Citigroup Has Lowered Expectations for Snowflake (NYSE:SNOW) Stock Price

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

A number of other research firms have also weighed in on SNOW. DA Davidson reaffirmed a “buy” rating and set a $175.00 price objective on shares of Snowflake in a research report on Thursday, October 3rd. Hsbc Global Res raised shares of Snowflake from a “moderate sell” rating to a “hold” rating in a report on Friday, August 23rd. Wells Fargo & Company decreased their target price on shares of Snowflake from $130.00 to $125.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 22nd. Evercore ISI cut their price objective on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Finally, Needham & Company LLC cut their target price on shares of Snowflake from $210.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $180.23.

Snowflake Price Performance

SNOW stock opened at $171.05 on Monday. Snowflake has a 1-year low of $107.13 and a 1-year high of $237.72. The stock has a market capitalization of $57.34 billion, a P/E ratio of -55.90 and a beta of 0.83. The business has a fifty day moving average price of $118.98 and a 200-day moving average price of $128.19.

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

Insider Transactions at Snowflake

In other Snowflake news, Director Frank Slootman sold 1,606 shares of the company’s 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 sale, the director now directly owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. This represents a 0.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Christian Kleinerman sold 558 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $61,357.68. Following the completion of the transaction, the executive vice president now owns 759,473 shares in the company, valued at $83,511,651.08. This trade represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,538 shares of company stock worth $7,061,544 in the last 90 days. 7.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. LRI Investments LLC bought a new position in Snowflake during the 1st quarter valued at $29,000. Wellington Shields Capital Management LLC purchased a new stake in shares of Snowflake during the second quarter valued at approximately $27,000. Groupama Asset Managment purchased a new stake in Snowflake in the third quarter worth $25,000. V Square Quantitative Management LLC bought a new position in shares of Snowflake during the third quarter valued at $30,000. Finally, Global Financial Private Client LLC bought a new stake in Snowflake in the 1st quarter worth about $44,000. Institutional investors 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.