Robert W. Baird Forecasts Strong Price Appreciation for Snowflake (NYSE:SNOW) Stock

Key Points

• Robert W. Baird raised Snowflake’s price target from $280 to $350 and maintained an “outperform” rating, implying 8.35% potential upside. Analysts overall assign the stock a “Moderate Buy” consensus rating with an average target of $322.81.
• Snowflake reported quarterly revenue of $1.39 billion, up 33.5% year over year, and EPS of $0.39, exceeding the $0.32 consensus estimate. Despite the beat, the company posted a negative net margin of 23.79% and analysts expect a full-year loss.
• Insiders sold heavily: directors Mark Garrett and Frank Slootman sold shares worth approximately $25 million and $110.3 million, respectively, while insiders sold $597.3 million worth of stock over the past 90 days.

Snowflake (NYSE:SNOW - Get Free Report) had its price target boosted by stock analysts at Robert W. Baird from $280.00 to $350.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Robert W. Baird's price objective indicates a potential upside of 8.35% from the stock's current price.

A number of other equities research analysts also recently weighed in on the company. Needham & Company LLC raised their target price on Snowflake from $300.00 to $330.00 and gave the company a "buy" rating in a report on Wednesday, June 3rd. Cantor Fitzgerald boosted their price target on Snowflake from $225.00 to $282.00 and gave the stock an "overweight" rating in a report on Thursday, May 28th. Royal Bank Of Canada upped their price objective on Snowflake from $313.00 to $372.00 and gave the stock an "outperform" rating in a research report on Friday, August 14th. Barclays raised their price objective on Snowflake from $272.00 to $285.00 and gave the company an "equal weight" rating in a research note on Thursday, June 4th. Finally, Monness Crespi & Hardt lifted their target price on Snowflake from $282.00 to $320.00 and gave the company a "buy" rating in a research report on Thursday, May 28th. Thirty-four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Snowflake presently has a consensus rating of "Moderate Buy" and an average price target of $322.81.

Snowflake Price Performance

Shares of NYSE:SNOW opened at $323.03 on Tuesday. The firm has a 50 day moving average of $280.74 and a 200-day moving average of $210.90. The stock has a market capitalization of $111.96 billion, a PE ratio of -91.77 and a beta of 1.33. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18. Snowflake has a 12 month low of $118.30 and a 12 month high of $341.95.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.07. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the business posted $0.24 EPS. The firm's revenue for the quarter was up 33.5% on a year-over-year basis. On average, equities research analysts predict that Snowflake will post -1.81 EPS for the current fiscal year.

Insider Activity

In other Snowflake news, Director Mark Garrett sold 100,000 shares of the company's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $250.00, for a total value of $25,000,000.00. Following the completion of the transaction, the director owned 8,801 shares of the company's stock, valued at $2,200,250. This represents a 91.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Frank Slootman sold 437,076 shares of the company's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $252.43, for a total value of $110,331,094.68. Following the completion of the transaction, the director directly owned 38,046 shares of the company's stock, valued at approximately $9,603,951.78. The trade was a 91.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 2,272,001 shares of company stock worth $597,315,032. Insiders own 4.80% of the company's stock.

Hedge Funds Weigh In On Snowflake

Large investors have recently modified their holdings of the business. Jennison Associates LLC grew its stake in Snowflake by 27.7% in the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company's stock valued at $2,545,300,000 after purchasing an additional 2,519,413 shares during the period. Swedbank AB increased its stake in shares of Snowflake by 6.0% in the fourth quarter. Swedbank AB now owns 1,330,415 shares of the company's stock worth $291,840,000 after purchasing an additional 75,419 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its holdings in Snowflake by 8.2% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 144,234 shares of the company's stock valued at $31,639,000 after acquiring an additional 10,972 shares during the period. North Dakota State Investment Board bought a new stake in shares of Snowflake during the 4th quarter valued at $3,495,000. Finally, Allstate Corp increased its position in shares of Snowflake by 108.1% during the fourth quarter. Allstate Corp now owns 24,497 shares of the company's stock valued at $5,374,000 after buying an additional 12,724 shares during the period. Institutional investors own 65.10% of the company's stock.

Snowflake Company Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.

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