BTIG Research Forecasts Strong Price Appreciation for Snowflake (NYSE:SNOW) Stock

Snowflake (NYSE:SNOW) had its price objective boosted by BTIG Research from $276.00 to $312.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. BTIG Research’s price target would indicate a potential upside of 15.06% from the stock’s current price.

A number of other analysts also recently issued reports on SNOW. Royal Bank Of Canada raised their target price on Snowflake from $250.00 to $275.00 and gave the stock an “outperform” rating in a research note on Thursday, August 28th. Cantor Fitzgerald upped their price objective on shares of Snowflake from $242.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. Wedbush lifted their target price on shares of Snowflake from $250.00 to $270.00 and gave the stock an “outperform” rating in a research note on Monday, October 20th. Truist Financial boosted their target price on shares of Snowflake from $235.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Finally, Needham & Company LLC raised their price target on shares of Snowflake from $230.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and a consensus target price of $259.89.

Snowflake Trading Up 1.0%

Shares of Snowflake stock opened at $271.16 on Wednesday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. The stock’s 50 day simple moving average is $241.91 and its 200-day simple moving average is $217.11. The stock has a market cap of $91.87 billion, a P/E ratio of -65.34 and a beta of 1.23. Snowflake has a 1-year low of $120.10 and a 1-year high of $280.67.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The firm had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same quarter last year, the firm earned $0.18 earnings per share. The business’s revenue for the quarter was up 31.8% on a year-over-year basis. Analysts predict that Snowflake will post -2.36 EPS for the current fiscal year.

Insider Activity

In related news, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $257.29, for a total value of $103,687.87. Following the completion of the sale, the director owned 24,927 shares in the company, valued at approximately $6,413,467.83. This trade represents a 1.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Vivek Raghunathan sold 11,801 shares of the company’s stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total value of $2,634,219.22. Following the transaction, the senior vice president owned 241,854 shares in the company, valued at $53,986,649.88. This trade represents a 4.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 931,388 shares of company stock valued at $216,578,628. Company insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

A number of institutional investors have recently modified their holdings of SNOW. Trust Co. of Toledo NA OH purchased a new position in Snowflake during the 2nd quarter valued at about $25,000. Avion Wealth increased its stake in Snowflake by 76.6% during the second quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after purchasing an additional 49 shares during the period. Grey Fox Wealth Advisors LLC acquired a new stake in shares of Snowflake during the third quarter worth about $25,000. Tripletail Wealth Management LLC purchased a new position in shares of Snowflake in the third quarter valued at approximately $28,000. Finally, Rossby Financial LCC grew its holdings in shares of Snowflake by 4,233.3% in the second quarter. Rossby Financial LCC now owns 130 shares of the company’s stock valued at $29,000 after purchasing an additional 127 shares in the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

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.