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

Snowflake (NYSE:SNOW - Get Free Report) had its target price dropped by Citigroup from $200.00 to $183.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's price target points to a potential upside of 43.63% from the company's previous close.

Several other analysts also recently commented on SNOW. Scotiabank decreased their target price on shares of Snowflake from $195.00 to $165.00 and set a "sector outperform" rating for the company in a research report on Thursday, August 22nd. HSBC raised shares of Snowflake from a "reduce" rating to a "hold" rating and increased their target price for the stock from $119.00 to $121.00 in a research report on Friday, August 23rd. Needham & Company LLC reduced their price target on Snowflake from $210.00 to $160.00 and set a "buy" rating for the company in a research report on Thursday, August 22nd. Morgan Stanley reissued an "equal weight" rating and set a $175.00 price objective on shares of Snowflake in a report on Thursday, August 22nd. Finally, Monness Crespi & Hardt upgraded Snowflake from a "neutral" rating to a "buy" rating and set a $140.00 target price for the company in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $171.59.

Snowflake Stock Performance

Shares of NYSE SNOW traded up $1.45 during mid-day trading on Monday, reaching $127.41. The company had a trading volume of 4,584,687 shares, compared to its average volume of 6,467,765. Snowflake has a twelve month low of $107.13 and a twelve month high of $237.72. The stock's 50 day moving average is $117.08 and its 200-day moving average is $128.09. The stock has a market capitalization of $42.71 billion, a PE ratio of -41.64 and a beta of 0.83.

Snowflake (NYSE:SNOW - Get Free Report) last issued its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.02. The company had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The business's revenue was up 28.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.52) EPS. On average, sell-side analysts anticipate that Snowflake will post -2.41 EPS for the current year.

Insider Transactions at Snowflake

In other news, EVP Christian Kleinerman sold 30,000 shares of the stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $120.00, for a total transaction of $3,600,000.00. Following the sale, the executive vice president now directly owns 721,755 shares of the company's stock, valued at $86,610,600. This represents a 3.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Benoit Dageville sold 287 shares of the business's stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $111.41, for a total transaction of $31,974.67. Following the completion of the transaction, the insider now owns 53,250 shares of the company's stock, valued at $5,932,582.50. This trade represents a 0.54 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,538 shares of company stock valued at $7,061,544. Corporate insiders own 7.80% of the company's stock.

Institutional Investors Weigh In On Snowflake

Institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp lifted its stake in Snowflake by 0.8% in the third quarter. State Street Corp now owns 6,867,097 shares of the company's stock valued at $788,755,000 after buying an additional 54,909 shares during the period. Geode Capital Management LLC raised its position in shares of Snowflake by 3.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company's stock valued at $475,894,000 after acquiring an additional 138,663 shares during the period. Two Sigma Advisers LP boosted its stake in Snowflake by 27.9% during the 3rd quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company's stock worth $464,402,000 after acquiring an additional 881,700 shares during the last quarter. Ontario Teachers Pension Plan Board grew its holdings in Snowflake by 19,399.2% during the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company's stock valued at $295,459,000 after purchasing an additional 2,559,144 shares during the period. Finally, Legal & General Group Plc increased its stake in Snowflake by 11.5% in the second quarter. Legal & General Group Plc now owns 2,175,131 shares of the company's stock valued at $293,838,000 after purchasing an additional 223,936 shares in the last quarter. 65.10% of the stock is 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.