Snowflake Inc. (NYSE:SNOW – Get Free Report)’s share price dropped 4.3% during trading on Thursday after Scotiabank lowered their price target on the stock from $207.00 to $195.00. Scotiabank currently has a sector outperform rating on the stock. Snowflake traded as low as $155.40 and last traded at $156.27. Approximately 9,296,538 shares changed hands during mid-day trading, an increase of 53% from the average daily volume of 6,062,430 shares. The stock had previously closed at $163.34.
Several other research firms have also recently weighed in on SNOW. Sanford C. Bernstein lifted their target price on Snowflake from $171.00 to $185.00 and gave the company a “market perform” rating in a research note on Thursday. Loop Capital cut their target price on shares of Snowflake from $235.00 to $225.00 and set a “buy” rating for the company in a research report on Thursday. 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 report on Thursday, May 2nd. StockNews.com upgraded Snowflake from a “sell” rating to a “hold” rating in a report on Thursday, May 16th. Finally, Raymond James lifted their price objective on Snowflake from $190.00 to $223.00 and gave the company an “outperform” rating in a research report on Friday, February 2nd. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $201.19.
Insider Transactions at Snowflake
Hedge Funds Weigh In On Snowflake
Hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of Snowflake during the fourth quarter worth approximately $838,455,000. Swedbank AB bought a new position in Snowflake in the 1st quarter valued at $258,957,000. Vanguard Group Inc. boosted its stake in Snowflake by 8.0% in the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock worth $4,176,755,000 after purchasing an additional 1,559,830 shares in the last quarter. FMR LLC grew its holdings in shares of Snowflake by 32.1% during the third quarter. FMR LLC now owns 6,154,085 shares of the company’s stock worth $940,160,000 after purchasing an additional 1,496,235 shares during the last quarter. Finally, Winslow Capital Management LLC acquired a new stake in shares of Snowflake in the third quarter valued at $226,302,000. 65.10% of the stock is owned by institutional investors and hedge funds.
Snowflake Stock Down 5.4 %
The stock has a fifty day moving average of $157.04 and a 200-day moving average of $180.08. The firm has a market capitalization of $51.66 billion, a P/E ratio of -60.62 and a beta of 0.90.
Snowflake (NYSE:SNOW – Get Free Report) last announced its earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.05. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. The company had revenue of $774.70 million for the quarter, compared to analyst estimates of $759.86 million. As a group, analysts forecast that Snowflake Inc. will post -1.83 EPS for the current fiscal year.
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.
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