Snowflake (NYSE:SNOW) Given New $270.00 Price Target at Wedbush

Snowflake (NYSE:SNOW) had its target price increased by Wedbush from $250.00 to $270.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other brokerages also recently commented on SNOW. JMP Securities reaffirmed a “market outperform” rating and set a $260.00 price objective on shares of Snowflake in a research note on Tuesday, August 26th. Oppenheimer reaffirmed an “outperform” rating and set a $295.00 price objective on shares of Snowflake in a research note on Friday. Barclays upped their price objective on shares of Snowflake from $219.00 to $255.00 and gave the company an “overweight” rating in a research note on Thursday, August 28th. Morgan Stanley boosted their price target on shares of Snowflake from $262.00 to $272.00 and gave the company an “overweight” rating in a research report on Thursday, August 28th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $250.00 price target on shares of Snowflake in a research report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, Snowflake has an average rating of “Moderate Buy” and an average price target of $257.24.

Snowflake Stock Performance

Shares of NYSE:SNOW opened at $245.74 on Monday. The company has a market cap of $83.26 billion, a price-to-earnings ratio of -59.21 and a beta of 1.21. The company has a 50-day moving average price of $223.46 and a 200-day moving average price of $203.20. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96. Snowflake has a 12 month low of $113.23 and a 12 month high of $255.39.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The company’s quarterly revenue was up 31.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.18 earnings per share. As a group, equities analysts anticipate that Snowflake will post -2.36 EPS for the current year.

Insiders Place Their Bets

In other Snowflake news, Director Frank Slootman sold 7,551 shares of the company’s stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $221.24, for a total value of $1,670,583.24. Following the sale, the director owned 153,226 shares in the company, valued at approximately $33,899,720.24. This represents a 4.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael L. Speiser sold 2,976 shares of the company’s stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $236.01, for a total transaction of $702,365.76. Following the completion of the sale, the director owned 34,436 shares in the company, valued at approximately $8,127,240.36. This trade represents a 7.95% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,182,434 shares of company stock valued at $270,280,661. Insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Hedge funds and other institutional investors have recently bought and sold shares of the business. Capital Advantage Inc. increased its stake in Snowflake by 1.1% in the 2nd quarter. Capital Advantage Inc. now owns 4,412 shares of the company’s stock valued at $987,000 after buying an additional 48 shares during the period. Wedbush Securities Inc. increased its stake in Snowflake by 1.3% in the 2nd quarter. Wedbush Securities Inc. now owns 3,717 shares of the company’s stock valued at $832,000 after buying an additional 48 shares during the period. Avion Wealth increased its stake in Snowflake by 76.6% in the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after buying an additional 49 shares during the period. Insigneo Advisory Services LLC increased its stake in Snowflake by 1.3% in the 2nd quarter. Insigneo Advisory Services LLC now owns 4,003 shares of the company’s stock valued at $896,000 after buying an additional 52 shares during the period. Finally, Advyzon Investment Management LLC increased its stake in Snowflake by 3.8% in the 2nd quarter. Advyzon Investment Management LLC now owns 1,520 shares of the company’s stock valued at $340,000 after buying an additional 55 shares during the period. Hedge funds and other 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.