Snowflake (NYSE:SNOW) Price Target Lowered to $200.00 at Citigroup

Snowflake (NYSE:SNOW) had its price target cut by equities research analysts at Citigroup from $236.00 to $200.00 in a report released on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price suggests a potential upside of 51.52% from the company’s current price.

A number of other analysts have also weighed in on the stock. Wells Fargo & Company lowered shares of Snowflake from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $200.00 to $130.00 in a research report on Thursday, August 15th. Barclays cut their price target on shares of Snowflake from $191.00 to $146.00 and set an “equal weight” rating on the stock in a report on Monday. Mizuho cut their price target on shares of Snowflake from $205.00 to $180.00 and set a “buy” rating on the stock in a report on Wednesday, June 5th. Needham & Company LLC reiterated a “buy” rating and set a $210.00 price target on shares of Snowflake in a report on Monday, July 8th. Finally, Bank of America cut their price target on shares of Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a report on Friday. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and an average price target of $188.21.

Snowflake Price Performance

NYSE:SNOW traded up $0.58 during mid-day trading on Tuesday, reaching $132.00. The stock had a trading volume of 1,936,362 shares, compared to its average volume of 6,337,601. Snowflake has a 12 month low of $107.93 and a 12 month high of $237.72. The stock has a market capitalization of $44.19 billion, a PE ratio of -47.15 and a beta of 0.85. The stock has a 50-day simple moving average of $130.01 and a two-hundred day simple moving average of $156.34.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $828.71 million during the quarter, compared to analyst estimates of $786.95 million. Equities analysts expect that Snowflake will post -2.31 EPS for the current year.

Insider Activity at Snowflake

In related news, insider Benoit Dageville sold 558 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 63,222 shares of the company’s stock, valued at approximately $8,112,014.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Benoit Dageville sold 558 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 63,222 shares of the company’s stock, valued at approximately $8,112,014.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the sale, the executive vice president now directly owns 718,773 shares in the company, valued at approximately $86,252,760. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 534,178 shares of company stock worth $66,520,575. 7.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

A number of institutional investors have recently made changes to their positions in SNOW. Norges Bank bought a new position in shares of Snowflake in the 4th quarter worth $838,455,000. Swedbank AB bought a new position in shares of Snowflake in the 1st quarter worth $258,957,000. Vanguard Group Inc. increased its holdings in shares of Snowflake by 8.0% in the 4th quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock worth $4,176,755,000 after buying an additional 1,559,830 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Snowflake in the 1st quarter valued at $171,608,000. Finally, Trivest Advisors Ltd purchased a new stake in shares of Snowflake in the 4th quarter valued at $173,747,000. Institutional investors 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.