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

Snowflake (NYSE:SNOW) had its price objective cut by stock analysts at Piper Sandler from $215.00 to $175.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target points to a potential upside of 10.29% from the stock’s previous close.

Other equities analysts also recently issued reports about the company. Jefferies Financial Group dropped their price objective on Snowflake from $220.00 to $190.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Barclays raised their price target on Snowflake from $190.00 to $203.00 and gave the company an “overweight” rating in a research report on Thursday, February 27th. StockNews.com upgraded shares of Snowflake from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. Citigroup raised their target price on shares of Snowflake from $230.00 to $235.00 and gave the company a “buy” rating in a report on Tuesday, April 1st. Finally, Daiwa Capital Markets assumed coverage on shares of Snowflake in a report on Tuesday, April 1st. They issued a “buy” rating and a $210.00 price target on the stock. Ten investment analysts have rated the stock with a hold rating, thirty have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $200.27.

Snowflake Trading Up 7.7 %

Shares of Snowflake stock opened at $158.67 on Wednesday. The company has a 50-day moving average of $155.61 and a two-hundred day moving average of $155.28. Snowflake has a 12-month low of $107.13 and a 12-month high of $194.40. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. The stock has a market cap of $52.38 billion, a PE ratio of -46.81 and a beta of 1.13.

Insider Activity

In related news, Director Michael L. Speiser sold 403 shares of the firm’s stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $129.25, for a total transaction of $52,087.75. Following the sale, the director now directly owns 26,375 shares in the company, valued at approximately $3,408,968.75. This trade represents a 1.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Michael Scarpelli sold 300,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total value of $48,963,000.00. Following the completion of the transaction, the chief financial officer now owns 292,610 shares of the company’s stock, valued at approximately $47,756,878.10. This represents a 50.62 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 364,342 shares of company stock valued at $59,978,513. Company insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Hedge funds and other institutional investors have recently modified their holdings of the business. Jennison Associates LLC grew its stake in Snowflake by 92.2% during the 4th quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock valued at $1,179,230,000 after purchasing an additional 3,662,671 shares in the last quarter. Norges Bank acquired a new stake in shares of Snowflake during the fourth quarter worth approximately $988,950,000. FMR LLC grew its position in shares of Snowflake by 84.9% during the fourth quarter. FMR LLC now owns 6,108,123 shares of the company’s stock worth $943,155,000 after buying an additional 2,805,425 shares in the last quarter. GQG Partners LLC bought a new stake in shares of Snowflake in the fourth quarter worth $750,572,000. Finally, Geode Capital Management LLC raised its holdings in Snowflake by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 4,167,460 shares of the company’s stock valued at $642,742,000 after acquiring an additional 15,314 shares in the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

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.