Brokerages Set Snowflake Inc. (NYSE:SNOW) Target Price at $176.03

Snowflake Inc. (NYSE:SNOW) has earned an average rating of “Moderate Buy” from the thirty-seven research firms that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have assigned a buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $176.03.

SNOW has been the subject of a number of recent research reports. Morgan Stanley reaffirmed an “equal weight” rating and issued a $175.00 target price on shares of Snowflake in a research note on Thursday, August 22nd. Sanford C. Bernstein raised their target price on Snowflake from $171.00 to $185.00 and gave the stock a “market perform” rating in a research note on Thursday, May 23rd. Evercore ISI cut their target price on Snowflake from $225.00 to $170.00 and set an “outperform” rating for the company in a research note on Monday, August 19th. Wells Fargo & Company cut their target price on Snowflake from $130.00 to $125.00 and set an “equal weight” rating for the company in a research note on Thursday, August 22nd. Finally, Scotiabank cut their price objective on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 22nd.

Snowflake Price Performance

NYSE SNOW opened at $112.99 on Friday. The business has a fifty day moving average price of $124.07 and a 200 day moving average price of $143.55. Snowflake has a one year low of $107.13 and a one year high of $237.72.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The firm had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. During the same period in the prior year, the company earned ($0.52) EPS. The firm’s revenue was up 28.9% compared to the same quarter last year. On average, equities research analysts expect that Snowflake will post -2.42 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Emily Ho sold 3,845 shares of Snowflake stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $130.39, for a total value of $501,349.55. Following the completion of the transaction, the chief accounting officer now owns 30,613 shares in the company, valued at approximately $3,991,629.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Emily Ho sold 3,845 shares of the business’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $130.39, for a total transaction of $501,349.55. Following the completion of the sale, the chief accounting officer now owns 30,613 shares in the company, valued at $3,991,629.07. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Benoit Dageville sold 1,295 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $125.19, for a total value of $162,121.05. Following the sale, the insider now owns 58,791 shares of the company’s stock, valued at approximately $7,360,045.29. The disclosure for this sale can be found here. In the last quarter, insiders sold 512,262 shares of company stock worth $63,340,261. 7.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Snowflake

Several institutional investors have recently added to or reduced their stakes in SNOW. Accent Capital Management LLC purchased a new stake in Snowflake during the fourth quarter worth approximately $25,000. LRI Investments LLC increased 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 buying an additional 112 shares during the period. Wellington Shields Capital Management LLC acquired a new position in Snowflake during the second quarter worth approximately $27,000. Riverview Trust Co acquired a new position in Snowflake during the first quarter worth approximately $31,000. Finally, Hartford Financial Management Inc. acquired a new position in Snowflake during the first quarter worth approximately $32,000. 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.