Snowflake (NYSE:SNOW) Price Target Raised to $188.00

Snowflake (NYSE:SNOW) had its price objective increased by Monness Crespi & Hardt from $140.00 to $188.00 in a research note issued to investors on Thursday morning, Marketbeat reports. They currently have a buy rating on the stock.

A number of other research firms have also weighed in on SNOW. UBS Group cut their target price on shares of Snowflake from $155.00 to $125.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 24th. Piper Sandler restated an “overweight” rating and set a $165.00 price objective on shares of Snowflake in a report on Thursday, August 22nd. Robert W. Baird reduced their price target on Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a report on Tuesday, August 20th. Hsbc Global Res raised shares of Snowflake from a “moderate sell” rating to a “hold” rating in a research note on Friday, August 23rd. Finally, DA Davidson reissued a “buy” rating and issued a $175.00 price target on shares of Snowflake in a research report on Thursday, October 3rd. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $180.23.

Snowflake Price Performance

Shares of NYSE SNOW traded up $3.48 during midday trading on Thursday, reaching $174.83. 5,931,148 shares of the stock traded hands, compared to its average volume of 6,712,685. The stock has a market capitalization of $58.60 billion, a PE ratio of -55.90 and a beta of 0.83. Snowflake has a one year low of $107.13 and a one year high of $237.72. The company’s 50 day moving average is $118.98 and its 200 day moving average is $128.19.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. The firm had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The business’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.52) earnings per share. As a group, equities analysts forecast that Snowflake will post -2.41 EPS for the current year.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Frank Slootman sold 1,606 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the sale, the director now owns 218,246 shares of the company’s stock, valued at $23,998,330.16. This trade represents a 0.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Christian Kleinerman sold 30,000 shares of the company’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $120.00, for a total value of $3,600,000.00. Following the completion of the transaction, the executive vice president now directly owns 721,755 shares in the company, valued at approximately $86,610,600. The trade was a 3.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,538 shares of company stock worth $7,061,544 over the last 90 days. Company insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Large investors have recently made changes to their positions in the company. LRI Investments LLC acquired a new stake in shares of Snowflake in the first quarter valued at approximately $29,000. Wellington Shields Capital Management LLC acquired a new position in Snowflake in the 2nd quarter valued at approximately $27,000. Groupama Asset Managment bought a new stake in Snowflake during the third quarter worth approximately $25,000. V Square Quantitative Management LLC bought a new stake in Snowflake in the 3rd quarter valued at $30,000. Finally, Global Financial Private Client LLC acquired a new position in Snowflake in the first quarter worth $44,000. 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.