Snowflake (NYSE:SNOW) Price Target Cut to $183.00 by Analysts at Citigroup

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

Several other equities analysts also recently commented on SNOW. Canaccord Genuity Group cut their target price on Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Stifel Nicolaus reduced their target price on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a research note on Monday, August 19th. Scotiabank dropped their target price on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 22nd. KeyCorp reduced their price target on shares of Snowflake from $168.00 to $150.00 and set an “overweight” rating on the stock in a research report on Monday, November 11th. Finally, DA Davidson reaffirmed a “buy” rating and set a $175.00 price objective on shares of Snowflake in a report on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $171.59.

Snowflake Stock Up 1.2 %

Shares of SNOW stock opened at $127.41 on Monday. Snowflake has a one year low of $107.13 and a one year high of $237.72. The stock has a fifty day moving average price of $117.08 and a 200 day moving average price of $128.09.

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

Insider Activity

In related news, insider Benoit Dageville sold 1,946 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $222,602.94. Following the completion of the transaction, the insider now owns 53,820 shares in the company, valued at approximately $6,156,469.80. The trade was a 3.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the transaction, the executive vice president now owns 706,755 shares of the company’s stock, valued at approximately $85,354,801.35. This represents a 2.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,538 shares of company stock valued at $7,061,544 in the last ninety days. 7.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Comerica Bank boosted its holdings in shares of Snowflake by 17.2% in the first 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 period. DekaBank Deutsche Girozentrale boosted its holdings in shares of Snowflake by 23.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock valued at $37,484,000 after buying an additional 43,062 shares during the period. Cetera Investment Advisers boosted its holdings in shares of Snowflake by 201.5% in the first quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock valued at $10,292,000 after buying an additional 42,563 shares during the period. LRI Investments LLC acquired a new position in shares of Snowflake in the first quarter valued at approximately $29,000. Finally, Fulton Bank N.A. boosted its holdings in shares of Snowflake by 17.4% in the second quarter. Fulton Bank N.A. now owns 1,538 shares of the company’s stock valued at $208,000 after buying an additional 228 shares during the period. 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.