KeyCorp Issues Pessimistic Forecast for Snowflake (NYSE:SNOW) Stock Price

Snowflake (NYSE:SNOW) had its target price reduced by KeyCorp from $168.00 to $150.00 in a report published on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts have also commented on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $165.00 price target on shares of Snowflake in a research report on Thursday, August 22nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $180.00 price target on shares of Snowflake in a research note on Wednesday, October 2nd. TD Cowen cut their price objective on Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a research report on Monday, August 19th. Stifel Nicolaus reduced their price objective on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a report on Monday, August 19th. Finally, Needham & Company LLC lowered their target price on shares of Snowflake from $210.00 to $160.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $172.09.

Snowflake Price Performance

NYSE SNOW opened at $129.19 on Monday. Snowflake has a one year low of $107.13 and a one year high of $237.72. The business has a fifty day moving average price of $116.03 and a 200 day moving average price of $128.90.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The company had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. Snowflake’s quarterly revenue was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.52) EPS. On average, equities research analysts expect that Snowflake will post -2.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Frank Slootman sold 1,606 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $176,595.76. Following the transaction, the director now owns 218,246 shares in the company, valued at $23,998,330.16. This represents a 0.73 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benoit Dageville sold 1,946 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $222,602.94. Following the sale, the insider now directly owns 53,820 shares in the company, valued at approximately $6,156,469.80. This represents a 3.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,538 shares of company stock worth $7,061,544 over the last 90 days. Corporate insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Comerica Bank raised its position in shares of Snowflake by 17.2% during 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 last quarter. DekaBank Deutsche Girozentrale raised its holdings in Snowflake by 23.4% during the 1st 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 during the last quarter. Cetera Investment Advisers lifted its position in Snowflake by 201.5% during the 1st quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock valued at $10,292,000 after purchasing an additional 42,563 shares during the period. LRI Investments LLC bought a new position in shares of Snowflake in the 1st quarter valued at about $29,000. Finally, Fulton Bank N.A. grew its position in shares of Snowflake by 17.4% during 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 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.