KeyCorp Issues Positive Forecast for Snowflake (NYSE:SNOW) Stock Price

Key Points

• KeyCorp raised its price target on Snowflake from $285 to $325 and kept an overweight rating, implying about 19% upside from the current share price.
• Other analysts have also turned more bullish, with multiple firms lifting targets; MarketBeat says Snowflake now has a Moderate Buy consensus and an average target of $294.32.
• Snowflake’s latest results beat expectations, posting $0.39 EPS on $1.39 billion in revenue, while revenue rose 33.5% year over year. The stock was down 1.2% in Thursday trading despite the upbeat analyst commentary.

Snowflake (NYSE:SNOW - Get Free Report) had its price objective boosted by equities researchers at KeyCorp from $285.00 to $325.00 in a report released on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. KeyCorp's price objective would suggest a potential upside of 19.22% from the company's current price.

SNOW has been the subject of a number of other research reports. Truist Financial increased their price objective on shares of Snowflake from $275.00 to $300.00 and gave the company a "buy" rating in a report on Friday, June 5th. Raymond James Financial restated an "outperform" rating and issued a $275.00 price target on shares of Snowflake in a research report on Thursday, May 28th. Needham & Company LLC increased their price target on Snowflake from $300.00 to $330.00 and gave the company a "buy" rating in a report on Wednesday, June 3rd. Canaccord Genuity Group lifted their price objective on Snowflake from $240.00 to $325.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. Finally, Royal Bank Of Canada boosted their price objective on Snowflake from $220.00 to $284.00 and gave the stock an "outperform" rating in a research note on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Snowflake has an average rating of "Moderate Buy" and a consensus target price of $294.32.

Snowflake Stock Down 1.2%

NYSE SNOW opened at $272.61 on Thursday. The business has a fifty day moving average price of $222.78 and a 200 day moving average price of $192.80. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market cap of $94.49 billion, a P/E ratio of -77.45 and a beta of 1.35. Snowflake has a one year low of $118.30 and a one year high of $284.99.

Snowflake (NYSE:SNOW - Get Free Report) last released its earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.32 by $0.07. The business had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.32 billion. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The company's revenue for the quarter was up 33.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.24 earnings per share. Research analysts anticipate that Snowflake will post -1.84 EPS for the current fiscal year.

Insider Activity

In other news, Director Michael L. Speiser sold 840 shares of the company's stock in a transaction on Monday, July 6th. The stock was sold at an average price of $257.91, for a total value of $216,644.40. Following the transaction, the director owned 26,876 shares of the company's stock, valued at $6,931,589.16. This represents a 3.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Emily Ho sold 1,860 shares of the business's stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $232.25, for a total transaction of $431,985.00. Following the completion of the sale, the chief accounting officer owned 41,283 shares in the company, valued at approximately $9,587,976.75. This trade represents a 4.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 1,802,015 shares of company stock worth $421,739,629. 4.80% of the stock is owned by company insiders.

Institutional Trading of Snowflake

Several institutional investors have recently added to or reduced their stakes in the stock. Kemnay Advisory Services Inc. purchased a new position in shares of Snowflake during the fourth quarter worth $28,000. Greenline Wealth Management LLC acquired a new position in Snowflake during the 4th quarter worth about $29,000. GoalVest Advisory LLC boosted its holdings in Snowflake by 221.4% during the 4th quarter. GoalVest Advisory LLC now owns 135 shares of the company's stock valued at $30,000 after acquiring an additional 93 shares during the period. Basecamp Wealth Advisors LLC boosted its holdings in Snowflake by 140.5% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 202 shares of the company's stock valued at $30,000 after acquiring an additional 118 shares during the period. Finally, Physician Wealth Advisors Inc. grew its position in Snowflake by 56.0% in the 4th quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company's stock valued at $31,000 after acquiring an additional 51 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

About Snowflake

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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