Snowflake (NYSE:SNOW) Price Target Raised to $260.00

Snowflake (NYSE:SNOW - Get Free Report) had its price target boosted by analysts at JMP Securities from $245.00 to $260.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a "market outperform" rating on the stock. JMP Securities' target price would suggest a potential upside of 19.96% from the stock's previous close.

Several other analysts have also recently issued reports on the company. Evercore ISI reaffirmed a "buy" rating on shares of Snowflake in a research report on Wednesday, June 4th. Cowen reaffirmed a "buy" rating on shares of Snowflake in a research report on Thursday, May 22nd. Rosenblatt Securities reaffirmed a "buy" rating and set a $205.00 target price on shares of Snowflake in a research report on Monday, May 19th. Piper Sandler reissued an "overweight" rating and issued a $215.00 price objective (up previously from $175.00) on shares of Snowflake in a research report on Wednesday, May 21st. Finally, Raymond James Financial reissued an "outperform" rating and issued a $212.00 price objective (up previously from $196.00) on shares of Snowflake in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $226.73.

Snowflake Trading Up 2.4%

Shares of NYSE SNOW traded up $5.16 during midday trading on Friday, hitting $216.74. The company's stock had a trading volume of 3,383,192 shares, compared to its average volume of 5,966,638. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. The business's 50 day moving average is $207.75 and its two-hundred day moving average is $178.89. Snowflake has a 12-month low of $107.13 and a 12-month high of $226.60. The firm has a market cap of $72.36 billion, a P/E ratio of -51.48 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly 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 return on equity of 37.75% and a negative net margin of 36.43%. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the prior year, the business posted $0.14 earnings per share. The company's revenue for the quarter was up 25.8% on a year-over-year basis. As a group, equities research analysts expect that Snowflake will post -2.36 EPS for the current year.

Insider Transactions at Snowflake

In related news, Director Mark Garrett sold 67,000 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $198.98, for a total value of $13,331,660.00. Following the transaction, the director directly owned 7,428 shares in the company, valued at approximately $1,478,023.44. This represents a 90.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Frank Slootman sold 424,852 shares of the company's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $219.35, for a total value of $93,191,286.20. Following the transaction, the director owned 165,507 shares in the company, valued at $36,303,960.45. This trade represents a 71.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,718,258 shares of company stock worth $589,762,906 in the last ninety days. Insiders own 6.80% of the company's stock.

Institutional Trading of Snowflake

A number of large investors have recently modified their holdings of the stock. ORG Wealth Partners LLC acquired a new position in Snowflake in the first quarter valued at $898,000. SBI Securities Co. Ltd. boosted its stake in Snowflake by 9.4% in the first quarter. SBI Securities Co. Ltd. now owns 60,591 shares of the company's stock valued at $8,856,000 after acquiring an additional 5,197 shares in the last quarter. Deutsche Bank AG boosted its stake in Snowflake by 26.0% in the fourth quarter. Deutsche Bank AG now owns 922,953 shares of the company's stock valued at $142,513,000 after acquiring an additional 190,583 shares in the last quarter. Artemis Investment Management LLP acquired a new position in Snowflake in the first quarter valued at $9,090,000. Finally, Ardmore Road Asset Management LP acquired a new position in Snowflake in the fourth quarter valued at $18,529,000. Hedge funds and other institutional investors own 65.10% of the company's stock.

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.