UBS Group Cuts Snowflake (NYSE:SNOW) Price Target to $155.00

Snowflake (NYSE:SNOW) had its price objective reduced by UBS Group from $171.00 to $155.00 in a research note released on Monday morning, Benzinga reports. UBS Group currently has a neutral rating on the stock.

Other research analysts have also issued research reports about the stock. Scotiabank lowered their price objective on shares of Snowflake from $207.00 to $195.00 and set a sector outperform rating for the company in a research note on Thursday, May 23rd. Royal Bank of Canada lowered their price objective on shares of Snowflake from $226.00 to $183.00 and set an outperform rating for the company in a research note on Wednesday, June 5th. JMP Securities reissued a market outperform rating and issued a $235.00 price objective on shares of Snowflake in a research note on Tuesday, June 4th. Bank of America decreased their price target on shares of Snowflake from $200.00 to $160.00 and set a neutral rating for the company in a research note on Friday, August 16th. Finally, BNP Paribas upgraded shares of Snowflake from a neutral rating to an outperform rating and set a $200.00 price target for the company in a research note on Thursday, May 2nd. 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 company. Based on data from MarketBeat.com, Snowflake currently has a consensus rating of Moderate Buy and a consensus target price of $187.03.

Snowflake Price Performance

Shares of SNOW opened at $135.01 on Monday. The firm has a 50-day simple moving average of $130.18 and a two-hundred day simple moving average of $155.59. Snowflake has a 1-year low of $107.93 and a 1-year high of $237.72. The stock has a market cap of $45.20 billion, a PE ratio of -48.22 and a beta of 0.85.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data 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 business had revenue of $828.71 million during the quarter, compared to analysts’ expectations of $786.95 million. As a group, sell-side analysts expect that Snowflake will post -2.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Benoit Dageville sold 558 shares of the 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 in the company, valued at approximately $8,112,014.82. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Benoit Dageville sold 558 shares of the 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 in the company, valued at approximately $8,112,014.82. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $137.14, for a total transaction of $2,057,100.00. Following the completion of the sale, the executive vice president now owns 757,597 shares of the company’s stock, valued at approximately $103,896,852.58. The disclosure for this sale can be found here. Insiders sold a total of 534,178 shares of company stock worth $66,520,575 in the last 90 days. Company insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Several hedge funds have recently made changes to their positions in the company. EP Wealth Advisors LLC acquired a new stake in shares of Snowflake in the 2nd quarter worth $201,000. Quarry LP lifted its stake in shares of Snowflake by 608.2% in the 2nd quarter. Quarry LP now owns 949 shares of the company’s stock worth $128,000 after acquiring an additional 815 shares during the period. Sunbelt Securities Inc. lifted its stake in shares of Snowflake by 46.7% in the 2nd quarter. Sunbelt Securities Inc. now owns 5,393 shares of the company’s stock worth $729,000 after acquiring an additional 1,716 shares during the period. NewEdge Advisors LLC lifted its stake in shares of Snowflake by 42.5% in the 2nd quarter. NewEdge Advisors LLC now owns 13,800 shares of the company’s stock worth $1,864,000 after acquiring an additional 4,116 shares during the period. Finally, Nemes Rush Group LLC lifted its stake in shares of Snowflake by 39.5% in the 2nd quarter. Nemes Rush Group LLC now owns 2,891 shares of the company’s stock worth $391,000 after acquiring an additional 818 shares during the period. Institutional investors and hedge funds 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.