Cantor Fitzgerald Cuts Snowflake (NYSE:SNOW) Price Target to $225.00

Key Points

• Cantor Fitzgerald cut its price target on Snowflake from $250 to $225, while keeping an overweight rating. The new target still implies about 30.8% upside from the prior close.
• Analyst sentiment remains generally positive, with Snowflake holding an average Moderate Buy rating and an average price target of $241.51. Several firms recently reiterated buy or overweight ratings, even as a few trimmed their targets.
• Snowflake shares were trading near $171.98, and the company most recently beat earnings and revenue estimates for the quarter. Revenue rose 30.1% year over year, though the company remains unprofitable and insiders have been selling stock recently.

Snowflake (NYSE:SNOW - Get Free Report) had its target price cut by equities research analysts at Cantor Fitzgerald from $250.00 to $225.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Cantor Fitzgerald's price target suggests a potential upside of 30.83% from the company's previous close.

Several other analysts have also commented on the company. KeyCorp reaffirmed an "overweight" rating on shares of Snowflake in a report on Wednesday, May 20th. Oppenheimer reaffirmed a "buy" rating on shares of Snowflake in a report on Thursday, February 26th. TD Cowen reaffirmed a "buy" rating on shares of Snowflake in a report on Friday. Monness Crespi & Hardt raised their target price on Snowflake from $275.00 to $282.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. Finally, Canaccord Genuity Group dropped their target price on Snowflake from $270.00 to $240.00 and set a "buy" rating on the stock in a report on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Snowflake presently has an average rating of "Moderate Buy" and an average target price of $241.51.

Snowflake Stock Down 0.1%

Shares of SNOW stock opened at $171.98 on Tuesday. The stock's 50-day simple moving average is $153.77 and its 200-day simple moving average is $191.91. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.30 and a current ratio of 1.30. The firm has a market capitalization of $59.45 billion, a PE ratio of -43.54 and a beta of 1.08. Snowflake has a fifty-two week low of $118.30 and a fifty-two week high of $280.67.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.32 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.05. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. Snowflake had a negative return on equity of 50.61% and a negative net margin of 28.43%.The company's revenue was up 30.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.30 earnings per share. Equities analysts expect that Snowflake will post -2.16 earnings per share for the current year.

Insiders Place Their Bets

In other Snowflake news, SVP Vivek Raghunathan sold 3,876 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $152.80, for a total transaction of $592,252.80. Following the transaction, the senior vice president owned 273,323 shares in the company, valued at approximately $41,763,754.40. This represents a 1.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $165.01, for a total value of $1,650,100.00. Following the transaction, the executive vice president owned 510,477 shares in the company, valued at $84,233,809.77. This represents a 1.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 428,963 shares of company stock worth $71,996,216. Company insiders own 6.80% of the company's stock.

Hedge Funds Weigh In On Snowflake

A number of hedge funds have recently bought and sold shares of the business. Verus Capital Partners LLC boosted its position in Snowflake by 65.5% during the first quarter. Verus Capital Partners LLC now owns 2,031 shares of the company's stock worth $306,000 after purchasing an additional 804 shares in the last quarter. CTC Alternative Strategies Ltd. purchased a new position in Snowflake during the first quarter worth approximately $739,000. Groupe la Francaise boosted its position in Snowflake by 252,424.0% during the first quarter. Groupe la Francaise now owns 63,131 shares of the company's stock worth $9,491,000 after purchasing an additional 63,106 shares in the last quarter. Silicon Valley Capital Partners boosted its position in Snowflake by 5,287.9% during the first quarter. Silicon Valley Capital Partners now owns 53,879 shares of the company's stock worth $8,126,000 after purchasing an additional 52,879 shares in the last quarter. Finally, Royal Fund Management LLC boosted its position in Snowflake by 19.6% during the first quarter. Royal Fund Management LLC now owns 22,703 shares of the company's stock worth $3,424,000 after purchasing an additional 3,715 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.

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