Jefferies Financial Group Issues Positive Forecast for Snowflake (NYSE:SNOW) Stock Price

Snowflake (NYSE:SNOW) had its price objective upped by Jefferies Financial Group from $145.00 to $180.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research firms have also commented on SNOW. Piper Sandler restated an “overweight” rating and set a $185.00 price target (up from $165.00) on shares of Snowflake in a research report on Thursday. Robert W. Baird cut their price target on shares of Snowflake from $200.00 to $165.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 20th. Stifel Nicolaus lowered their price objective on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a research note on Monday, August 19th. HSBC upgraded shares of Snowflake from a “reduce” rating to a “hold” rating and lifted their price objective for the company from $119.00 to $121.00 in a report on Friday, August 23rd. Finally, StockNews.com upgraded shares of Snowflake from a “sell” rating to a “hold” rating in a research note on Wednesday. One equities research 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 company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $180.23.

Snowflake Trading Up 0.3 %

SNOW stock traded up $0.50 during midday trading on Thursday, hitting $171.85. 8,272,944 shares of the company’s stock were exchanged, compared to its average volume of 6,723,001. The stock has a market capitalization of $57.60 billion, a PE ratio of -55.90 and a beta of 0.83. Snowflake has a 1-year low of $107.13 and a 1-year high of $237.72. The business has a 50-day simple moving average of $118.98 and a two-hundred day simple moving average of $128.19.

Snowflake (NYSE:SNOW) last announced its quarterly 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. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The business had revenue of $868.80 million during the quarter, compared to analysts’ expectations of $851.72 million. During the same period last year, the business earned ($0.52) earnings per share. The business’s revenue for the quarter was up 28.9% on a year-over-year basis. As a group, research analysts expect that Snowflake will post -2.41 EPS for the current fiscal year.

Insider Transactions at Snowflake

In other Snowflake news, Director Frank Slootman sold 1,606 shares of the company’s stock in a transaction on 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 represents a 0.73 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 shares were sold at an average price of $111.41, for a total transaction of $31,974.67. Following the completion of the sale, the insider now directly owns 53,250 shares in the company, valued at approximately $5,932,582.50. The trade was a 0.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 59,538 shares of company stock worth $7,061,544. Company insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently added to or reduced their stakes in SNOW. LRI Investments LLC boosted its holdings in Snowflake by 155.6% during the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after buying an additional 112 shares in the last quarter. Groupama Asset Managment acquired a new position in shares of Snowflake in the third quarter worth $25,000. Wellington Shields Capital Management LLC purchased a new stake in shares of Snowflake in the second quarter valued at $27,000. V Square Quantitative Management LLC acquired a new stake in shares of Snowflake during the third quarter valued at $30,000. Finally, Fortitude Family Office LLC purchased a new stake in Snowflake during the 3rd quarter worth about $34,000. 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.