowered their price target on the stock from $215.00 to $190.00. Canaccord Genuity Group currently has a buy rating on the stock. Snowflake traded as low as $117.77 and last traded at $118.94. Approximately 15,640,722 shares were traded during mid-day trading, an increase of 142% from the average daily volume of 6,475,882 shares. The stock had previously closed at $135.06.
Other equities research analysts have also issued research reports about the company. Wells Fargo & Company lowered Snowflake from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $200.00 to $130.00 in a research report on Thursday, August 15th. JMP Securities dropped their price target on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating on the stock in a research report on Thursday. Piper Sandler reiterated an “overweight” rating and set a $165.00 price objective on shares of Snowflake in a research report on Thursday. TD Cowen lowered their target price on shares of Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a research note on Monday. Finally, Needham & Company LLC decreased their price target on Snowflake from $210.00 to $160.00 and set a “buy” rating for the company in a report on Thursday. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and an average price target of $182.76.
Read Our Latest Report on SNOW
Insider Activity
Institutional Trading of Snowflake
Several hedge funds have recently added to or reduced their stakes in SNOW. Accent Capital Management LLC purchased a new position in shares of Snowflake during the 4th quarter valued at $25,000. LRI Investments LLC boosted its position in Snowflake by 155.6% during the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after purchasing an additional 112 shares during the period. Wellington Shields Capital Management LLC purchased a new position in shares of Snowflake in the second quarter worth about $27,000. Riverview Trust Co bought a new stake in shares of Snowflake in the first quarter valued at approximately $31,000. Finally, Hartford Financial Management Inc. purchased a new position in Snowflake in the 1st quarter valued at approximately $32,000. Institutional investors own 65.10% of the company’s stock.
Snowflake Stock Down 11.9 %
The business’s 50-day moving average price is $130.18 and its 200 day moving average price is $155.59. The company has a market capitalization of $39.82 billion, a P/E ratio of -42.48 and a beta of 0.85.
Snowflake (NYSE:SNOW – Get Free Report) last announced its quarterly earnings results on Wednesday, May 22nd. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.40). Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. The firm had revenue of $828.71 million during the quarter, compared to the consensus estimate of $786.95 million. Analysts anticipate that Snowflake Inc. will post -2.31 EPS for the current fiscal year.
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.
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