Wells Fargo & Company Cuts Snowflake (NYSE:SNOW) Price Target to $200.00

Snowflake (NYSE:SNOW - Get Free Report) had its target price cut by analysts at Wells Fargo & Company from $215.00 to $200.00 in a report released on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's price objective indicates a potential upside of 26.37% from the stock's previous close.

Several other research analysts also recently weighed in on the company. Daiwa Capital Markets began coverage on Snowflake in a research note on Tuesday, April 1st. They set a "buy" rating and a $210.00 target price for the company. Evercore ISI increased their price objective on shares of Snowflake from $190.00 to $200.00 and gave the company an "outperform" rating in a report on Wednesday, February 12th. Bank of America boosted their target price on shares of Snowflake from $185.00 to $205.00 and gave the stock a "neutral" rating in a research note on Thursday, February 20th. Royal Bank of Canada raised their price target on shares of Snowflake from $210.00 to $221.00 and gave the company an "outperform" rating in a research note on Thursday, February 27th. Finally, Truist Financial cut their price objective on Snowflake from $225.00 to $210.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Ten analysts have rated the stock with a hold rating, thirty have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $200.27.

Snowflake Price Performance

NYSE SNOW traded down $0.40 during trading hours on Tuesday, reaching $158.26. The company's stock had a trading volume of 4,161,157 shares, compared to its average volume of 6,426,335. The firm has a market capitalization of $52.24 billion, a price-to-earnings ratio of -46.68 and a beta of 1.13. The company's 50-day moving average is $154.91 and its two-hundred day moving average is $155.84. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. Snowflake has a 1-year low of $107.13 and a 1-year high of $194.40.

Insider Activity

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $186.50, for a total value of $2,797,500.00. Following the completion of the transaction, the executive vice president now owns 552,930 shares of the company's stock, valued at $103,121,445. This trade represents a 2.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CRO Christopher William Degnan sold 12,782 shares of the business's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $181.87, for a total transaction of $2,324,662.34. Following the completion of the transaction, the executive now owns 308,164 shares of the company's stock, valued at approximately $56,045,786.68. This trade represents a 3.98 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 364,342 shares of company stock valued at $59,978,513. 7.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Snowflake

Hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of Snowflake during the fourth quarter worth approximately $988,950,000. GQG Partners LLC purchased a new stake in shares of Snowflake in the 4th quarter valued at approximately $750,572,000. Jennison Associates LLC raised its holdings in shares of Snowflake by 92.2% in 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. FMR LLC lifted its position in shares of Snowflake by 84.9% during the 4th quarter. FMR LLC now owns 6,108,123 shares of the company's stock worth $943,155,000 after purchasing an additional 2,805,425 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Snowflake by 124.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company's stock worth $612,817,000 after purchasing an additional 2,200,406 shares in the last quarter. 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.