Snowflake (NYSE:SNOW) Given New $200.00 Price Target at Morgan Stanley

Snowflake (NYSE:SNOW - Get Free Report) had its target price raised by equities research analysts at Morgan Stanley from $185.00 to $200.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Morgan Stanley's target price would indicate a potential upside of 0.01% from the company's previous close.

SNOW has been the subject of a number of other reports. Royal Bank of Canada raised their price objective on shares of Snowflake from $210.00 to $221.00 and gave the stock an "outperform" rating in a research note on Thursday, February 27th. Piper Sandler reissued an "overweight" rating and set a $215.00 price objective (up from $175.00) on shares of Snowflake in a research note on Wednesday. Daiwa Capital Markets began coverage on shares of Snowflake in a research note on Tuesday, April 1st. They set a "buy" rating and a $210.00 price objective for the company. Wells Fargo & Company dropped their price objective on shares of Snowflake from $215.00 to $200.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Finally, Loop Capital lifted their target price on shares of Snowflake from $205.00 to $215.00 and gave the stock a "buy" rating in a research note on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, thirty-one have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $217.33.

Snowflake Stock Down 1.6%

Shares of Snowflake stock traded down $3.19 during trading hours on Thursday, reaching $199.99. 11,901,781 shares of the company were exchanged, compared to its average volume of 6,474,139. Snowflake has a 1 year low of $107.13 and a 1 year high of $205.40. The stock's fifty day moving average is $159.20 and its 200 day moving average is $163.86. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The firm has a market cap of $66.02 billion, a PE ratio of -58.99 and a beta of 1.11.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the firm posted $0.14 earnings per share. Snowflake's revenue for the quarter was up 25.8% on a year-over-year basis. As a group, equities research analysts forecast that Snowflake will post -2.36 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Michael Scarpelli sold 300,000 shares of the company's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the transaction, the chief financial officer now owns 292,610 shares of the company's stock, valued at $47,756,878.10. This represents a 50.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael L. Speiser sold 403 shares of the company's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $168.01, for a total value of $67,708.03. Following the transaction, the director now directly owns 25,972 shares in the company, valued at $4,363,555.72. This represents a 1.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 356,963 shares of company stock worth $58,204,058 over the last 90 days. 7.80% of the stock is owned by insiders.

Institutional Trading of Snowflake

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Snowflake by 1.2% during the first quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company's stock worth $3,974,705,000 after buying an additional 316,573 shares during the period. Jennison Associates LLC lifted its position in Snowflake by 92.2% during the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company's stock worth $1,179,230,000 after buying an additional 3,662,671 shares during the period. Norges Bank purchased a new position in Snowflake during the fourth quarter worth about $988,950,000. FMR LLC lifted its position in Snowflake by 84.9% during the fourth quarter. FMR LLC now owns 6,108,123 shares of the company's stock worth $943,155,000 after buying an additional 2,805,425 shares during the period. Finally, GQG Partners LLC acquired a new stake in Snowflake during the fourth quarter worth about $750,572,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

About Snowflake

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.