Snowflake (NYSE:SNOW) Stock Price Expected to Rise, Evercore ISI Analyst Says

Snowflake (NYSE:SNOW) had its price objective upped by Evercore ISI from $170.00 to $190.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Evercore ISI’s price objective points to a potential upside of 13.45% from the stock’s current price.

SNOW has been the subject of several other research reports. Canaccord Genuity Group reduced their price objective on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Needham & Company LLC increased their price objective on Snowflake from $160.00 to $200.00 and gave the company a “buy” rating in a report on Thursday. Jefferies Financial Group lowered their price objective on Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $180.00 target price on shares of Snowflake in a research report on Tuesday. Finally, Robert W. Baird lowered 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. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $180.23.

Snowflake Trading Down 2.3 %

Shares of NYSE SNOW opened at $167.48 on Thursday. Snowflake has a 12-month low of $107.13 and a 12-month high of $237.72. The stock’s fifty day simple moving average is $120.06 and its two-hundred day simple moving average is $128.22. The stock has a market capitalization of $56.14 billion, a PE ratio of -54.73 and a beta of 0.83.

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

Insider Buying and Selling

In related news, insider Benoit Dageville sold 287 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $111.41, for a total transaction of $31,974.67. Following the completion of the transaction, the insider now owns 53,250 shares of the company’s stock, valued at approximately $5,932,582.50. This trade represents a 0.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Frank Slootman sold 1,606 shares of the business’s stock in a transaction that occurred on 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 directly owns 218,246 shares in the company, valued at approximately $23,998,330.16. The trade was a 0.73 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,538 shares of company stock valued at $7,061,544. 7.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Snowflake

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