What's Going On With Snowflake Stock?

Zinger Key Points
  • Snowflake’s stock has fallen 16% after the company reported mixed first-quarter results in May.
  • RBC Capital analyst Matthew Hedberg maintains Snowflake with an Outperform and lowers the price target from $226 to $183.

Snowflake Inc. SNOW shares are trading lower Wednesday. RBC Capital analyst Matthew Hedberg maintained Snowflake with an Outperform rating and lowered the price target from $226 to $183.

The Details:

Multiple analysts also updated coverage on Snowflake Wednesday: 

  • Needham analyst Mike Cikos reiterated Snowflake with a Buy rating and maintained a $210 price target.
  • Mizuho analyst Gregg Moskowitz maintained Snowflake with a Buy and lowered the price target from $205 to $180.
  • Wedbush reiterated its Neutral rating and maintained a $210 price target on the stock.
  • Piper Sandler analyst Brent Bracelin maintained an Overweight and $240 price target on the stock.

Snowflake's stock has fallen 16% after the company reported mixed first-quarter results in May. Snowflake reported revenue increased 33% year-over-year to $828.7 million which beat the consensus estimate of $785.87 million. However, the company reported earnings of 14 cents per share, missing analyst estimates of 18 cents per share.

Related News: Wedbush’s Dan Ives Says WWDC 2024 Is ‘Most Important Event For Apple In Over A Decade’: What To Expect

Should I Sell My SNOW Stock?

When deciding to hold on to or sell a stock, investors should consider their time horizon, unrealized gains and total return.

Shares of Snowflake have decreased by 21.62% in the past year. An investor who bought shares of Snowflake at the beginning of the year would take a loss of $56.61 per share if they sold it today. The stock has fallen 16.71% over the past month, meaning an investor who bought shares on May 1 would see a capital loss of $25.26.

Snowflake shares have an all-time high of $401.89, representing 203.29% upside from current levels.

Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Snowflake stock currently has an RSI of 8.18, indicating oversold conditions.

For access to advanced charting and analysis tools and stock data, check out Benzinga PRO. Try it for free.

SNOW Price Action: According to Benzinga Pro, Snowflake shares are down 3.15% at $132.69 at the time of publication Wednesday.

Image: Courtesy of Snowflake, Inc.

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