Snowflake (NYSE:SNOW) Hits New 1-Year High - What's Next?

Key Points

• Snowflake Inc. shares reached a new 52-week high of $257.75, closing at $255.92 with over 515,000 shares traded.
• Analysts have raised their price targets for Snowflake, with some reaching as high as $285, indicating a consensus rating of "Moderate Buy".
• Recent insider selling activity includes significant sales by directors, reducing their ownership stake by over 58% and 81%, respectively.

Snowflake Inc. (NYSE:SNOW - Get Free Report) shares reached a new 52-week high on Friday . The stock traded as high as $257.75 and last traded at $255.92, with a volume of 515867 shares traded. The stock had previously closed at $252.99.

Analysts Set New Price Targets

SNOW has been the topic of several analyst reports. Sanford C. Bernstein increased their target price on shares of Snowflake from $191.00 to $221.00 and gave the stock a "market perform" rating in a report on Thursday, August 28th. Canaccord Genuity Group raised their price objective on shares of Snowflake from $220.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Piper Sandler raised their price objective on shares of Snowflake from $215.00 to $285.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Citigroup restated an "outperform" rating on shares of Snowflake in a report on Thursday, August 28th. Finally, JMP Securities restated a "market outperform" rating and set a $260.00 price objective on shares of Snowflake in a report on Tuesday, August 26th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $257.24.

Snowflake Stock Up 0.8%

The company has a market capitalization of $86.36 billion, a price-to-earnings ratio of -61.41 and a beta of 1.21. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96. The firm's 50 day moving average price is $226.60 and its two-hundred day moving average price is $204.62.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. The business had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The firm's quarterly revenue was up 31.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.18 EPS. Sell-side analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In other news, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $208.69, for a total transaction of $10,505,037.22. Following the completion of the sale, the director directly owned 36,116 shares in the company, valued at $7,537,048.04. This represents a 58.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Frank Slootman sold 710,083 shares of the stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the sale, the director owned 165,507 shares of the company's stock, valued at approximately $38,144,398.29. This trade represents a 81.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,182,434 shares of company stock valued at $270,280,661. Insiders own 6.80% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Trust Co. of Toledo NA OH purchased a new stake in shares of Snowflake in the second quarter valued at about $25,000. Avion Wealth lifted its position in shares of Snowflake by 76.6% during the second quarter. Avion Wealth now owns 113 shares of the company's stock valued at $25,000 after purchasing an additional 49 shares in the last quarter. Tripletail Wealth Management LLC bought a new position in shares of Snowflake during the third quarter valued at about $28,000. Rossby Financial LCC lifted its position in shares of Snowflake by 4,233.3% during the second quarter. Rossby Financial LCC now owns 130 shares of the company's stock valued at $29,000 after purchasing an additional 127 shares in the last quarter. Finally, SJS Investment Consulting Inc. lifted its position in shares of Snowflake by 4,333.3% during the third quarter. SJS Investment Consulting Inc. now owns 133 shares of the company's stock valued at $30,000 after purchasing an additional 130 shares in the last quarter. 65.10% of the stock is owned by 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.

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