Snowflake (NYSE:SNOW) Price Target Cut to $183.00 by Analysts at Citigroup

Snowflake (NYSE:SNOW) had its price target decreased by Citigroup from $200.00 to $183.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective points to a potential upside of 40.49% from the company’s current price.

A number of other equities analysts have also weighed in on SNOW. Morgan Stanley restated an “equal weight” rating and issued a $175.00 target price on shares of Snowflake in a research note on Thursday, August 22nd. Loop Capital lowered their target price on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating on the stock in a research note on Wednesday, August 21st. Jefferies Financial Group cut their price target on shares of Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Stifel Nicolaus lowered their price objective on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a research report on Monday, August 19th. Finally, TD Cowen cut their target price on shares of Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a research report on Monday, August 19th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and an average price target of $171.59.

Snowflake Trading Up 2.2 %

SNOW stock opened at $130.26 on Monday. The firm has a 50 day moving average of $117.48 and a 200-day moving average of $127.89. The firm has a market capitalization of $43.66 billion, a P/E ratio of -42.57 and a beta of 0.83. Snowflake has a 12 month low of $107.13 and a 12 month high of $237.72.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.16 by $0.02. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The firm had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. During the same period last year, the firm earned ($0.52) EPS. The business’s quarterly revenue was up 28.9% compared to the same quarter last year. Sell-side analysts predict that Snowflake will post -2.41 EPS for the current year.

Insider Transactions at Snowflake

In other news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $120.77, for a total value of $1,811,550.00. Following the completion of the transaction, the executive vice president now owns 706,755 shares of the company’s stock, valued at approximately $85,354,801.35. This represents a 2.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the sale, the director now owns 218,246 shares in the company, valued at $23,998,330.16. This represents a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,538 shares of company stock valued at $7,061,544. Company insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Ontario Teachers Pension Plan Board grew its holdings in Snowflake by 19,399.2% in the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock worth $295,459,000 after purchasing an additional 2,559,144 shares during the period. Swedbank AB purchased a new stake in shares of Snowflake in the 1st quarter worth approximately $258,957,000. Two Sigma Advisers LP increased its position in Snowflake by 27.9% during the 3rd quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock valued at $464,402,000 after buying an additional 881,700 shares in the last quarter. AQR Capital Management LLC raised its stake in Snowflake by 210.0% during the second quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock valued at $131,656,000 after buying an additional 660,168 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of Snowflake by 471.9% in the third quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock worth $87,489,000 after acquiring an additional 628,511 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors.

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.