Snowflake (NYSE:SNOW) Price Target Cut to $150.00 by Analysts at KeyCorp

Snowflake (NYSE:SNOW) had its target price reduced by KeyCorp from $168.00 to $150.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms also recently weighed in on SNOW. Hsbc Global Res upgraded shares of Snowflake from a “moderate sell” rating to a “hold” rating in a report on Friday, August 23rd. Morgan Stanley reissued an “equal weight” rating and set a $175.00 price objective on shares of Snowflake in a research note on Thursday, August 22nd. HSBC upgraded Snowflake from a “reduce” rating to a “hold” rating and lifted their target price for the stock from $119.00 to $121.00 in a report on Friday, August 23rd. JMP Securities decreased their price target on Snowflake from $235.00 to $190.00 and set a “market outperform” rating on the stock in a report on Thursday, August 22nd. Finally, UBS Group lowered their price target on Snowflake from $155.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $172.09.

Snowflake Price Performance

Shares of Snowflake stock opened at $129.19 on Monday. Snowflake has a 12 month low of $107.13 and a 12 month high of $237.72. The stock has a 50 day moving average of $116.03 and a 200 day moving average of $128.90.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The firm had revenue of $868.80 million during 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 quarterly revenue was up 28.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.52) EPS. As a group, analysts forecast that Snowflake will post -2.41 earnings per share for the current fiscal year.

Insider Transactions at Snowflake

In related news, insider Benoit Dageville sold 1,946 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $222,602.94. Following the sale, the insider now directly owns 53,820 shares of the company’s stock, valued at $6,156,469.80. This trade represents a 3.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the transaction, the director now 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 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 Investors Weigh In On Snowflake

Hedge funds and other institutional investors have recently made changes to their positions in the company. Ontario Teachers Pension Plan Board grew its position in Snowflake by 19,399.2% during the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock valued at $295,459,000 after buying an additional 2,559,144 shares during the period. Swedbank AB acquired a new stake in shares of Snowflake during the 1st quarter valued at about $258,957,000. AQR Capital Management LLC increased its stake in shares of Snowflake by 210.0% in the 2nd quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock valued at $131,656,000 after purchasing an additional 660,168 shares in the last quarter. SG Americas Securities LLC raised its holdings in Snowflake by 471.9% in the 3rd quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock worth $87,489,000 after purchasing an additional 628,511 shares during the period. Finally, Daiwa Securities Group Inc. boosted its position in Snowflake by 90.3% during the second quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock worth $170,938,000 after purchasing an additional 600,469 shares in the last quarter. Institutional investors and hedge funds 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.