Snowflake (NYSE:SNOW) Price Target Raised to $188.00

Snowflake (NYSE:SNOW) had its price target raised by Royal Bank of Canada from $175.00 to $188.00 in a research report sent to investors on Thursday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Several other equities analysts have also commented on SNOW. Evercore ISI raised their target price on shares of Snowflake from $170.00 to $190.00 and gave the company an “outperform” rating in a report on Thursday. Bank of America lowered their price objective on shares of Snowflake from $200.00 to $160.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. DA Davidson reaffirmed a “buy” rating and issued a $175.00 target price on shares of Snowflake in a report on Thursday, October 3rd. Rosenblatt Securities reissued a “buy” rating and set a $180.00 price target on shares of Snowflake in a report on Tuesday, November 19th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $180.00 price objective on shares of Snowflake in a research note on Thursday. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-six have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $180.23.

Snowflake Price Performance

Shares of NYSE:SNOW opened at $167.44 on Thursday. The business’s 50 day simple moving average is $120.06 and its 200 day simple moving average is $128.00. Snowflake has a 1 year low of $107.13 and a 1 year high of $237.72. The company has a market capitalization of $56.13 billion, a P/E ratio of -49.39 and a beta of 0.83.

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

Insiders Place Their Bets

In other news, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the transaction, the executive vice president now owns 706,755 shares in the company, valued at approximately $85,354,801.35. This represents a 2.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frank Slootman sold 6,251 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $715,051.89. Following the completion of the sale, the director now owns 208,735 shares of the company’s stock, valued at approximately $23,877,196.65. This represents a 2.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,538 shares of company stock worth $7,061,544. Corporate insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of large investors have recently modified their holdings of SNOW. Comerica Bank increased its stake in Snowflake by 17.2% during the 1st quarter. Comerica Bank now owns 29,267 shares of the company’s stock valued at $4,729,000 after purchasing an additional 4,296 shares in the last quarter. DekaBank Deutsche Girozentrale grew its holdings in shares of Snowflake by 23.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock valued at $37,484,000 after buying an additional 43,062 shares during the last quarter. Cetera Investment Advisers increased its position in shares of Snowflake by 201.5% during the first quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock worth $10,292,000 after acquiring an additional 42,563 shares in the last quarter. LRI Investments LLC acquired a new stake in shares of Snowflake in the 1st quarter worth about $29,000. Finally, Fulton Bank N.A. lifted its position in Snowflake by 17.4% in the 2nd quarter. Fulton Bank N.A. now owns 1,538 shares of the company’s stock valued at $208,000 after acquiring an additional 228 shares in 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.