MoffettNathanson slashes price target on Snowflake Inc. [SNOW] – find out why.

Snowflake Inc. [NYSE: SNOW] closed the trading session at $159.05 on 10/10/22. The day’s price range saw the stock hit a low of $157.00, while the highest price level was $176.73. The company report on August 24, 2022 that Snowflake Reports Financial Results for the Second Quarter of Fiscal 2023.

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Product revenue of $466.3 million in the second quarter, representing 83% year-over-year growth.

Remaining performance obligations of $2.7 billion, representing 78% year-over-year growth.

The stocks have a year to date performance of -53.05 percent and weekly performance of -7.80 percent. The stock has been moved at -23.66 percent over the last six months. The stock has performed -15.48 percent around the most recent 30 days and changed 9.37 percent over the most recent 3-months.

If compared to the average trading volume of 6.79M shares, SNOW reached to a volume of 7919065 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Snowflake Inc. [SNOW]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SNOW shares is $222.41 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SNOW stock is a recommendation set at 2.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

MoffettNathanson have made an estimate for Snowflake Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on September 22, 2022. While these analysts kept the previous recommendation, Needham raised their target price to Buy. The new note on the price target was released on September 16, 2022, representing the official price target for Snowflake Inc. stock. Previously, the target price had yet another raise to $182, while CapitalOne analysts kept a Equal Weight rating on SNOW stock. On August 16, 2022, analysts increased their price target for SNOW shares from 165 to 175.

The Average True Range (ATR) for Snowflake Inc. is set at 10.85, with the Price to Sales ratio for SNOW stock in the period of the last 12 months amounting to 33.53. The Price to Book ratio for the last quarter was 9.33, with the Price to Cash per share for the same quarter was set at 11.45. Price to Free Cash Flow for SNOW in the course of the last twelve months was 168.49 with Quick ratio for the last quarter at 3.20.

SNOW stock trade performance evaluation

Snowflake Inc. [SNOW] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -7.80. With this latest performance, SNOW shares dropped by -15.48% in over the last four-week period, additionally sinking by -23.66% over the last 6 months – not to mention a drop of -49.27% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SNOW stock in for the last two-week period is set at 39.87, with the RSI for the last a single of trading hit 34.32, and the three-weeks RSI is set at 43.61 for Snowflake Inc. [SNOW]. The present Moving Average for the last 50 days of trading for this stock 173.78, while it was recorded at 178.44 for the last single week of trading, and 197.87 for the last 200 days.

Snowflake Inc. [SNOW]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Snowflake Inc. [SNOW] shares currently have an operating margin of -58.64 and a Gross Margin at +61.95. Snowflake Inc.’s Net Margin is presently recorded at -55.76.

Return on Equity for this stock declined to -13.62, with Return on Assets sitting at -10.82.

Snowflake Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 3.20 and a Current Ratio set at 3.20.

Snowflake Inc. [SNOW]: Insider Ownership positions

There are presently around $34,190 million, or 67.50% of SNOW stock, in the hands of institutional investors. The top three institutional holders of SNOW stocks are: ICONIQ CAPITAL, LLC with ownership of 17,422,870, which is approximately -28.676% of the company’s market cap and around 0.10% of the total institutional ownership; ALTIMETER CAPITAL MANAGEMENT, LP, holding 17,001,796 shares of the stock with an approximate value of $2.7 billion in SNOW stocks shares; and MORGAN STANLEY, currently with $2.63 billion in SNOW stock with ownership of nearly 7.032% of the company’s market capitalization.

Positions in Snowflake Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 530 institutional holders increased their position in Snowflake Inc. [NYSE:SNOW] by around 27,937,107 shares. Additionally, 370 investors decreased positions by around 25,557,097 shares, while 112 investors held positions by with 161,471,810 shares. The mentioned changes placed institutional holdings at 214,966,014 shares, according to the latest SEC report filing. SNOW stock had 152 new institutional investments in for a total of 9,450,259 shares, while 152 institutional investors sold positions of 2,203,094 shares during the same period.


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