Snowflake (NYSE:SNOW) Given New $160.00 Price Target at Wedbush

Snowflake (NYSE:SNOW) had its price target lifted by analysts at Wedbush from $130.00 to $160.00 in a report released on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Wedbush’s target price suggests a potential downside of 5.72% from the company’s current price.

A number of other brokerages have also weighed in on SNOW. TD Cowen raised their target price on Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday. Monness Crespi & Hardt raised their target price on Snowflake from $140.00 to $188.00 and gave the company a “buy” rating in a research note on Thursday. JMP Securities lowered their target price on Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a research note on Thursday, August 22nd. Evercore ISI raised their target price on Snowflake from $170.00 to $190.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Citigroup decreased their price target on Snowflake from $200.00 to $183.00 and set a “buy” rating on the stock in a report on Monday. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and a consensus target price of $180.23.

Snowflake Stock Performance

Shares of SNOW traded up $40.58 during mid-day trading on Thursday, hitting $169.70. The company’s stock had a trading volume of 35,581,461 shares, compared to its average volume of 6,629,683. The stock’s 50-day moving average is $117.82 and its two-hundred day moving average is $127.89. The firm has a market capitalization of $56.88 billion, a PE ratio of -55.09 and a beta of 0.83. Snowflake has a one year low of $107.13 and a one year high of $237.72.

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, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The firm had revenue of $868.80 million during the quarter, compared to analyst estimates of $851.72 million. During the same period in the prior year, the company posted ($0.52) earnings per share. The business’s revenue for the quarter was up 28.9% compared to the same quarter last year. Analysts expect that Snowflake will post -2.41 EPS for the current fiscal year.

Insider Buying and Selling

In other Snowflake news, EVP Christian Kleinerman sold 30,000 shares of the stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $120.00, for a total value of $3,600,000.00. Following the completion of the sale, the executive vice president now directly owns 721,755 shares in the company, valued at approximately $86,610,600. This trade represents a 3.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Benoit Dageville sold 287 shares of Snowflake stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $111.41, for a total value of $31,974.67. Following the sale, the insider now directly owns 53,250 shares of the company’s stock, valued at $5,932,582.50. This trade represents a 0.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,538 shares of company stock worth $7,061,544 in the last three months. 7.80% of the stock is owned by insiders.

Institutional Trading of Snowflake

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Covestor Ltd increased its position in shares of Snowflake by 25.0% during the first quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after purchasing an additional 70 shares in the last quarter. Modus Advisors LLC boosted its stake in Snowflake by 3.9% during the third quarter. Modus Advisors LLC now owns 2,491 shares of the company’s stock worth $286,000 after buying an additional 94 shares during the last quarter. Catalyst Private Wealth LLC boosted its stake in Snowflake by 3.2% during the third quarter. Catalyst Private Wealth LLC now owns 3,329 shares of the company’s stock worth $382,000 after buying an additional 104 shares during the last quarter. Iron Gate Global Advisors LLC boosted its stake in Snowflake by 0.9% during the first quarter. Iron Gate Global Advisors LLC now owns 11,666 shares of the company’s stock worth $1,878,000 after buying an additional 105 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in Snowflake by 30.3% during the first quarter. EverSource Wealth Advisors LLC now owns 465 shares of the company’s stock worth $72,000 after buying an additional 108 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

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.