Snowflake (NYSE:SNOW) Price Target Raised to $245.00

Snowflake (NYSE:SNOW) had its price target increased by Loop Capital from $220.00 to $245.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms also recently issued reports on SNOW. Hsbc Global Res downgraded shares of Snowflake from a “hold” rating to a “strong sell” rating in a report on Thursday, May 22nd. Royal Bank of Canada boosted their price target on Snowflake from $236.00 to $250.00 and gave the company an “outperform” rating in a research note on Wednesday. Daiwa Capital Markets started coverage on Snowflake in a report on Tuesday, April 1st. They issued a “buy” rating and a $210.00 price objective for the company. Daiwa America raised Snowflake to a “strong-buy” rating in a report on Tuesday, April 1st. Finally, JMP Securities restated a “market outperform” rating and issued a $245.00 price target on shares of Snowflake in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, thirty-two have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $221.97.

Snowflake Stock Performance

Shares of SNOW stock opened at $210.78 on Wednesday. Snowflake has a 52 week low of $107.13 and a 52 week high of $214.83. The company has a market capitalization of $70.37 billion, a price-to-earnings ratio of -62.18 and a beta of 1.21. The company has a 50-day simple moving average of $169.37 and a 200 day simple moving average of $169.15. 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 earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the firm earned $0.14 earnings per share. The company’s revenue was up 25.8% on a year-over-year basis. On average, sell-side analysts predict that Snowflake will post -2.36 earnings per share for the current year.

Insider Activity

In other Snowflake news, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction on Friday, April 4th. The shares were sold at an average price of $129.25, for a total value of $52,087.75. Following the completion of the sale, the director now directly owns 26,375 shares of the company’s stock, valued at approximately $3,408,968.75. The trade was a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Christian Kleinerman sold 685 shares of Snowflake stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $147.24, for a total transaction of $100,859.40. Following the completion of the sale, the executive vice president now directly owns 622,611 shares of the company’s stock, valued at approximately $91,673,243.64. The trade was a 0.11% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 849,779 shares of company stock valued at $159,318,643. Company insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Hedge funds have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Snowflake during the 4th quarter valued at $988,950,000. GQG Partners LLC bought a new position in shares of Snowflake during the 4th quarter valued at approximately $750,572,000. Nuveen LLC bought a new stake in shares of Snowflake in the first quarter valued at $555,847,000. FMR LLC lifted its stake in shares of Snowflake by 84.9% during the 4th quarter. FMR LLC now owns 6,108,123 shares of the company’s stock valued at $943,155,000 after buying an additional 2,805,425 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Snowflake by 346.2% during the 1st quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company’s stock valued at $456,430,000 after purchasing an additional 2,460,769 shares during the period. Institutional investors and hedge funds 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.