Snowflake (NYSE:SNOW) Stock Price Expected to Rise, Monness Crespi & Hardt Analyst Says

Snowflake (NYSE:SNOW) had its target price lifted by analysts at Monness Crespi & Hardt from $230.00 to $245.00 in a research note issued on Thursday, Marketbeat Ratings reports. The firm currently has a “buy” rating on the stock. Monness Crespi & Hardt’s price target would suggest a potential upside of 22.51% from the stock’s previous close.

SNOW has been the subject of a number of other research reports. Wells Fargo & Company reduced their price objective on Snowflake from $215.00 to $200.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Oppenheimer lifted their price target on shares of Snowflake from $200.00 to $220.00 and gave the company an “outperform” rating in a research report on Thursday, February 27th. Citigroup boosted their price target on shares of Snowflake from $230.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, April 1st. Daiwa Capital Markets started coverage on shares of Snowflake in a research note on Tuesday, April 1st. They issued a “buy” rating and a $210.00 price objective on the stock. Finally, Piper Sandler reiterated an “overweight” rating and set a $215.00 price objective (up from $175.00) on shares of Snowflake in a report on Wednesday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, thirty-one have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $217.33.

Snowflake Stock Down 1.6%

Shares of NYSE SNOW opened at $199.99 on Thursday. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The firm has a market cap of $66.02 billion, a PE ratio of -58.99 and a beta of 1.11. The company’s fifty day simple moving average is $159.20 and its 200 day simple moving average is $163.56. Snowflake has a 12-month low of $107.13 and a 12-month high of $205.40.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.02. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The business’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.14 earnings per share. As a group, sell-side analysts forecast that Snowflake will post -2.36 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Michael L. Speiser sold 403 shares of the business’s stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $129.25, for a total transaction of $52,087.75. Following the completion of the transaction, the director now owns 26,375 shares of the company’s stock, valued at approximately $3,408,968.75. The trade was a 1.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $171.75, for a total transaction of $2,576,250.00. Following the sale, the executive vice president now directly owns 594,975 shares in the company, valued at $102,186,956.25. This trade represents a 2.46% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 356,963 shares of company stock worth $58,204,058. 7.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Asset Dedication LLC grew its holdings in shares of Snowflake by 6.8% during the fourth quarter. Asset Dedication LLC now owns 922 shares of the company’s stock worth $142,000 after purchasing an additional 59 shares in the last quarter. Quarry LP grew its stake in Snowflake by 9.8% in the 4th quarter. Quarry LP now owns 662 shares of the company’s stock worth $102,000 after buying an additional 59 shares in the last quarter. Ignite Planners LLC increased its holdings in shares of Snowflake by 2.3% in the 1st quarter. Ignite Planners LLC now owns 2,861 shares of the company’s stock worth $418,000 after buying an additional 64 shares during the last quarter. Gabelli Funds LLC raised its position in shares of Snowflake by 3.3% during the 4th quarter. Gabelli Funds LLC now owns 2,050 shares of the company’s stock valued at $317,000 after buying an additional 65 shares in the last quarter. Finally, Archford Capital Strategies LLC lifted its holdings in shares of Snowflake by 1.9% during the 1st quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company’s stock worth $527,000 after acquiring an additional 68 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

About Snowflake

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.