Snowflake (NYSE:SNOW) Price Target Raised to $200.00

Snowflake (NYSE:SNOW) had its price target hoisted by Needham & Company LLC from $160.00 to $200.00 in a research report released on Thursday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Other equities analysts also recently issued research reports about the stock. Wells Fargo & Company dropped their price target on shares of Snowflake from $130.00 to $125.00 and set an “equal weight” rating for the company in a research note on Thursday, August 22nd. Wedbush raised Snowflake to a “hold” rating in a research report on Thursday, October 17th. Jefferies Financial Group reduced their price target on Snowflake from $160.00 to $145.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Bank of America lowered their price objective on Snowflake from $200.00 to $160.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Finally, Scotiabank reduced their target price on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-six have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $180.23.

Snowflake Stock Down 2.3 %

Shares of SNOW opened at $167.44 on Thursday. The stock has a market cap of $56.13 billion, a PE ratio of -49.39 and a beta of 0.83. Snowflake has a 12-month low of $107.13 and a 12-month high of $237.72. The business has a 50-day simple moving average of $120.06 and a two-hundred day simple moving average of $128.00.

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

Insider Transactions at Snowflake

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

Hedge Funds Weigh In On Snowflake

Hedge funds and other institutional investors have recently made changes to their positions in the stock. ProShare Advisors LLC raised its position 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 acquiring an additional 295 shares during the period. Covestor Ltd increased its stake in shares of Snowflake by 25.0% during the 1st quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after purchasing an additional 70 shares during the last quarter. O Shaughnessy Asset Management LLC raised its holdings in shares of Snowflake by 21.0% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 12,634 shares of the company’s stock worth $2,042,000 after purchasing an additional 2,191 shares during the period. UniSuper Management Pty Ltd raised its holdings in shares of Snowflake by 100.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 4,000 shares of the company’s stock worth $646,000 after purchasing an additional 2,000 shares during the period. Finally, Canada Pension Plan Investment Board lifted its stake 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 purchasing an additional 178,253 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other 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.