Analysts Set Snowflake Inc. (NYSE:SNOW) Price Target at $296.68

Snowflake Inc. (NYSE:SNOW) has received an average rating of “Moderate Buy” from the forty analysts that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirty-four have given a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $303.8378.

Several research analysts have issued reports on SNOW shares. Oppenheimer lifted their price target on shares of Snowflake from $295.00 to $400.00 and gave the stock an “outperform” rating in a research report on Wednesday. UBS Group reiterated a “buy” rating on shares of Snowflake in a research report on Monday, June 22nd. Weiss Ratings cut Snowflake from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 11th. Wedbush boosted their price objective on Snowflake from $270.00 to $280.00 and gave the stock an “outperform” rating in a report on Thursday, May 28th. Finally, The Goldman Sachs Group upped their price objective on shares of Snowflake from $216.00 to $278.00 and gave the company a “buy” rating in a research note on Thursday, May 28th.

Snowflake Price Performance

NYSE:SNOW opened at $338.62 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18. The business’s 50-day moving average price is $268.43 and its 200 day moving average price is $204.63. Snowflake has a 52-week low of $118.30 and a 52-week high of $341.95. The firm has a market cap of $117.37 billion, a P/E ratio of -96.20 and a beta of 1.33.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.07. The company had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.32 billion. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. Snowflake’s revenue was up 33.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.24 EPS. As a group, sell-side analysts predict that Snowflake will post -1.84 earnings per share for the current fiscal year.

Insider Activity

In other Snowflake news, Director Frank Slootman sold 10,315 shares of the business’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $275.10, for a total transaction of $2,837,656.50. Following the sale, the director directly owned 28,535 shares of the company’s stock, valued at $7,849,978.50. The trade was a 26.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christian Kleinerman sold 25,000 shares of the stock in a transaction on Friday, August 7th. The shares were sold at an average price of $325.00, for a total value of $8,125,000.00. Following the completion of the sale, the executive vice president owned 340,379 shares of the company’s stock, valued at $110,623,175. The trade was a 6.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 2,172,001 shares of company stock worth $535,037,959 over the last three months. 4.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Snowflake by 5.1% during the 4th quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock worth $6,601,790,000 after acquiring an additional 1,448,094 shares during the period. Jennison Associates LLC lifted its position in shares of Snowflake by 27.7% in the fourth quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock worth $2,545,300,000 after purchasing an additional 2,519,413 shares in the last quarter. Nuveen LLC lifted its position in shares of Snowflake by 2.3% in the fourth quarter. Nuveen LLC now owns 5,277,851 shares of the company’s stock worth $1,157,749,000 after purchasing an additional 116,521 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Snowflake by 5.5% during the fourth quarter. Geode Capital Management LLC now owns 4,809,689 shares of the company’s stock worth $1,052,195,000 after purchasing an additional 249,668 shares during the period. Finally, Norges Bank acquired a new stake in shares of Snowflake during the fourth quarter worth approximately $974,091,000. 65.10% of the stock is owned by institutional investors and hedge funds.

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.