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

Snowflake (NYSE:SNOW) had its price target raised by research analysts at KeyCorp from $150.00 to $185.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s price target suggests a potential upside of 43.28% from the company’s current price.

A number of other research firms have also recently commented on SNOW. Robert W. Baird decreased their price target on Snowflake from $200.00 to $165.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 20th. Citigroup dropped their target price on Snowflake from $200.00 to $183.00 and set a “buy” rating for the company in a research report on Monday. Stifel Nicolaus reduced their price target on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a research report on Monday, August 19th. Canaccord Genuity Group dropped their price objective on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Finally, JMP Securities decreased 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. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $175.79.

Snowflake Trading Down 0.9 %

NYSE SNOW opened at $129.12 on Thursday. The stock has a market cap of $43.28 billion, a PE ratio of -42.20 and a beta of 0.83. Snowflake has a twelve month low of $107.13 and a twelve month high of $237.72. The stock has a fifty day simple moving average of $117.82 and a 200-day simple moving average of $127.89.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The business had revenue of $868.80 million for the quarter, compared to the consensus estimate of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The business’s revenue was up 28.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.52) EPS. Research analysts predict that Snowflake will post -2.41 EPS for the current year.

Insider Activity at Snowflake

In related news, EVP Christian Kleinerman sold 30,000 shares of the stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $120.00, for a total transaction of $3,600,000.00. Following the sale, the executive vice president now owns 721,755 shares of the company’s stock, valued at $86,610,600. This trade represents a 3.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Slootman sold 1,606 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $176,595.76. Following the completion of the transaction, the director now owns 218,246 shares in the company, valued at approximately $23,998,330.16. This trade represents a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,538 shares of company stock worth $7,061,544 over the last three months. 7.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

Institutional investors have recently modified their holdings of the company. ProShare Advisors LLC raised its holdings in Snowflake by 26.1% in the 1st quarter. ProShare Advisors LLC now owns 1,424 shares of the company’s stock valued at $230,000 after acquiring an additional 295 shares during the last quarter. Covestor Ltd lifted its position in Snowflake by 25.0% during the first quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after buying an additional 70 shares during the period. O Shaughnessy Asset Management LLC grew its holdings in Snowflake by 21.0% in the 1st 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 period. UniSuper Management Pty Ltd lifted its holdings in shares of Snowflake by 100.0% during the 1st 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 during the period. Finally, Canada Pension Plan Investment Board boosted its holdings in Snowflake by 372.1% in the first quarter. Canada Pension Plan Investment Board now owns 226,153 shares of the company’s stock valued at $36,546,000 after acquiring an additional 178,253 shares during the last quarter. Institutional investors and hedge funds 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.