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

Snowflake (NYSE:SNOW) had its target price reduced by Citigroup from $200.00 to $183.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts have also issued reports on SNOW. Needham & Company LLC decreased their target price on Snowflake from $210.00 to $160.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. StockNews.com raised shares of Snowflake from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $175.00 price target on shares of Snowflake in a research note on Thursday, August 22nd. Canaccord Genuity Group cut their price objective on Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $165.00 price target on shares of Snowflake in a research note on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and an average target price of $171.59.

Snowflake Stock Performance

SNOW stock opened at $129.12 on Monday. The firm’s fifty day moving average is $117.82 and its 200 day moving average is $127.89. The firm has a market cap of $43.28 billion, a PE ratio of -42.20 and a beta of 0.83. Snowflake has a one year low of $107.13 and a one year high of $237.72.

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

Insider Transactions at Snowflake

In other news, insider Benoit Dageville sold 287 shares of Snowflake stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $111.41, for a total value of $31,974.67. Following the completion of the transaction, the insider now owns 53,250 shares in the company, valued at approximately $5,932,582.50. The trade was a 0.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Christian Kleinerman sold 558 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $61,357.68. Following the completion of the transaction, the executive vice president now directly owns 759,473 shares in the company, valued at approximately $83,511,651.08. This represents a 0.07 % 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 over the last three months. 7.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SNOW. LRI Investments LLC raised its stake in shares of 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. Groupama Asset Managment bought a new stake in shares of Snowflake in the 3rd quarter valued at about $25,000. Wellington Shields Capital Management LLC bought a new position in Snowflake during the 2nd quarter worth approximately $27,000. V Square Quantitative Management LLC acquired a new position in Snowflake during the third quarter valued at approximately $30,000. Finally, Fortitude Family Office LLC bought a new stake in Snowflake in the third quarter valued at approximately $34,000. Institutional investors and hedge funds 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.