Piper Sandler Trims Snowflake (NYSE:SNOW) Target Price to $165.00

Snowflake (NYSE:SNOW) had its price objective reduced by Piper Sandler from $240.00 to $165.00 in a research note released on Friday morning, Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms also recently commented on SNOW. Rosenblatt Securities reaffirmed a buy rating and issued a $195.00 price objective on shares of Snowflake in a report on Thursday, June 6th. Guggenheim raised shares of Snowflake from a sell rating to a neutral rating in a report on Friday, March 15th. Monness Crespi & Hardt raised shares of Snowflake from a sell rating to a neutral rating in a report on Monday, March 18th. Wells Fargo & Company reduced their price target on shares of Snowflake from $225.00 to $200.00 and set an overweight rating for the company in a report on Friday, June 21st. Finally, Sanford C. Bernstein boosted their price target on shares of Snowflake from $171.00 to $185.00 and gave the company a market perform rating in a report on Thursday, May 23rd. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $197.31.

Snowflake Trading Down 1.8 %

Shares of NYSE:SNOW opened at $135.75 on Friday. The company has a fifty day simple moving average of $142.81 and a 200 day simple moving average of $169.02. The firm has a market cap of $45.45 billion, a PE ratio of -48.48 and a beta of 0.85. Snowflake has a 12-month low of $122.60 and a 12-month high of $237.72.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). The company had revenue of $828.71 million during the quarter, compared to the consensus estimate of $786.95 million. Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. As a group, equities research analysts forecast that Snowflake will post -2.28 EPS for the current fiscal year.

Insider Buying and Selling at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 1,500 shares of Snowflake stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $161.15, for a total transaction of $241,725.00. Following the transaction, the executive vice president now owns 772,597 shares of the company’s stock, valued at approximately $124,504,006.55. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CAO Emily Ho sold 6,500 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $158.36, for a total value of $1,029,340.00. Following the completion of the sale, the chief accounting officer now owns 36,076 shares of the company’s stock, valued at approximately $5,712,995.36. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total value of $241,725.00. Following the completion of the sale, the executive vice president now directly owns 772,597 shares of the company’s stock, valued at approximately $124,504,006.55. The disclosure for this sale can be found here. Insiders have sold a total of 533,460 shares of company stock valued at $66,963,450 in the last 90 days. 7.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Snowflake

Several large investors have recently made changes to their positions in SNOW. Norges Bank bought a new stake in shares of Snowflake in the 4th quarter valued at approximately $838,455,000. Swedbank AB bought a new stake in Snowflake during the first quarter worth approximately $258,957,000. Vanguard Group Inc. boosted its position in Snowflake by 8.0% during the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock worth $4,176,755,000 after purchasing an additional 1,559,830 shares during the period. Vaughan Nelson Investment Management L.P. bought a new stake in Snowflake during the first quarter worth approximately $171,608,000. Finally, Trivest Advisors Ltd bought a new stake in Snowflake during the fourth quarter worth approximately $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.