Scotiabank Cuts Snowflake (NYSE:SNOW) Price Target to $195.00

Snowflake (NYSE:SNOWFree Report) had its price objective cut by Scotiabank from $207.00 to $195.00 in a report released on Thursday morning, Benzinga reports. They currently have a sector outperform rating on the stock.

A number of other equities analysts have also recently commented on SNOW. Morgan Stanley reaffirmed an equal weight rating and issued a $175.00 target price (down from $230.00) on shares of Snowflake in a report on Thursday, February 29th. StockNews.com raised shares of Snowflake from a sell rating to a hold rating in a report on Thursday, May 16th. Stifel Nicolaus cut their target price on shares of Snowflake from $220.00 to $200.00 and set a buy rating on the stock in a report on Thursday. UBS Group lifted their target price on shares of Snowflake from $185.00 to $190.00 and gave the company a neutral rating in a report on Thursday. Finally, Barclays boosted their price objective on shares of Snowflake from $188.00 to $191.00 and gave the company an equal weight rating in a research note on Thursday. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $200.64.

View Our Latest Report on SNOW

Snowflake Trading Up 1.0 %

Shares of NYSE:SNOW opened at $156.16 on Thursday. The company has a market capitalization of $52.19 billion, a PE ratio of -55.77 and a beta of 0.90. Snowflake has a twelve month low of $138.40 and a twelve month high of $237.72. The firm has a 50 day simple moving average of $157.03 and a 200-day simple moving average of $180.31.

Snowflake (NYSE:SNOWGet Free Report) last issued its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, topping the consensus estimate of ($0.49) by $0.05. The business had revenue of $774.70 million during the quarter, compared to the consensus estimate of $759.86 million. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.54%. As a group, equities research analysts predict that Snowflake will post -1.83 EPS for the current fiscal year.

Insider Buying and Selling

In other Snowflake news, CEO Sridhar Ramaswamy acquired 31,542 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were acquired at an average cost of $158.52 per share, for a total transaction of $5,000,037.84. Following the transaction, the chief executive officer now directly owns 31,542 shares of the company’s stock, valued at $5,000,037.84. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Sridhar Ramaswamy bought 31,542 shares of Snowflake stock in a transaction on Monday, March 25th. The shares were bought at an average cost of $158.52 per share, for a total transaction of $5,000,037.84. Following the acquisition, the chief executive officer now owns 31,542 shares in the company, valued at $5,000,037.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark D. Mclaughlin bought 3,030 shares of Snowflake stock in a transaction on Wednesday, March 6th. The stock was purchased at an average price of $165.45 per share, for a total transaction of $501,313.50. Following the completion of the acquisition, the director now owns 11,687 shares in the company, valued at approximately $1,933,614.15. The disclosure for this purchase can be found here. Insiders have sold 62,380 shares of company stock worth $9,803,625 in the last three months. Corporate insiders own 8.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Accent Capital Management LLC acquired a new position in shares of Snowflake during the 4th quarter valued at about $25,000. LRI Investments LLC acquired a new position in shares of Snowflake during the 1st quarter valued at about $29,000. Provence Wealth Management Group acquired a new position in shares of Snowflake during the 3rd quarter valued at about $30,000. Global Wealth Management Investment Advisory Inc. increased its stake in shares of Snowflake by 89.0% during the 3rd quarter. Global Wealth Management Investment Advisory Inc. now owns 206 shares of the company’s stock valued at $31,000 after acquiring an additional 97 shares during the last quarter. Finally, Riverview Trust Co acquired a new position in shares of Snowflake during the 1st quarter valued at about $31,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

About Snowflake

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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.

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Analyst Recommendations for Snowflake (NYSE:SNOW)

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