Macquarie Cuts Snowflake (NYSE:SNOW) Price Target to $200.00

Snowflake (NYSE:SNOW) had its target price cut by Macquarie from $205.00 to $200.00 in a research report released on Friday morning, Benzinga reports. They currently have an outperform rating on the stock.

Several other brokerages have also recently commented on SNOW. Oppenheimer reiterated an outperform rating and issued a $220.00 price target on shares of Snowflake in a research note on Thursday. Morgan Stanley reissued an equal weight rating and issued a $175.00 price objective (down from $230.00) on shares of Snowflake in a research report on Thursday, February 29th. Mizuho reissued a buy rating and issued a $205.00 price objective (down from $255.00) on shares of Snowflake in a research report on Thursday, February 29th. JPMorgan Chase & Co. increased their price objective on shares of Snowflake from $170.00 to $185.00 and gave the stock an overweight rating in a research report on Thursday. Finally, Raymond James increased their price objective on shares of Snowflake from $190.00 to $223.00 and gave the stock an outperform rating in a research report on Friday, February 2nd. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $200.64.

Snowflake Price Performance

Shares of SNOW stock opened at $156.16 on Friday. Snowflake has a 1 year low of $138.40 and a 1 year high of $237.72. The firm has a fifty day moving average price of $157.03 and a 200-day moving average price of $180.46. The company has a market cap of $52.19 billion, a price-to-earnings ratio of -55.77 and a beta of 0.90.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.05. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.54%. The firm had revenue of $774.70 million during the quarter, compared to the consensus estimate of $759.86 million. Equities research analysts expect that Snowflake will post -1.83 EPS for the current year.

Insiders Place Their Bets

In other Snowflake news, EVP Christian Kleinerman sold 1,500 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now owns 772,597 shares of the company’s stock, valued at $124,504,006.55. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Snowflake news, EVP Christian Kleinerman sold 1,500 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now owns 772,597 shares of the company’s stock, valued at $124,504,006.55. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Sridhar Ramaswamy purchased 31,542 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was bought at an average cost of $158.52 per share, with a total value of $5,000,037.84. Following the acquisition, the chief executive officer now owns 31,542 shares of the company’s stock, valued at approximately $5,000,037.84. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 62,380 shares of company stock valued at $9,803,625. Insiders own 8.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SNOW. Accent Capital Management LLC purchased a new position in shares of Snowflake during the fourth quarter worth $25,000. LRI Investments LLC purchased a new position in shares of Snowflake during the first quarter worth $29,000. Provence Wealth Management Group purchased a new position in shares of Snowflake during the third quarter worth $30,000. Global Wealth Management Investment Advisory Inc. grew its position in Snowflake by 89.0% during the third quarter. Global Wealth Management Investment Advisory Inc. now owns 206 shares of the company’s stock valued at $31,000 after buying an additional 97 shares during the period. Finally, Riverview Trust Co acquired a new stake in Snowflake during the first quarter valued at $31,000. Hedge funds and other 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.