Citigroup Lowers Snowflake (NYSE:SNOW) Price Target to $183.00

Snowflake (NYSE:SNOW) had its price objective lowered by Citigroup from $200.00 to $183.00 in a research report report published on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms have also issued reports on SNOW. KeyCorp dropped their price target on shares of Snowflake from $168.00 to $150.00 and set an “overweight” rating on the stock in a research report on Monday, November 11th. Piper Sandler reaffirmed an “overweight” rating and set a $165.00 price target on shares of Snowflake in a research report on Thursday, August 22nd. Loop Capital dropped their price objective on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating on the stock in a research report on Wednesday, August 21st. StockNews.com raised shares of Snowflake from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Finally, Needham & Company LLC dropped their price objective on shares of Snowflake from $210.00 to $160.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and a consensus target price of $171.59.

Snowflake Stock Performance

Shares of SNOW opened at $127.41 on Monday. Snowflake has a 12 month low of $107.13 and a 12 month high of $237.72. The firm has a fifty day simple moving average of $117.08 and a 200 day simple moving average of $128.09.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The firm had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same period in the prior year, the firm posted ($0.52) earnings per share. The company’s quarterly revenue was up 28.9% compared to the same quarter last year. Equities research analysts anticipate that Snowflake will post -2.41 earnings per share for the current year.

Insider Activity at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the completion of the transaction, the executive vice president now owns 706,755 shares in the company, valued at approximately $85,354,801.35. This trade represents a 2.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $176,595.76. Following the completion of the sale, the director now owns 218,246 shares of the company’s stock, valued at $23,998,330.16. This represents a 0.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,538 shares of company stock worth $7,061,544 in the last quarter. 7.80% of the stock is owned by insiders.

Institutional Trading of Snowflake

Several hedge funds have recently modified their holdings of the stock. State Street Corp increased its stake in shares of Snowflake by 0.8% in the 3rd quarter. State Street Corp now owns 6,867,097 shares of the company’s stock valued at $788,755,000 after acquiring an additional 54,909 shares in the last quarter. Geode Capital Management LLC grew its position in Snowflake by 3.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock valued at $475,894,000 after purchasing an additional 138,663 shares during the period. Two Sigma Advisers LP grew its position in Snowflake by 27.9% in the 3rd quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock valued at $464,402,000 after purchasing an additional 881,700 shares during the period. Ontario Teachers Pension Plan Board grew its position in Snowflake by 19,399.2% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock valued at $295,459,000 after purchasing an additional 2,559,144 shares during the period. Finally, Legal & General Group Plc grew its position in Snowflake by 11.5% in the 2nd quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock valued at $293,838,000 after purchasing an additional 223,936 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.