Snowflake (NYSE:SNOW) Price Target Lowered to $195.00 at Scotiabank

Snowflake (NYSE:SNOW) had its price objective cut by Scotiabank from $207.00 to $195.00 in a report released on Thursday morning, Benzinga reports. They currently have a sector outperform rating on the stock.

SNOW has been the subject of a number of other research reports. JPMorgan Chase & Co. upped their price target on Snowflake from $170.00 to $185.00 and gave the stock an overweight rating in a report on Thursday. Canaccord Genuity Group reaffirmed a buy rating and issued a $230.00 price target on shares of Snowflake in a report on Thursday, February 29th. Monness Crespi & Hardt raised Snowflake from a sell rating to a neutral rating in a report on Monday, March 18th. Piper Sandler reaffirmed an overweight rating and issued a $240.00 price target on shares of Snowflake in a report on Thursday. Finally, UBS Group upped their price target on Snowflake from $185.00 to $190.00 and gave the stock a neutral rating in a report on Thursday. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $200.64.

Snowflake Stock Up 1.0 %

Shares of SNOW stock opened at $156.16 on Thursday. The stock has a market cap of $52.19 billion, a PE ratio of -55.77 and a beta of 0.90. The business has a 50-day simple moving average of $157.03 and a 200-day simple moving average of $180.46. Snowflake has a 52-week low of $138.40 and a 52-week high of $237.72.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.49) by $0.05. The business had revenue of $774.70 million during the quarter, compared to analysts’ expectations of $759.86 million. Snowflake had a negative return on equity of 15.54% and a negative net margin of 30.80%. Sell-side analysts anticipate that Snowflake will post -1.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Emily Ho sold 1,500 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $156.98, for a total value of $235,470.00. Following the completion of the transaction, the chief accounting officer now directly owns 28,393 shares in the company, valued at $4,457,133.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Frank Slootman sold 1,311 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $161.51, for a total value of $211,739.61. Following the sale, the chief executive officer now directly owns 271,342 shares in the company, valued at $43,824,446.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Emily Ho sold 1,500 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $156.98, for a total value of $235,470.00. Following the completion of the sale, the chief accounting officer now owns 28,393 shares in the company, valued at $4,457,133.14. The disclosure for this sale can be found here. Over the last three months, insiders sold 62,380 shares of company stock worth $9,803,625. Company insiders own 8.30% of the company’s stock.

Institutional Trading of Snowflake

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Snowflake by 1.4% in the first quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock valued at $3,439,842,000 after acquiring an additional 297,428 shares in the last quarter. Jennison Associates LLC raised its stake in Snowflake by 3.7% in the first quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock valued at $1,132,568,000 after buying an additional 249,249 shares in the last quarter. FMR LLC raised its stake in Snowflake by 32.1% in the third quarter. FMR LLC now owns 6,154,085 shares of the company’s stock valued at $940,160,000 after buying an additional 1,496,235 shares in the last quarter. Sands Capital Management LLC raised its stake in Snowflake by 12.6% in the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after buying an additional 610,970 shares in the last quarter. Finally, Norges Bank acquired a new stake in Snowflake in the fourth quarter valued at $838,455,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.