Snowflake (NYSE:SNOW) Given New $170.00 Price Target at Evercore ISI

Snowflake (NYSE:SNOW) had its price target decreased by Evercore ISI from $225.00 to $170.00 in a report published on Monday morning, Benzinga reports. Evercore ISI currently has an outperform rating on the stock.

SNOW has been the subject of a number of other reports. Needham & Company LLC reaffirmed a buy rating and set a $210.00 price target on shares of Snowflake in a research note on Monday, July 8th. The Goldman Sachs Group restated a buy rating and set a $220.00 price objective on shares of Snowflake in a research report on Monday, July 1st. JPMorgan Chase & Co. boosted their target price on shares of Snowflake from $170.00 to $185.00 and gave the stock an overweight rating in a report on Thursday, May 23rd. BNP Paribas upgraded shares of Snowflake from a neutral rating to an outperform rating and set a $200.00 price target on the stock in a research report on Thursday, May 2nd. Finally, Piper Sandler dropped their price target on Snowflake from $240.00 to $165.00 and set an overweight rating on the stock in a report on Friday, July 12th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $190.41.

Snowflake Stock Up 2.7 %

SNOW stock opened at $131.44 on Monday. The company has a market capitalization of $44.01 billion, a P/E ratio of -46.94 and a beta of 0.85. The company has a 50-day simple moving average of $130.01 and a 200 day simple moving average of $156.34. Snowflake has a fifty-two week low of $107.93 and a fifty-two week 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 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 analyst estimates of $786.95 million. Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. Equities analysts anticipate that Snowflake will post -2.31 EPS for the current year.

Insider Activity at Snowflake

In other Snowflake news, EVP Grzegorz Czajkowski sold 469,120 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $123.09, for a total transaction of $57,743,980.80. Following the transaction, the executive vice president now directly owns 494,942 shares in the company, valued at $60,922,410.78. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, insider Benoit Dageville sold 558 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $128.31, for a total transaction of $71,596.98. Following the completion of the sale, the insider now directly owns 63,222 shares of the company’s stock, valued at approximately $8,112,014.82. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Grzegorz Czajkowski sold 469,120 shares of Snowflake stock in a transaction on Tuesday, June 25th. The stock was 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 owns 494,942 shares in the company, valued at approximately $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 valued at $66,520,575. Insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Hedge funds and other institutional investors have recently made changes to their positions in the business. Comerica Bank grew its holdings in Snowflake by 17.2% in the 1st quarter. Comerica Bank now owns 29,267 shares of the company’s stock valued at $4,729,000 after buying an additional 4,296 shares during the last quarter. Choreo LLC grew its stake in shares of Snowflake by 18.6% in the first quarter. Choreo LLC now owns 8,267 shares of the company’s stock worth $1,336,000 after acquiring an additional 1,294 shares during the last quarter. Trexquant Investment LP increased its position in Snowflake by 266.3% during the fourth quarter. Trexquant Investment LP now owns 10,499 shares of the company’s stock worth $2,089,000 after acquiring an additional 7,633 shares during the period. Ridgewood Investments LLC acquired a new position in Snowflake during the 1st quarter valued at $244,000. Finally, Cetera Investment Advisers boosted its holdings in Snowflake by 201.5% in the 1st quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock valued at $10,292,000 after purchasing an additional 42,563 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

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.