Snowflake (NYSE:SNOW) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Snowflake (NYSE:SNOW - Free Report) had its target price upped by Needham & Company LLC from $215.00 to $230.00 in a research note issued to investors on Thursday morning, MarketBeat Ratings reports. Needham & Company LLC currently has a buy rating on the stock.

Other equities research analysts have also issued reports about the stock. Wolfe Research upgraded shares of Snowflake from a "peer perform" rating to an "outperform" rating and set a $235.00 target price for the company in a research report on Tuesday, February 18th. Barclays lifted their target price on shares of Snowflake from $190.00 to $203.00 and gave the company an "overweight" rating in a research report on Thursday, February 27th. Guggenheim reiterated a "neutral" rating on shares of Snowflake in a research report on Thursday, February 27th. Canaccord Genuity Group lifted their target price on shares of Snowflake from $190.00 to $220.00 and gave the company a "buy" rating in a research report on Tuesday, February 25th. Finally, Royal Bank of Canada lifted their target price on shares of Snowflake from $210.00 to $221.00 and gave the company an "outperform" rating in a research report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, thirty-one have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $217.33.

Snowflake Stock Performance

Shares of SNOW traded down $3.19 during trading hours on Thursday, hitting $199.99. The company's stock had a trading volume of 11,901,781 shares, compared to its average volume of 6,474,139. The company has a market cap of $66.02 billion, a price-to-earnings ratio of -58.99 and a beta of 1.11. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The business has a 50 day simple moving average of $159.20 and a two-hundred day simple moving average of $163.86. Snowflake has a 52-week low of $107.13 and a 52-week high of $205.40.

Snowflake (NYSE:SNOW - Get Free Report) last posted its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.02. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the company earned $0.14 earnings per share. The company's revenue was up 25.8% on a year-over-year basis. On average, equities analysts expect that Snowflake will post -2.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Snowflake news, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $129.25, for a total value of $52,087.75. Following the completion of the transaction, the director now directly owns 26,375 shares of the company's stock, valued at approximately $3,408,968.75. The trade was a 1.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $171.75, for a total transaction of $2,576,250.00. Following the completion of the transaction, the executive vice president now directly owns 594,975 shares of the company's stock, valued at $102,186,956.25. This trade represents a 2.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 356,963 shares of company stock valued at $58,204,058. Insiders own 7.80% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Prospect Financial Services LLC purchased a new position in shares of Snowflake during the fourth quarter valued at approximately $288,000. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Snowflake by 1.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 673,715 shares of the company's stock valued at $104,028,000 after purchasing an additional 8,857 shares during the last quarter. Stephens Consulting LLC grew its position in Snowflake by 7,407.4% during the fourth quarter. Stephens Consulting LLC now owns 2,027 shares of the company's stock valued at $313,000 after buying an additional 2,000 shares during the period. Kirtland Hills Capital Management LLC grew its position in Snowflake by 40.1% during the fourth quarter. Kirtland Hills Capital Management LLC now owns 15,920 shares of the company's stock valued at $2,458,000 after buying an additional 4,559 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in Snowflake by 455.1% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 124,178 shares of the company's stock valued at $19,174,000 after buying an additional 101,806 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

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.