Snowflake (NYSE:SNOW) Stock Price Expected to Rise, JMP Securities Analyst Says

Snowflake (NYSE:SNOW) had its price objective hoisted by equities researchers at JMP Securities from $245.00 to $260.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. JMP Securities’ price objective indicates a potential upside of 19.96% from the stock’s previous close.

Several other equities analysts also recently commented on SNOW. BTIG Research reiterated a “buy” rating on shares of Snowflake in a report on Thursday, May 22nd. Robert W. Baird raised their price objective on shares of Snowflake from $200.00 to $215.00 and gave the stock an “outperform” rating in a research note on Thursday, May 22nd. Loop Capital raised their price objective on shares of Snowflake from $220.00 to $245.00 and gave the stock a “buy” rating in a research note on Wednesday, June 4th. Cowen restated a “buy” rating on shares of Snowflake in a research note on Thursday, May 22nd. Finally, Macquarie raised their price objective on shares of Snowflake from $190.00 to $210.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 4th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have given a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, Snowflake has a consensus rating of “Moderate Buy” and a consensus price target of $226.73.

Snowflake Trading Up 2.4%

NYSE:SNOW opened at $216.74 on Friday. The stock’s 50 day moving average price is $207.75 and its 200 day moving average price is $179.06. Snowflake has a 52 week low of $107.13 and a 52 week high of $226.60. The company has a market capitalization of $72.36 billion, a P/E ratio of -51.48 and a beta of 1.22. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.22 by $0.02. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the company posted $0.14 earnings per share. The company’s revenue for the quarter was up 25.8% compared to the same quarter last year. On average, research analysts forecast that Snowflake will post -2.36 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $218.89, for a total transaction of $2,188,900.00. Following the completion of the sale, the executive vice president directly owned 547,336 shares of the company’s stock, valued at approximately $119,806,377.04. This represents a 1.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael L. Speiser sold 403 shares of the stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $221.47, for a total value of $89,252.41. Following the sale, the director directly owned 26,539 shares of the company’s stock, valued at approximately $5,877,592.33. The trade was a 1.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,718,258 shares of company stock valued at $589,762,906. Insiders own 6.80% of the company’s stock.

Institutional Trading of Snowflake

A number of large investors have recently bought and sold shares of SNOW. Vigilare Wealth Management acquired a new position in Snowflake during the 2nd quarter worth approximately $341,000. QTR Family Wealth LLC acquired a new position in Snowflake during the 2nd quarter worth approximately $263,000. Forza Wealth Management LLC acquired a new position in Snowflake during the 2nd quarter worth approximately $263,000. Victrix Investment Advisors boosted its position in Snowflake by 22.8% during the 2nd quarter. Victrix Investment Advisors now owns 4,265 shares of the company’s stock worth $954,000 after acquiring an additional 793 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management UK Ltd. boosted its position in Snowflake by 4.5% during the 2nd quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 11,500 shares of the company’s stock worth $2,573,000 after acquiring an additional 500 shares during the last quarter. 65.10% of the stock is owned by 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.