Snowflake (NYSE:SNOW) Stock Price Expected to Rise, DA Davidson Analyst Says

Snowflake (NYSE:SNOW) had its price target raised by equities researchers at DA Davidson from $200.00 to $250.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. DA Davidson’s price objective indicates a potential upside of 25.01% from the stock’s previous close.

Several other research firms have also issued reports on SNOW. Stifel Nicolaus raised their price target on Snowflake from $210.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday. Canaccord Genuity Group raised their target price on shares of Snowflake from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Jefferies Financial Group lifted their target price on shares of Snowflake from $190.00 to $220.00 and gave the stock a “buy” rating in a research note on Tuesday. Loop Capital upped their price target on shares of Snowflake from $205.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, February 27th. Finally, KeyCorp cut their price target on shares of Snowflake from $220.00 to $192.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, thirty-one have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and a consensus target price of $217.33.

Snowflake Price Performance

SNOW stock opened at $199.99 on Thursday. The firm has a market cap of $66.02 billion, a P/E ratio of -58.99 and a beta of 1.11. The firm’s fifty day moving average is $159.20 and its 200 day moving average is $163.56. Snowflake has a 52 week low of $107.13 and a 52 week high of $205.40. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.02. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The company’s revenue was up 25.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.14 earnings per share. Research analysts predict that Snowflake will post -2.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Michael L. Speiser sold 403 shares of the business’s stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $129.25, for a total value of $52,087.75. Following the sale, the director now directly owns 26,375 shares of the company’s stock, valued at $3,408,968.75. The trade was a 1.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $171.75, for a total value of $2,576,250.00. Following the transaction, the executive vice president now directly owns 594,975 shares of the company’s stock, valued at approximately $102,186,956.25. This trade represents a 2.46% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 356,963 shares of company stock worth $58,204,058. 7.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently modified their holdings of the stock. Asset Dedication LLC grew its position in Snowflake by 6.8% during the 4th quarter. Asset Dedication LLC now owns 922 shares of the company’s stock valued at $142,000 after purchasing an additional 59 shares during the last quarter. Quarry LP lifted its stake in shares of Snowflake by 9.8% in the fourth quarter. Quarry LP now owns 662 shares of the company’s stock worth $102,000 after buying an additional 59 shares in the last quarter. Ignite Planners LLC grew its holdings in shares of Snowflake by 2.3% during the first quarter. Ignite Planners LLC now owns 2,861 shares of the company’s stock valued at $418,000 after buying an additional 64 shares during the last quarter. Gabelli Funds LLC grew its holdings in shares of Snowflake by 3.3% during the fourth quarter. Gabelli Funds LLC now owns 2,050 shares of the company’s stock valued at $317,000 after buying an additional 65 shares during the last quarter. Finally, Archford Capital Strategies LLC increased its position in shares of Snowflake by 1.9% during the first quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company’s stock valued at $527,000 after acquiring an additional 68 shares in the last quarter. 65.10% of the stock is currently owned by 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.