Mizuho Forecasts Strong Price Appreciation for Snowflake (NYSE:SNOW) Stock

Snowflake (NYSE:SNOW) had its price target hoisted by Mizuho from $165.00 to $195.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other research analysts have also weighed in on SNOW. JMP Securities reduced their target price on Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a report on Thursday, August 22nd. Wells Fargo & Company boosted their price objective on shares of Snowflake from $125.00 to $150.00 and gave the company an “equal weight” rating in a research note on Thursday. Wedbush increased their target price on shares of Snowflake from $130.00 to $160.00 and gave the stock a “neutral” rating in a research note on Thursday. UBS Group reduced their price target on shares of Snowflake from $155.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, September 24th. Finally, Needham & Company LLC boosted their price objective on Snowflake from $160.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $180.23.

Snowflake Trading Down 2.3 %

SNOW stock opened at $167.44 on Thursday. The stock has a market cap of $56.13 billion, a P/E ratio of -49.39 and a beta of 0.83. The stock’s fifty day simple moving average is $120.06 and its two-hundred day simple moving average is $128.00. Snowflake has a 1-year low of $107.13 and a 1-year high of $237.72.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The firm had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. Snowflake had a negative net margin of 33.02% and a negative return on equity of 22.01%. The company’s quarterly revenue was up 28.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.52) earnings per share. As a group, analysts forecast that Snowflake will post -2.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Snowflake news, insider Benoit Dageville sold 1,946 shares of Snowflake stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $222,602.94. Following the sale, the insider now directly owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. The trade was a 3.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total value of $1,811,550.00. Following the completion of the transaction, the executive vice president now owns 706,755 shares of the company’s stock, valued at approximately $85,354,801.35. The trade was a 2.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,538 shares of company stock valued at $7,061,544 over the last quarter. 7.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SNOW. ProShare Advisors LLC grew its holdings in Snowflake by 26.1% in the first quarter. ProShare Advisors LLC now owns 1,424 shares of the company’s stock worth $230,000 after purchasing an additional 295 shares during the period. Covestor Ltd increased its position in Snowflake by 25.0% during the 1st quarter. Covestor Ltd now owns 350 shares of the company’s stock valued at $57,000 after buying an additional 70 shares in the last quarter. O Shaughnessy Asset Management LLC raised its stake in Snowflake by 21.0% during the first quarter. O Shaughnessy Asset Management LLC now owns 12,634 shares of the company’s stock valued at $2,042,000 after buying an additional 2,191 shares during the last quarter. UniSuper Management Pty Ltd boosted its holdings in Snowflake by 100.0% in the first quarter. UniSuper Management Pty Ltd now owns 4,000 shares of the company’s stock worth $646,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in shares of Snowflake by 372.1% in the first quarter. Canada Pension Plan Investment Board now owns 226,153 shares of the company’s stock worth $36,546,000 after acquiring an additional 178,253 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors.

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.