Snowflake Gets Price Target Cuts By Analysts Following Q1 Results

Snowflake Inc. SNOW reported upbeat sales for its first quarter, but issued weak outlook.

Snowflake posted quarterly sales of $623.60 million, beating analysts’ estimates of $608.36 million. However, it said second-quarter product revenue is expected to be in the range of $620 million to $625 million, which came in below an estimate of $649 million

Snowflake shares dropped 14.9% to $150.78 in today’s pre-market trading session.

These analysts made changes to their price targets on Snowflake following earnings announcement.

• Barclays cut the price target on Snowflake from $171 to $165. Barclays analyst Raimo Lenschow maintained an Overweight rating.
• UBS slashed the price target on Snowflake from $170 to $155. UBS analyst Karl Keirstead maintained a Neutral rating.
• JMP Securities cut Snowflake price target from $215 to $200. JMP Securities analyst Joe Goodwin maintained a Market Outperform rating.
• Wells Fargo slashed Snowflake price target from $200 to $185. Wells Fargo analyst Michael Turrin maintained an Overweight rating.
• Mizuho cut Snowflake price target from $185 to $175. Mizuho analyst Gregg Moskowitz maintained the stock with a Buy.
• Rosenblatt lowered Snowflake price target from $188 to $170. Rosenblatt analyst Blair Abernethy downgraded the stock from Buy to Neutral.
• TD Cowen cut Snowflake price target from $205 to $185. TD Cowen analyst J. Derrick Wood maintained the stock with an Outperform.
• Loop Capital cut Snowflake price target from $200 to $195. Loop Capital analyst Mark Schappel maintained the stock with a Buy.

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