Snowflake (NYSE:SNOW) Price Target Raised to $235.00 at Mizuho

Snowflake (NYSE:SNOW) had its target price lifted by Mizuho from $215.00 to $235.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other brokerages have also commented on SNOW. Bank of America increased their price objective on Snowflake from $172.00 to $220.00 and gave the company a “neutral” rating in a research report on Thursday, May 22nd. Daiwa Capital Markets assumed coverage on Snowflake in a research report on Tuesday, April 1st. They set a “buy” rating and a $210.00 price objective on the stock. Cowen restated a “buy” rating on shares of Snowflake in a report on Thursday, May 22nd. Piper Sandler restated an “overweight” rating and set a $215.00 target price (up from $175.00) on shares of Snowflake in a report on Wednesday, May 21st. Finally, HSBC cut Snowflake from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, thirty-two have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $221.28.

Snowflake Price Performance

Shares of Snowflake stock opened at $209.44 on Wednesday. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $69.92 billion, a PE ratio of -61.78 and a beta of 1.21. The business’s 50-day moving average price is $166.87 and its 200-day moving average price is $168.02. Snowflake has a 12 month low of $107.13 and a 12 month high of $214.83.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 EPS 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 return on equity of 24.23% and a negative net margin of 33.02%. The company’s revenue was up 25.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.14 EPS. Sell-side analysts forecast that Snowflake will post -2.36 EPS for the current fiscal year.

Insider Activity

In related news, EVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $205.67, for a total transaction of $2,056,700.00. Following the completion of the transaction, the executive vice president now owns 570,632 shares of the company’s stock, valued at $117,361,883.44. This trade represents a 1.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michael Scarpelli sold 400,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total value of $82,144,000.00. Following the transaction, the chief financial officer now directly owns 292,610 shares of the company’s stock, valued at approximately $60,090,389.60. This trade represents a 57.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 849,779 shares of company stock worth $159,318,643 in the last quarter. 6.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Snowflake in the 4th quarter worth $988,950,000. GQG Partners LLC bought a new stake in shares of Snowflake in the 4th quarter worth $750,572,000. Nuveen LLC bought a new stake in shares of Snowflake in the 1st quarter worth $555,847,000. FMR LLC increased its holdings in shares of Snowflake by 84.9% in the 4th quarter. FMR LLC now owns 6,108,123 shares of the company’s stock worth $943,155,000 after purchasing an additional 2,805,425 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of Snowflake by 346.2% in the 1st quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company’s stock worth $456,430,000 after purchasing an additional 2,460,769 shares in the last quarter. Institutional investors own 65.10% of the company’s stock.

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.