Royal Bank Of Canada Forecasts Strong Price Appreciation for Snowflake (NYSE:SNOW) Stock

Key Points

• Royal Bank of Canada raised its price target on Snowflake from $284 to $313 and kept an outperform rating, implying about 16% upside from the current share price.
• Several other Wall Street firms also boosted their targets recently, and the stock now carries an average analyst rating of Moderate Buy with an average price target of $295.08.
• Snowflake beat its latest quarterly estimates, reporting $0.39 EPS versus $0.32 expected and $1.39 billion in revenue, while revenue rose 33.5% year over year.

Snowflake (NYSE:SNOW - Get Free Report) had its target price increased by analysts at Royal Bank Of Canada from $284.00 to $313.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Royal Bank Of Canada's price target indicates a potential upside of 16.05% from the stock's current price.

Other analysts also recently issued research reports about the stock. DA Davidson upped their price target on shares of Snowflake from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Thursday, May 28th. Truist Financial lifted their price objective on shares of Snowflake from $275.00 to $300.00 and gave the company a "buy" rating in a research note on Friday, June 5th. Morgan Stanley increased their target price on shares of Snowflake from $245.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, May 28th. Piper Sandler upped their price objective on Snowflake from $295.00 to $320.00 and gave the company an "overweight" rating in a research note on Wednesday, June 3rd. Finally, JPMorgan Chase & Co. lifted their target price on Snowflake from $245.00 to $285.00 and gave the company an "overweight" rating in a research note on Thursday, May 28th. Thirty-five analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $295.08.

Snowflake Stock Down 0.8%

Shares of NYSE SNOW opened at $269.71 on Friday. The stock has a market cap of $93.48 billion, a PE ratio of -76.62 and a beta of 1.35. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18. Snowflake has a 52-week low of $118.30 and a 52-week high of $284.99. The business has a 50-day moving average price of $225.10 and a 200 day moving average price of $193.12.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly 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 firm had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The firm's quarterly revenue was up 33.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.24 EPS. Equities research analysts forecast that Snowflake will post -1.84 earnings per share for the current year.

Insider Buying and Selling

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of the business's stock in a transaction on Friday, May 1st. The stock was sold at an average price of $141.60, for a total transaction of $7,127,860.80. Following the sale, the director directly owned 28,556 shares in the company, valued at approximately $4,043,529.60. The trade was a 63.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 437,076 shares of the firm's stock in a transaction on Friday, May 29th. The shares were 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 owned 38,046 shares of the company's stock, valued at approximately $9,603,951.78. This represents a 91.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 1,802,015 shares of company stock valued at $421,739,629. 4.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Snowflake

A number of institutional investors have recently modified their holdings of SNOW. Vanguard Group Inc. raised its stake in Snowflake by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company's stock worth $6,601,790,000 after purchasing an additional 1,448,094 shares during the period. Jennison Associates LLC lifted its position in Snowflake by 27.7% during the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company's stock worth $2,545,300,000 after acquiring an additional 2,519,413 shares in the last quarter. Nuveen LLC grew its position in Snowflake by 2.3% in the fourth quarter. Nuveen LLC now owns 5,277,851 shares of the company's stock valued at $1,157,749,000 after acquiring an additional 116,521 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Snowflake by 5.5% during the fourth quarter. Geode Capital Management LLC now owns 4,809,689 shares of the company's stock valued at $1,052,195,000 after purchasing an additional 249,668 shares during the period. Finally, Norges Bank purchased a new position in shares of Snowflake in the fourth quarter valued at $974,091,000. Institutional investors and hedge funds 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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