Royal Bank of Canada Forecasts Strong Price Appreciation for Snowflake (NYSE:SNOW) Stock

Snowflake (NYSE:SNOW) had its price target increased by equities researchers at Royal Bank of Canada from $175.00 to $188.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 12.25% from the company’s current price.

Several other research analysts also recently commented on SNOW. Piper Sandler restated an “overweight” rating and set a $185.00 price objective (up from $165.00) on shares of Snowflake in a report on Thursday. Needham & Company LLC increased their price objective on shares of Snowflake from $160.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday. StockNews.com raised shares of Snowflake from a “sell” rating to a “hold” rating in a research note on Wednesday. Loop Capital dropped their target price on Snowflake from $225.00 to $185.00 and set a “buy” rating on the stock in a research report on Wednesday, August 21st. Finally, Monness Crespi & Hardt upped their price objective on Snowflake from $140.00 to $188.00 and gave the stock a “buy” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and an average target price of $180.23.

Snowflake Price Performance

Shares of NYSE SNOW opened at $167.48 on Thursday. Snowflake has a 1-year low of $107.13 and a 1-year high of $237.72. The business’s 50 day moving average is $120.06 and its two-hundred day moving average is $128.22.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative net margin of 33.02% and a negative return on equity of 22.01%. The business had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. During the same quarter last year, the firm earned ($0.52) earnings per share. The firm’s quarterly revenue was up 28.9% compared to the same quarter last year. On average, research analysts predict that Snowflake will post -2.41 EPS for the current year.

Insider Buying and Selling at Snowflake

In other news, insider Benoit Dageville sold 1,946 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $222,602.94. Following the sale, the insider now owns 53,820 shares of the company’s stock, valued at $6,156,469.80. This trade represents a 3.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Christian Kleinerman sold 30,000 shares of the stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $120.00, for a total transaction of $3,600,000.00. Following the sale, the executive vice president now directly owns 721,755 shares in the company, valued at $86,610,600. This trade represents a 3.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,538 shares of company stock worth $7,061,544. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently modified their holdings of the business. LRI Investments LLC boosted its position in Snowflake by 155.6% during the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after purchasing an additional 112 shares in the last quarter. Groupama Asset Managment purchased a new position in shares of Snowflake during the 3rd quarter valued at approximately $25,000. Wellington Shields Capital Management LLC acquired a new stake in Snowflake in the 2nd quarter valued at $27,000. V Square Quantitative Management LLC purchased a new stake in Snowflake in the 3rd quarter worth $30,000. Finally, Fortitude Family Office LLC acquired a new position in Snowflake during the third quarter worth $34,000. 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.