Snowflake (NYSE:SNOW) Given New $190.00 Price Target at Canaccord Genuity Group

Snowflake (NYSE:SNOW) had its target price cut by Canaccord Genuity Group from $215.00 to $190.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also recently commented on SNOW. Robert W. Baird lowered their price target on Snowflake from $200.00 to $165.00 and set an outperform rating for the company in a research report on Tuesday. Mizuho dropped their target price on Snowflake from $205.00 to $180.00 and set a buy rating on the stock in a research report on Wednesday, June 5th. Stifel Nicolaus decreased their price objective on shares of Snowflake from $200.00 to $168.00 and set a buy rating for the company in a research note on Monday. Needham & Company LLC cut their price objective on shares of Snowflake from $210.00 to $160.00 and set a buy rating on the stock in a research note on Thursday. Finally, Barclays lowered 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. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $178.69.

Snowflake Stock Performance

Shares of NYSE SNOW opened at $115.21 on Thursday. Snowflake has a fifty-two week low of $107.93 and a fifty-two week high of $237.72. The company has a market cap of $38.57 billion, a PE ratio of -41.14 and a beta of 0.85. The business has a 50-day simple moving average of $129.96 and a two-hundred day simple moving average of $155.31.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. The company had revenue of $868.80 million during the quarter, compared to analysts’ expectations of $851.72 million. During the same period last year, the business earned ($0.52) EPS. Snowflake’s revenue for the quarter was up 28.9% on a year-over-year basis. On average, sell-side analysts predict that Snowflake will post -2.31 earnings per share for the current fiscal year.

Insider Activity at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction 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 transaction, the executive vice president now directly owns 718,773 shares in the company, valued at $86,252,760. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction dated 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 transaction, the executive vice president now owns 718,773 shares of the company’s stock, valued at approximately $86,252,760. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Emily Ho sold 3,845 shares of the business’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $130.39, for a total transaction of $501,349.55. Following the sale, the chief accounting officer now owns 30,613 shares in the company, valued at $3,991,629.07. The disclosure for this sale can be found here. In the last quarter, insiders sold 527,678 shares of company stock worth $65,491,235. Insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Commerce Bank boosted its stake in shares of Snowflake by 0.8% in the 4th quarter. Commerce Bank now owns 6,138 shares of the company’s stock valued at $1,221,000 after buying an additional 51 shares during the period. Parkside Financial Bank & Trust raised its holdings in Snowflake by 34.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 202 shares of the company’s stock valued at $40,000 after acquiring an additional 52 shares in the last quarter. Park Avenue Securities LLC lifted its stake in Snowflake by 0.5% in the first quarter. Park Avenue Securities LLC now owns 13,484 shares of the company’s stock worth $2,179,000 after acquiring an additional 70 shares during the last quarter. Covestor Ltd grew its holdings in Snowflake by 25.0% during the 1st quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after acquiring an additional 70 shares in the last quarter. Finally, IAM Advisory LLC increased its position in shares of Snowflake by 2.0% in the 1st quarter. IAM Advisory LLC now owns 3,711 shares of the company’s stock valued at $600,000 after purchasing an additional 74 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

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.