Wells Fargo & Company Issues Pessimistic Forecast for Snowflake (NYSE:SNOW) Stock Price

Snowflake (NYSE:SNOW) had its price target decreased by Wells Fargo & Company from $215.00 to $200.00 in a research report released on Tuesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other research firms also recently weighed in on SNOW. Jefferies Financial Group lowered their target price on Snowflake from $220.00 to $190.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Oppenheimer lifted their price objective on Snowflake from $200.00 to $220.00 and gave the company an “outperform” rating in a research report on Thursday, February 27th. Mizuho increased their target price on shares of Snowflake from $195.00 to $205.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. StockNews.com raised shares of Snowflake from a “sell” rating to a “hold” rating in a report on Friday, February 28th. Finally, KeyCorp reduced their price objective on shares of Snowflake from $220.00 to $192.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Ten research analysts have rated the stock with a hold rating, thirty have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and a consensus target price of $201.35.

Snowflake Stock Up 2.3 %

SNOW opened at $140.14 on Tuesday. Snowflake has a 1-year low of $107.13 and a 1-year high of $194.40. The firm’s 50 day simple moving average is $157.00 and its two-hundred day simple moving average is $155.02. 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 company has a market capitalization of $46.26 billion, a PE ratio of -41.34 and a beta of 1.13.

Insider Activity at Snowflake

In related news, CFO Michael Scarpelli sold 300,000 shares of the company’s stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the transaction, the chief financial officer now directly owns 292,610 shares in the company, valued at approximately $47,756,878.10. This represents a 50.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Christopher William Degnan sold 12,782 shares of the firm’s stock in a transaction dated 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 sale, the executive now directly owns 308,164 shares of the company’s stock, valued at approximately $56,045,786.68. The trade was a 3.98 % 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 worth $59,978,513. Company insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of large investors have recently bought and sold shares of SNOW. Opal Wealth Advisors LLC bought a new stake in shares of Snowflake during the first quarter worth $26,000. Stonebridge Financial Group LLC bought a new stake in Snowflake during the 4th quarter valued at about $29,000. CVA Family Office LLC lifted its holdings in Snowflake by 80.0% during the 1st quarter. CVA Family Office LLC now owns 198 shares of the company’s stock valued at $29,000 after buying an additional 88 shares in the last quarter. West Paces Advisors Inc. purchased a new stake in Snowflake in the 4th quarter valued at about $31,000. Finally, Spurstone Advisory Services LLC bought a new position in Snowflake in the 4th quarter worth about $31,000. Hedge funds and other institutional investors 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.