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

Snowflake (NYSE:SNOW) had its target price decreased by stock analysts at Citigroup from $200.00 to $183.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target would suggest a potential upside of 40.49% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the company. Wells Fargo & Company cut their price target on Snowflake from $130.00 to $125.00 and set an “equal weight” rating for the company in a research note on Thursday, August 22nd. KeyCorp dropped their price target on Snowflake from $168.00 to $150.00 and set an “overweight” rating for the company in a research note on Monday, November 11th. Evercore ISI reduced their price objective on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Needham & Company LLC decreased their price target on Snowflake from $210.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Finally, Jefferies Financial Group lowered their target price on Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. 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. According to data from MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and an average target price of $171.59.

Snowflake Price Performance

SNOW stock opened at $130.26 on Monday. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $237.72. The stock has a market capitalization of $43.66 billion, a price-to-earnings ratio of -42.57 and a beta of 0.83. The business’s fifty day moving average price is $117.48 and its two-hundred day moving average price is $127.89.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data 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. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The business had revenue of $868.80 million during the quarter, compared to analysts’ expectations of $851.72 million. During the same quarter in the previous year, the company earned ($0.52) EPS. The business’s revenue was up 28.9% on a year-over-year basis. Research analysts expect that Snowflake will post -2.41 EPS for the current year.

Insider Buying and Selling at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction 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 directly owns 706,755 shares of the company’s stock, valued at $85,354,801.35. The trade was a 2.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Benoit Dageville sold 287 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $111.41, for a total transaction of $31,974.67. Following the completion of the sale, the insider now owns 53,250 shares of the company’s stock, valued at approximately $5,932,582.50. This represents a 0.54 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,538 shares of company stock worth $7,061,544. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several hedge funds have recently modified their holdings of SNOW. Comerica Bank raised its position in Snowflake by 17.2% in the first quarter. Comerica Bank now owns 29,267 shares of the company’s stock worth $4,729,000 after acquiring an additional 4,296 shares during the period. DekaBank Deutsche Girozentrale increased its stake in shares of Snowflake by 23.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock worth $37,484,000 after purchasing an additional 43,062 shares in the last quarter. Cetera Investment Advisers increased its stake in shares of Snowflake by 201.5% in the first quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock worth $10,292,000 after purchasing an additional 42,563 shares in the last quarter. LRI Investments LLC purchased a new stake in shares of Snowflake during the 1st quarter valued at approximately $29,000. Finally, Fulton Bank N.A. boosted its holdings in Snowflake by 17.4% in the 2nd quarter. Fulton Bank N.A. now owns 1,538 shares of the company’s stock worth $208,000 after buying an additional 228 shares during the period. Institutional investors 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.