Snowflake (NYSE:SNOW) Hits New 12-Month High After Analyst Upgrade

Shares of Snowflake Inc. (NYSE:SNOW - Get Free Report) hit a new 52-week high during trading on Thursday after Morgan Stanley raised their price target on the stock from $185.00 to $200.00. Morgan Stanley currently has an equal weight rating on the stock. Snowflake traded as high as $195.78 and last traded at $195.99, with a volume of 686742 shares. The stock had previously closed at $179.12.

Other analysts have also issued research reports about the stock. Oppenheimer upped their target price on Snowflake from $200.00 to $220.00 and gave the stock an "outperform" rating in a report on Thursday, February 27th. Bank of America lifted their price objective on shares of Snowflake from $185.00 to $205.00 and gave the company a "neutral" rating in a research report on Thursday, February 20th. UBS Group lifted their target price on shares of Snowflake from $200.00 to $210.00 and gave the stock a "neutral" rating in a report on Thursday. Daiwa Capital Markets initiated coverage on shares of Snowflake in a research report on Tuesday, April 1st. They set a "buy" rating and a $210.00 price objective for the company. Finally, Needham & Company LLC increased their target price on Snowflake from $215.00 to $230.00 and gave the stock a "buy" rating in a research note on Thursday. One analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-nine have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $202.81.

Insider Activity

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the company's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $171.75, for a total transaction of $2,576,250.00. Following the sale, the executive vice president now directly owns 594,975 shares of the company's stock, valued at $102,186,956.25. This represents a 2.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frank Slootman sold 7,016 shares of the business's stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $155.69, for a total transaction of $1,092,321.04. Following the completion of the sale, the director now directly owns 182,999 shares in the company, valued at approximately $28,491,114.31. This trade represents a 3.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 356,963 shares of company stock valued at $58,204,058 in the last ninety days. 7.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Snowflake

Several hedge funds and other institutional investors have recently modified their holdings of SNOW. Opal Wealth Advisors LLC purchased a new stake in shares of Snowflake in the first quarter worth $26,000. Stonebridge Financial Group LLC purchased a new position in shares of Snowflake during the fourth quarter worth about $29,000. CVA Family Office LLC raised its stake in Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after purchasing an additional 88 shares in the last quarter. West Paces Advisors Inc. bought a new stake in Snowflake during the fourth quarter valued at approximately $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in Snowflake in the 4th quarter worth approximately $31,000. 65.10% of the stock is currently owned by institutional investors.

Snowflake Stock Up 9.7%

The company has a market cap of $64.88 billion, a P/E ratio of -57.82 and a beta of 1.11. 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 stock has a 50-day moving average of $157.35 and a two-hundred day moving average of $162.37.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The company reported ($0.91) earnings per share for the quarter, missing the consensus estimate of $0.22 by ($1.13). The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The business's revenue for the quarter was up 25.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.14 EPS. On average, research analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

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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