Bank of America Raises Snowflake (NYSE:SNOW) Price Target to $310.00

Snowflake (NYSE:SNOW) had its price target upped by equities research analysts at Bank of America from $280.00 to $310.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s target price would suggest a potential upside of 20.44% from the company’s previous close.

A number of other brokerages have also issued reports on SNOW. Robert W. Baird raised their target price on Snowflake from $215.00 to $260.00 and gave the stock an “outperform” rating in a research note on Thursday, August 28th. Canaccord Genuity Group increased their price target on shares of Snowflake from $220.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Jefferies Financial Group lifted their price objective on shares of Snowflake from $250.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Rosenblatt Securities reiterated a “buy” rating and issued a $250.00 price objective on shares of Snowflake in a research note on Friday, October 17th. Finally, Evercore ISI boosted their target price on shares of Snowflake from $240.00 to $280.00 and gave the company an “outperform” rating in a research report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and a consensus target price of $262.39.

Snowflake Stock Up 0.2%

SNOW stock opened at $257.40 on Monday. The stock has a market capitalization of $87.21 billion, a PE ratio of -62.02 and a beta of 1.23. Snowflake has a 52 week low of $120.10 and a 52 week high of $280.67. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The firm has a 50 day moving average of $244.05 and a 200 day moving average of $219.26.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.08. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same quarter in the prior year, the business posted $0.18 EPS. Snowflake’s revenue for the quarter was up 31.8% compared to the same quarter last year. Sell-side analysts forecast that Snowflake will post -2.36 earnings per share for the current year.

Insider Activity at Snowflake

In other news, SVP Vivek Raghunathan sold 11,801 shares of the stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the sale, the senior vice president directly owned 241,854 shares of the company’s stock, valued at $53,986,649.88. This represents a 4.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $277.73, for a total value of $2,777,300.00. Following the sale, the executive vice president owned 522,450 shares in the company, valued at $145,100,038.50. This trade represents a 1.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 931,388 shares of company stock worth $216,578,628. 6.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Snowflake

Hedge funds have recently bought and sold shares of the business. Trust Co. of Toledo NA OH purchased a new stake in shares of Snowflake in the second quarter valued at approximately $25,000. Avion Wealth grew its stake in Snowflake by 76.6% in the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after acquiring an additional 49 shares during the period. Grey Fox Wealth Advisors LLC acquired a new stake in Snowflake in the 3rd quarter valued at $25,000. Tripletail Wealth Management LLC purchased a new stake in Snowflake in the 3rd quarter worth $28,000. Finally, Rossby Financial LCC raised its position in Snowflake by 4,233.3% during the second quarter. Rossby Financial LCC now owns 130 shares of the company’s stock worth $29,000 after acquiring an additional 127 shares during the period. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Company Profile

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.