Snowflake (NYSE:SNOW) Price Target Raised to $235.00

Snowflake (NYSE:SNOW) had its price target boosted by Mizuho from $215.00 to $235.00 in a research note published on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities research analysts have also weighed in on SNOW. Bank of America boosted their price target on Snowflake from $172.00 to $220.00 and gave the stock a “neutral” rating in a research note on Thursday, May 22nd. Monness Crespi & Hardt lifted their price objective on shares of Snowflake from $230.00 to $245.00 and gave the stock a “buy” rating in a research note on Thursday, May 22nd. Sanford C. Bernstein reissued a “market perform” rating on shares of Snowflake in a research report on Thursday, May 22nd. Cantor Fitzgerald lifted their price target on Snowflake from $183.00 to $242.00 and gave the stock an “overweight” rating in a research report on Thursday, May 22nd. Finally, Wall Street Zen upgraded Snowflake from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, thirty-two have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $221.97.

Snowflake Price Performance

SNOW opened at $210.78 on Wednesday. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. The business’s fifty day simple moving average is $169.37 and its 200-day simple moving average is $169.15. The company has a market capitalization of $70.37 billion, a price-to-earnings ratio of -62.18 and a beta of 1.21. Snowflake has a 12-month low of $107.13 and a 12-month high of $214.83.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. Snowflake’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.14 earnings per share. On average, equities research analysts anticipate that Snowflake will post -2.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $205.67, for a total value of $2,056,700.00. Following the transaction, the executive vice president now directly owns 570,632 shares in the company, valued at $117,361,883.44. The trade was a 1.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Michael Scarpelli sold 400,000 shares of the business’s stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the completion of the sale, the chief financial officer now owns 292,610 shares in the company, valued at approximately $60,090,389.60. This trade represents a 57.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 849,779 shares of company stock worth $159,318,643. Insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Hedge funds have recently made changes to their positions in the stock. Inspire Investing LLC raised its position in Snowflake by 23.4% in the first quarter. Inspire Investing LLC now owns 2,066 shares of the company’s stock valued at $302,000 after purchasing an additional 392 shares during the period. Strs Ohio purchased a new stake in shares of Snowflake in the 1st quarter valued at $10,209,000. SWS Partners lifted its stake in Snowflake by 2.5% during the 1st quarter. SWS Partners now owns 20,683 shares of the company’s stock worth $3,023,000 after acquiring an additional 507 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in Snowflake by 29.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 319 shares of the company’s stock valued at $47,000 after acquiring an additional 73 shares during the period. Finally, IFM Investors Pty Ltd increased its stake in Snowflake by 0.5% during the first quarter. IFM Investors Pty Ltd now owns 54,020 shares of the company’s stock worth $7,896,000 after purchasing an additional 274 shares during the period. Hedge funds and other institutional investors 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.