Wells Fargo & Company Has Lowered Expectations for Snowflake (NYSE:SNOW) Stock Price

Snowflake (NYSE:SNOW) had its price objective dropped by research analysts at Wells Fargo & Company from $215.00 to $200.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 35.69% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. BTIG Research upgraded shares of Snowflake from a “neutral” rating to a “buy” rating and set a $220.00 price objective for the company in a report on Thursday, February 20th. DA Davidson decreased their price target on shares of Snowflake from $225.00 to $200.00 and set a “buy” rating for the company in a report on Monday, April 14th. Mizuho upped their price objective on shares of Snowflake from $195.00 to $205.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Evercore ISI lifted their target price on Snowflake from $190.00 to $200.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, Truist Financial lowered their price target on Snowflake from $225.00 to $210.00 and set a “buy” rating for the company in a report on Monday, March 31st. Ten research analysts have rated the stock with a hold rating, thirty have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $200.27.

Snowflake Price Performance

Shares of SNOW opened at $147.40 on Tuesday. The stock has a market cap of $48.66 billion, a P/E ratio of -43.48 and a beta of 1.13. Snowflake has a 1 year low of $107.13 and a 1 year high of $194.40. The stock’s 50-day moving average price is $156.19 and its two-hundred day moving average price is $154.97. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77.

Insider Activity

In related news, CFO Michael Scarpelli sold 300,000 shares of Snowflake stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the completion of the sale, the chief financial officer now owns 292,610 shares of the company’s stock, valued at approximately $47,756,878.10. The trade was a 50.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CRO Christopher William Degnan sold 12,782 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $181.87, for a total transaction of $2,324,662.34. Following the completion of the transaction, the executive now owns 308,164 shares in the company, valued at approximately $56,045,786.68. This trade represents a 3.98 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 364,342 shares of company stock valued at $59,978,513. 7.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Snowflake

A number of institutional investors have recently made changes to their positions in SNOW. Jennison Associates LLC lifted its holdings in Snowflake by 92.2% during the 4th quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock worth $1,179,230,000 after purchasing an additional 3,662,671 shares during the last quarter. Norges Bank acquired a new stake in shares of Snowflake during the fourth quarter worth $988,950,000. FMR LLC boosted its position in shares of Snowflake by 84.9% in the fourth quarter. FMR LLC now owns 6,108,123 shares of the company’s stock valued at $943,155,000 after acquiring an additional 2,805,425 shares during the period. GQG Partners LLC acquired a new position in shares of Snowflake in the fourth quarter valued at about $750,572,000. Finally, Geode Capital Management LLC increased its position in Snowflake by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 4,167,460 shares of the company’s stock worth $642,742,000 after acquiring an additional 15,314 shares during the period. Institutional investors own 65.10% of the company’s stock.

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.