Needham & Company LLC Forecasts Strong Price Appreciation for Snowflake (NYSE:SNOW) Stock

Snowflake (NYSE:SNOW) had its target price lifted by stock analysts at Needham & Company LLC from $160.00 to $200.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 54.89% from the stock’s previous close.

Several other equities research analysts have also recently commented on SNOW. Piper Sandler reaffirmed an “overweight” rating and issued a $165.00 price objective on shares of Snowflake in a research report on Thursday, August 22nd. Citigroup cut their price target on shares of Snowflake from $200.00 to $183.00 and set a “buy” rating for the company in a research note on Monday. TD Cowen decreased their target price on Snowflake from $230.00 to $180.00 and set a “buy” rating on the stock in a report on Monday, August 19th. Canaccord Genuity Group cut their price objective on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Finally, Bank of America decreased their target price on Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $175.79.

Snowflake Stock Down 0.9 %

SNOW stock opened at $129.12 on Thursday. Snowflake has a twelve month low of $107.13 and a twelve month high of $237.72. The company has a market cap of $43.28 billion, a P/E ratio of -42.20 and a beta of 0.83. The business’s fifty day moving average is $117.82 and its 200-day moving average is $127.89.

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

Insider Buying and Selling

In other news, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the completion of the transaction, the executive vice president now directly owns 706,755 shares in the company, valued at $85,354,801.35. This trade represents a 2.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank Slootman sold 1,606 shares of the company’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 owns 218,246 shares in the company, valued at $23,998,330.16. The trade was a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,538 shares of company stock worth $7,061,544 in the last ninety days. Company insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SNOW. Comerica Bank grew its position in shares of Snowflake by 17.2% during the 1st quarter. Comerica Bank now owns 29,267 shares of the company’s stock worth $4,729,000 after buying an additional 4,296 shares during the period. DekaBank Deutsche Girozentrale increased its stake in Snowflake by 23.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock valued at $37,484,000 after purchasing an additional 43,062 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of Snowflake by 201.5% during the first quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock valued at $10,292,000 after purchasing an additional 42,563 shares during the period. LRI Investments LLC bought a new position in shares of Snowflake during the 1st quarter worth about $29,000. Finally, Fulton Bank N.A. grew its stake in shares of Snowflake by 17.4% in the 2nd quarter. Fulton Bank N.A. now owns 1,538 shares of the company’s stock valued at $208,000 after buying an additional 228 shares during the period. 65.10% of the stock is owned by institutional investors.

Snowflake Company Profile

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.