Snowflake (NYSE:SNOW) Given New $183.00 Price Target at Citigroup

Snowflake (NYSE:SNOW) had its price target cut by Citigroup from $200.00 to $183.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s target price suggests a potential upside of 44.58% from the company’s previous close.

A number of other brokerages have also commented on SNOW. Stifel Nicolaus decreased their price objective on Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a research report on Monday, August 19th. Needham & Company LLC decreased their price target on shares of Snowflake from $210.00 to $160.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Bank of America dropped their price objective on shares of Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Rosenblatt Securities reissued a “buy” rating and set a $180.00 target price on shares of Snowflake in a research note on Wednesday, October 2nd. Finally, Robert W. Baird dropped their price target on shares of Snowflake from $200.00 to $165.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat.com, Snowflake presently has an average rating of “Moderate Buy” and a consensus target price of $171.59.

Snowflake Trading Up 0.5 %

NYSE:SNOW traded up $0.61 during mid-day trading on Monday, reaching $126.57. 2,016,164 shares of the stock were exchanged, compared to its average volume of 6,456,293. The business has a fifty day moving average price of $116.73 and a 200 day moving average price of $128.30. Snowflake has a 1-year low of $107.13 and a 1-year high of $237.72. The firm has a market capitalization of $42.43 billion, a PE ratio of -41.36 and a beta of 0.83.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. During the same period in the previous year, the firm posted ($0.52) EPS. The company’s quarterly revenue was up 28.9% on a year-over-year basis. On average, sell-side analysts forecast that Snowflake will post -2.41 earnings per share for the current year.

Insider Transactions at Snowflake

In related news, EVP Christian Kleinerman sold 558 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $61,357.68. Following the transaction, the executive vice president now owns 759,473 shares in the company, valued at $83,511,651.08. The trade was a 0.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Frank Slootman sold 6,251 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $715,051.89. Following the sale, the director now directly owns 208,735 shares in the company, valued at $23,877,196.65. This trade represents a 2.91 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,538 shares of company stock worth $7,061,544. Company insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

A number of hedge funds have recently added to or reduced their stakes in SNOW. LRI Investments LLC grew its position in shares of Snowflake by 155.6% during the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after buying an additional 112 shares during the period. Groupama Asset Managment acquired a new stake in Snowflake in the third quarter worth $25,000. Wellington Shields Capital Management LLC bought a new stake in Snowflake in the second quarter valued at $27,000. V Square Quantitative Management LLC acquired a new position in shares of Snowflake during the third quarter valued at about $30,000. Finally, Fortitude Family Office LLC acquired a new position in shares of Snowflake during the third quarter valued at about $34,000. 65.10% of the stock is currently owned by institutional investors.

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.