Canaccord Genuity Group Cuts Snowflake (NYSE:SNOW) Price Target to $190.00

Snowflake (NYSE:SNOW) had its target price reduced by equities research analysts at Canaccord Genuity Group from $215.00 to $190.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 60.55% from the company’s current price.

Several other research firms also recently issued reports on SNOW. Robert W. Baird dropped their price target on shares of Snowflake from $200.00 to $165.00 and set an “outperform” rating on the stock in a research note on Tuesday. Macquarie reduced their price objective on shares of Snowflake from $205.00 to $200.00 and set an “outperform” rating on the stock in a research note on Friday, May 24th. Evercore ISI dropped their target price on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating for the company in a research report on Monday. Bank of America lowered their price objective on Snowflake from $200.00 to $160.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Finally, TD Cowen decreased their target price on Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a research report on Monday. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $182.76.

Snowflake Trading Down 12.4 %

Shares of SNOW traded down $16.72 during mid-day trading on Thursday, reaching $118.34. The company had a trading volume of 14,284,375 shares, compared to its average volume of 6,450,451. Snowflake has a fifty-two week low of $107.93 and a fifty-two week high of $237.72. The firm has a fifty day simple moving average of $130.18 and a 200-day simple moving average of $155.59. The stock has a market cap of $39.62 billion, a price-to-earnings ratio of -42.26 and a beta of 0.85.

Snowflake (NYSE:SNOW) last issued its 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). Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. The firm had revenue of $828.71 million for the quarter, compared to analysts’ expectations of $786.95 million. As a group, equities analysts predict that Snowflake will post -2.31 EPS for the current fiscal year.

Insider Buying and Selling at Snowflake

In related news, EVP Grzegorz Czajkowski sold 469,120 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $123.09, for a total value of $57,743,980.80. Following the completion of the sale, the executive vice president now owns 494,942 shares of the company’s stock, valued at $60,922,410.78. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 shares were sold at an average price of $158.36, for a total transaction of $1,029,340.00. Following the completion of the sale, the chief accounting officer now directly owns 36,076 shares of the company’s stock, valued at $5,712,995.36. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Grzegorz Czajkowski sold 469,120 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $123.09, for a total transaction of $57,743,980.80. Following the completion of the transaction, the executive vice president now directly owns 494,942 shares in the company, valued at $60,922,410.78. The disclosure for this sale can be found here. In the last 90 days, insiders sold 534,178 shares of company stock worth $66,520,575. 7.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Snowflake

Several institutional investors and hedge funds have recently made changes to their positions in SNOW. Accent Capital Management LLC acquired a new stake in shares of Snowflake during the fourth quarter worth $25,000. LRI Investments LLC boosted its holdings in Snowflake by 155.6% during the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after buying an additional 112 shares during the last quarter. Wellington Shields Capital Management LLC bought a new position in Snowflake during the second quarter worth about $27,000. Riverview Trust Co acquired a new position in shares of Snowflake during the 1st quarter worth about $31,000. Finally, Hartford Financial Management Inc. bought a new stake in shares of Snowflake in the 1st quarter valued at about $32,000. 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.