Robert W. Baird Issues Positive Forecast for Snowflake (NYSE:SNOW) Stock Price

Snowflake (NYSE:SNOW) had its price target lifted by equities research analysts at Robert W. Baird from $280.00 to $350.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s price objective suggests a potential upside of 8.35% from the stock’s previous close.

Several other research analysts have also recently weighed in on the stock. Citizens Jmp upped their price objective on shares of Snowflake from $325.00 to $408.00 and gave the stock a “market outperform” rating in a research report on Tuesday, August 18th. JPMorgan Chase & Co. boosted their price target on shares of Snowflake from $245.00 to $285.00 and gave the stock an “overweight” rating in a research note on Thursday, May 28th. Mizuho increased their price target on shares of Snowflake from $295.00 to $355.00 and gave the stock an “outperform” rating in a report on Wednesday, August 19th. Raymond James Financial reiterated an “outperform” rating and issued a $275.00 target price on shares of Snowflake in a research report on Thursday, May 28th. Finally, Sanford C. Bernstein raised their price target on Snowflake from $195.00 to $250.00 and gave the company a “market perform” rating in a research report on Thursday, May 28th. Thirty-four research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $322.81.

Snowflake Price Performance

NYSE:SNOW opened at $323.03 on Tuesday. Snowflake has a 52-week low of $118.30 and a 52-week high of $341.95. The stock has a fifty day moving average of $280.74 and a 200 day moving average of $210.90. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $111.96 billion, a price-to-earnings ratio of -91.77 and a beta of 1.33.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.07. The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The company’s quarterly revenue was up 33.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.24 EPS. On average, research analysts expect that Snowflake will post -1.81 EPS for the current fiscal year.

Insiders Place Their Bets

In other Snowflake news, EVP Christian Kleinerman sold 25,000 shares of the company’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $325.00, for a total transaction of $8,125,000.00. Following the completion of the sale, the executive vice president directly owned 340,379 shares in the company, valued at $110,623,175. This represents a 6.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael L. Speiser sold 403 shares of the firm’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $324.06, for a total value of $130,596.18. Following the transaction, the director directly owned 22,573 shares in the company, valued at $7,315,006.38. This trade represents a 1.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 2,272,001 shares of company stock valued at $597,315,032 over the last three months. Insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Large investors have recently bought and sold shares of the stock. California State Teachers Retirement System lifted its holdings in Snowflake by 25,944.6% in the 2nd quarter. California State Teachers Retirement System now owns 127,340,602 shares of the company’s stock worth $32,408,183,000 after buying an additional 126,851,670 shares during the period. Norges Bank bought a new stake in shares of Snowflake in the 4th quarter worth approximately $974,091,000. Jennison Associates LLC increased its stake in shares of Snowflake by 27.7% during the fourth quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock valued at $2,545,300,000 after buying an additional 2,519,413 shares during the period. Jericho Capital Asset Management L.P. purchased a new position in shares of Snowflake during the fourth quarter valued at approximately $345,619,000. Finally, William Blair Investment Management LLC raised its holdings in shares of Snowflake by 159.9% during the fourth quarter. William Blair Investment Management LLC now owns 1,346,998 shares of the company’s stock valued at $295,477,000 after acquiring an additional 828,789 shares in the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Company Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.