UBS Group Lowers Snowflake (NYSE:SNOW) Price Target to $250.00

Key Points

• UBS Group has lowered Snowflake's price target from $265.00 to $250.00, maintaining a "buy" rating, which indicates a potential upside of 27.60% from the stock's last close.
• Multiple analysts, including Citigroup and JMP Securities, have issued varying price targets and ratings, with a consensus rating of "Moderate Buy" and an average price target of $226.32.
• Insider trading activities showed significant sales, with CFO Michael Scarpelli selling 400,000 shares, resulting in a 57.75% decrease in his ownership in the company.

Snowflake (NYSE:SNOW - Get Free Report) had its target price decreased by stock analysts at UBS Group from $265.00 to $250.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. UBS Group's price objective would indicate a potential upside of 27.60% from the stock's previous close.

Several other equities analysts have also recently weighed in on SNOW. Citigroup reaffirmed an "outperform" rating on shares of Snowflake in a research note on Thursday, May 22nd. Stephens initiated coverage on Snowflake in a research note on Friday, July 18th. They issued an "overweight" rating and a $261.00 price target for the company. Needham & Company LLC reissued a "buy" rating and issued a $230.00 price target on shares of Snowflake in a research note on Thursday, June 5th. JMP Securities upped their target price on Snowflake from $245.00 to $260.00 and gave the stock a "market outperform" rating in a research report on Friday, July 18th. Finally, Royal Bank Of Canada upped their price target on Snowflake from $236.00 to $250.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have issued a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $226.32.

Snowflake Stock Up 1.5%

Shares of NYSE:SNOW traded up $2.87 during midday trading on Wednesday, reaching $195.93. The company had a trading volume of 2,128,082 shares, compared to its average volume of 5,067,891. The stock has a market capitalization of $65.41 billion, a P/E ratio of -46.60 and a beta of 1.22. The stock's fifty day moving average price is $213.29 and its 200-day moving average price is $184.22. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. Snowflake has a one year low of $107.13 and a one year high of $229.27.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.22 by $0.02. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.01 billion. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. Snowflake's revenue for the quarter was up 25.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.14 earnings per share. Equities research analysts expect that Snowflake will post -2.36 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Michael Scarpelli sold 400,000 shares of the firm's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total value of $82,144,000.00. Following the transaction, the chief financial officer owned 292,610 shares in the company, valued at $60,090,389.60. This trade represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Slootman sold 424,852 shares of the firm's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $219.35, for a total value of $93,191,286.20. Following the completion of the transaction, the director owned 165,507 shares in the company, valued at approximately $36,303,960.45. This represents a 71.97% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,014,642 shares of company stock worth $657,325,186. 6.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Snowflake

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Trust Co. of Toledo NA OH acquired a new stake in shares of Snowflake during the second quarter worth about $25,000. Avion Wealth increased its position in shares of Snowflake by 76.6% during the 2nd quarter. Avion Wealth now owns 113 shares of the company's stock worth $25,000 after purchasing an additional 49 shares during the last quarter. Rossby Financial LCC increased its position in shares of Snowflake by 4,233.3% during the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company's stock worth $29,000 after purchasing an additional 127 shares during the last quarter. Whittier Trust Co. boosted its stake in shares of Snowflake by 149.1% during the 2nd quarter. Whittier Trust Co. now owns 137 shares of the company's stock worth $31,000 after acquiring an additional 82 shares during the period. Finally, Golden State Wealth Management LLC boosted its stake in shares of Snowflake by 417.2% during the 2nd quarter. Golden State Wealth Management LLC now owns 150 shares of the company's stock worth $34,000 after acquiring an additional 121 shares during the period. Institutional investors own 65.10% of the company's stock.

About Snowflake

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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