Snowflake (NYSE:SNOW) Price Target Raised to $408.00 at Citizens Jmp

Snowflake (NYSE:SNOW) had its price target boosted by stock analysts at Citizens Jmp from $325.00 to $408.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “market outperform” rating on the stock. Citizens Jmp’s target price points to a potential upside of 23.18% from the company’s current price.

Other equities analysts have also issued reports about the stock. Needham & Company LLC raised their target price on shares of Snowflake from $300.00 to $330.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Citigroup reaffirmed a “market outperform” rating on shares of Snowflake in a report on Tuesday. Royal Bank Of Canada increased their price target on shares of Snowflake from $313.00 to $372.00 and gave the stock an “outperform” rating in a research report on Friday. Barclays boosted their price objective on shares of Snowflake from $272.00 to $285.00 and gave the company an “equal weight” rating in a research report on Thursday, June 4th. Finally, Sanford C. Bernstein raised their target price on Snowflake from $195.00 to $250.00 and gave the company a “market perform” rating in a report on Thursday, May 28th. Thirty-four analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $309.70.

Snowflake Price Performance

Shares of NYSE SNOW opened at $331.23 on Tuesday. The business has a fifty day moving average price of $272.06 and a two-hundred day moving average price of $206.29. The stock has a market capitalization of $114.80 billion, a PE ratio of -94.10 and a beta of 1.33. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05. Snowflake has a fifty-two week low of $118.30 and a fifty-two week high of $341.95.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.07. The company 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%.Snowflake’s quarterly revenue was up 33.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.24 EPS. As a group, equities analysts predict that Snowflake will post -1.81 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In other news, Director Mark Garrett sold 100,000 shares of Snowflake stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $250.00, for a total transaction of $25,000,000.00. Following the sale, the director directly owned 8,801 shares of the company’s stock, valued at approximately $2,200,250. This trade represents a 91.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Frank Slootman sold 437,076 shares of Snowflake stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the sale, the director owned 38,046 shares in the company, valued at approximately $9,603,951.78. This represents a 91.99% decrease in their ownership of the stock. 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. Over the last three months, insiders sold 2,027,351 shares of company stock worth $509,659,117. 4.80% of the stock is currently owned by insiders.

Institutional Trading of Snowflake

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Jennison Associates LLC raised its position in shares of Snowflake by 27.7% in the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock worth $2,545,300,000 after acquiring an additional 2,519,413 shares in the last quarter. Swedbank AB grew its stake in Snowflake by 6.0% during the fourth quarter. Swedbank AB now owns 1,330,415 shares of the company’s stock worth $291,840,000 after purchasing an additional 75,419 shares during the period. Mitsubishi UFJ Trust & Banking Corp grew its stake in Snowflake by 8.2% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 144,234 shares of the company’s stock worth $31,639,000 after purchasing an additional 10,972 shares during the period. North Dakota State Investment Board bought a new stake in Snowflake in the fourth quarter worth approximately $3,495,000. Finally, Nippon Life Global Investors Americas Inc. increased its holdings in Snowflake by 1,052.2% in the fourth quarter. Nippon Life Global Investors Americas Inc. now owns 111,990 shares of the company’s stock worth $24,566,000 after purchasing an additional 102,270 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

About Snowflake

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.