Snowflake (NYSE:SNOW) Price Target Raised to $150.00

Snowflake (NYSE:SNOW) had its price objective boosted by Wells Fargo & Company from $125.00 to $150.00 in a research note issued to investors on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Other research analysts have also issued reports about the stock. Piper Sandler reissued an “overweight” rating and issued a $185.00 target price (up from $165.00) on shares of Snowflake in a research note on Thursday. Evercore ISI reduced their price objective on Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. DA Davidson restated a “buy” rating and issued a $175.00 target price on shares of Snowflake in a report on Thursday, October 3rd. Barclays reduced their price target on Snowflake from $191.00 to $146.00 and set an “equal weight” rating on the stock in a report on Monday, August 19th. Finally, Wedbush upgraded shares of Snowflake to a “hold” rating in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $180.23.

Snowflake Stock Performance

Shares of SNOW opened at $167.44 on Thursday. The stock has a 50 day moving average price of $120.06 and a 200 day moving average price of $128.00. The stock has a market capitalization of $56.13 billion, a price-to-earnings ratio of -49.39 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 issued its earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The business had revenue of $868.80 million during the quarter, compared to analysts’ expectations of $851.72 million. Snowflake had a negative net margin of 33.02% and a negative return on equity of 22.01%. The company’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.52) earnings per share. On average, analysts predict that Snowflake will post -2.41 earnings per share for the current year.

Insider Transactions at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 30,000 shares of Snowflake stock in a transaction dated 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 completion of the sale, the executive vice president now directly owns 721,755 shares of the company’s stock, valued at $86,610,600. The trade was a 3.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Benoit Dageville sold 1,946 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $222,602.94. Following the transaction, the insider now directly owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. This represents a 3.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 59,538 shares of company stock valued at $7,061,544. Insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Institutional investors have recently modified their holdings of the stock. State Street Corp grew its position in shares of Snowflake by 0.8% in the 3rd quarter. State Street Corp now owns 6,867,097 shares of the company’s stock valued at $788,755,000 after buying an additional 54,909 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Snowflake by 3.5% during the third quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock worth $475,894,000 after purchasing an additional 138,663 shares during the last quarter. Two Sigma Advisers LP increased its position in shares of Snowflake by 27.9% during the third quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after purchasing an additional 881,700 shares in the last quarter. Ontario Teachers Pension Plan Board boosted its position in shares of Snowflake by 19,399.2% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock valued at $295,459,000 after purchasing an additional 2,559,144 shares during the period. Finally, Legal & General Group Plc grew its stake in Snowflake by 11.5% during the 2nd quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock worth $293,838,000 after buying an additional 223,936 shares during the last quarter. Hedge funds and other institutional investors 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.