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

Snowflake (NYSE:SNOW) had its price objective raised by Royal Bank of Canada from $175.00 to $188.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 11.68% from the company’s current price.

A number of other research analysts have also recently issued reports on SNOW. Jefferies Financial Group lifted their price target on Snowflake from $145.00 to $180.00 and gave the company a “buy” rating in a report on Thursday. Oppenheimer reaffirmed an “outperform” rating and issued a $180.00 price target on shares of Snowflake in a report on Thursday. Argus assumed coverage on Snowflake in a report on Tuesday, October 1st. They issued a “hold” rating for the company. KeyCorp lifted their price target on Snowflake from $150.00 to $185.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $185.00 price target (up from $165.00) on shares of Snowflake in a report on Thursday. 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $178.62.

Snowflake Trading Up 30.4 %

SNOW stock traded up $39.22 during midday trading on Thursday, hitting $168.34. The stock had a trading volume of 20,829,176 shares, compared to its average volume of 6,564,407. The firm has a market capitalization of $56.43 billion, a price-to-earnings ratio of -55.14 and a beta of 0.83. The stock has a 50-day simple moving average of $117.82 and a 200 day simple moving average of $127.89. Snowflake has a 52 week low of $107.13 and a 52 week high of $237.72.

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

Insider Buying and Selling at Snowflake

In other Snowflake news, insider Benoit Dageville sold 1,946 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $222,602.94. Following the transaction, the insider now owns 53,820 shares in the company, valued at $6,156,469.80. This trade represents a 3.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Christian Kleinerman sold 558 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $61,357.68. Following the transaction, the executive vice president now owns 759,473 shares in the company, valued at $83,511,651.08. The trade was a 0.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,538 shares of company stock valued at $7,061,544 in the last quarter. 7.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SNOW. ProShare Advisors LLC boosted its stake in shares of Snowflake by 26.1% during the first quarter. ProShare Advisors LLC now owns 1,424 shares of the company’s stock valued at $230,000 after purchasing an additional 295 shares in the last quarter. Covestor Ltd boosted its stake in shares of Snowflake by 25.0% during the first quarter. Covestor Ltd now owns 350 shares of the company’s stock valued at $57,000 after purchasing an additional 70 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its stake in shares of Snowflake by 21.0% during the first quarter. O Shaughnessy Asset Management LLC now owns 12,634 shares of the company’s stock valued at $2,042,000 after purchasing an additional 2,191 shares in the last quarter. UniSuper Management Pty Ltd boosted its stake in shares of Snowflake by 100.0% during the first quarter. UniSuper Management Pty Ltd now owns 4,000 shares of the company’s stock valued at $646,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in shares of Snowflake by 372.1% during the first quarter. Canada Pension Plan Investment Board now owns 226,153 shares of the company’s stock valued at $36,546,000 after purchasing an additional 178,253 shares in the last quarter. 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.