Snowflake (NYSE:SNOW) Price Target Raised to $160.00

Snowflake (NYSE:SNOW) had its target price increased by Wedbush from $130.00 to $160.00 in a report issued on Thursday,Benzinga reports. Wedbush currently has a neutral rating on the stock.

A number of other analysts have also recently weighed in on SNOW. Robert W. Baird reduced their target price on shares of Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a report on Tuesday, August 20th. JMP Securities reduced their price objective on Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a research note on Thursday, August 22nd. Royal Bank of Canada boosted their target price on Snowflake from $175.00 to $188.00 and gave the stock an “outperform” rating in a research report on Thursday. Canaccord Genuity Group decreased their price target on Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Finally, Wells Fargo & Company boosted their price objective on Snowflake from $125.00 to $150.00 and gave the stock an “equal weight” rating in a report on Thursday. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-six have issued a buy rating to the company’s stock. According to data from MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and an average price target of $180.23.

Snowflake Stock Down 2.3 %

Shares of Snowflake stock opened at $167.44 on Thursday. The business has a fifty day simple moving average of $120.06 and a 200-day simple moving average of $128.00. The firm has a market cap of $56.13 billion, a price-to-earnings ratio of -49.39 and a beta of 0.83. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $237.72.

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

Insider Transactions at Snowflake

In related news, Director Frank Slootman sold 1,606 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 218,246 shares in the company, valued at approximately $23,998,330.16. This trade represents a 0.73 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Benoit Dageville sold 1,946 shares of the business’s 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 directly owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. This represents a 3.49 % decrease in their position. 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. 7.80% of the stock is owned by corporate insiders.

Institutional Trading of Snowflake

Several hedge funds have recently added to or reduced their stakes in the business. LRI Investments LLC lifted its holdings in shares of 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 last quarter. Groupama Asset Managment acquired a new position in Snowflake during the 3rd quarter valued at $25,000. Wellington Shields Capital Management LLC bought a new stake in Snowflake in the 2nd quarter valued at $27,000. V Square Quantitative Management LLC acquired a new stake in Snowflake in the 3rd quarter worth $30,000. Finally, Fortitude Family Office LLC acquired a new stake in Snowflake in the 3rd quarter worth $34,000. 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.