Snowflake (NYSE:SNOW) Price Target Raised to $220.00

Snowflake (NYSE:SNOW) had its price target lifted by Stifel Nicolaus from $210.00 to $220.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also recently issued reports on SNOW. Cantor Fitzgerald lifted their target price on Snowflake from $183.00 to $242.00 and gave the company an “overweight” rating in a research report on Thursday. Wolfe Research raised Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 target price on the stock in a research report on Tuesday, February 18th. BTIG Research raised Snowflake from a “neutral” rating to a “buy” rating and set a $220.00 target price on the stock in a research report on Thursday, February 20th. Wall Street Zen upgraded Snowflake from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. Finally, Morgan Stanley upped their price objective on Snowflake from $185.00 to $200.00 and gave the company an “equal weight” rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, thirty-one have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $217.33.

Snowflake Stock Down 1.6%

Shares of NYSE:SNOW opened at $199.99 on Thursday. The stock has a market cap of $66.02 billion, a price-to-earnings ratio of -58.99 and a beta of 1.11. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. Snowflake has a 12-month low of $107.13 and a 12-month high of $205.40. The business’s 50 day moving average is $159.20 and its 200 day moving average is $163.86.

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

Insider Buying and Selling

In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of the company’s stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $168.00, for a total value of $1,680,000.00. Following the transaction, the executive vice president now directly owns 580,632 shares in the company, valued at $97,546,176. This represents a 1.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael L. Speiser sold 403 shares of the company’s stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $129.25, for a total value of $52,087.75. Following the completion of the transaction, the director now owns 26,375 shares in the company, valued at $3,408,968.75. This represents a 1.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 356,963 shares of company stock valued at $58,204,058. Corporate insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of institutional investors have recently added to or reduced their stakes in SNOW. Norges Bank bought a new position in shares of Snowflake during the 4th quarter valued at about $988,950,000. GQG Partners LLC bought a new position in shares of Snowflake during the 4th quarter valued at about $750,572,000. Nuveen LLC bought a new position in shares of Snowflake during the 1st quarter valued at about $555,847,000. Jennison Associates LLC increased its position in shares of Snowflake by 92.2% during the 4th quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock valued at $1,179,230,000 after purchasing an additional 3,662,671 shares during the last quarter. Finally, FMR LLC increased its position in shares of Snowflake by 84.9% during the 4th quarter. FMR LLC now owns 6,108,123 shares of the company’s stock valued at $943,155,000 after purchasing an additional 2,805,425 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors.

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.