Snowflake (NYSE:SNOW) Stock Price Expected to Rise, Evercore ISI Analyst Says

Snowflake (NYSE:SNOW - Get Free Report) had its price target upped by equities research analysts at Evercore ISI from $232.00 to $240.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Evercore ISI's price objective would suggest a potential upside of 14.29% from the company's current price.

A number of other analysts have also recently issued reports on SNOW. Scotiabank reissued an "outperform" rating on shares of Snowflake in a research note on Thursday, May 22nd. Mizuho raised their target price on shares of Snowflake from $215.00 to $235.00 and gave the company an "outperform" rating in a research note on Wednesday. Canaccord Genuity Group lifted their price objective on shares of Snowflake from $190.00 to $220.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. Macquarie lifted their price objective on shares of Snowflake from $160.00 to $190.00 and gave the stock a "neutral" rating in a research note on Thursday, May 22nd. Finally, DA Davidson reaffirmed a "buy" rating and set a $250.00 price target on shares of Snowflake in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirty-two have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Snowflake currently has a consensus rating of "Moderate Buy" and a consensus target price of $221.28.

Snowflake Price Performance

Shares of NYSE SNOW traded up $0.39 during midday trading on Wednesday, reaching $209.99. The stock had a trading volume of 5,229,333 shares, compared to its average volume of 6,366,464. The stock has a 50-day moving average of $166.87 and a 200-day moving average of $168.02. 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 company has a market capitalization of $70.11 billion, a price-to-earnings ratio of -61.94 and a beta of 1.21. Snowflake has a 12-month low of $107.13 and a 12-month high of $214.83.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.22 by $0.02. The firm had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.01 billion. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The company's revenue for the quarter was up 25.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.14 earnings per share. As a group, research analysts anticipate that Snowflake will post -2.36 EPS for the current fiscal year.

Insider Activity

In related news, Director Frank Slootman sold 1,783 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $147.24, for a total transaction of $262,528.92. Following the sale, the director now directly owns 192,511 shares of the company's stock, valued at approximately $28,345,319.64. This represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Michael Scarpelli sold 400,000 shares of the company's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the transaction, the chief financial officer now owns 292,610 shares of the company's stock, valued at $60,090,389.60. This represents a 57.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 849,779 shares of company stock valued at $159,318,643 in the last ninety days. Insiders own 6.80% of the company's stock.

Hedge Funds Weigh In On Snowflake

A number of large investors have recently added to or reduced their stakes in the stock. Inspire Investing LLC raised its position in Snowflake by 23.4% during the first quarter. Inspire Investing LLC now owns 2,066 shares of the company's stock worth $302,000 after acquiring an additional 392 shares during the period. Strs Ohio acquired a new stake in shares of Snowflake in the first quarter valued at about $10,209,000. SWS Partners raised its position in shares of Snowflake by 2.5% in the first quarter. SWS Partners now owns 20,683 shares of the company's stock valued at $3,023,000 after buying an additional 507 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of Snowflake by 29.7% in the first quarter. Geneos Wealth Management Inc. now owns 319 shares of the company's stock valued at $47,000 after buying an additional 73 shares during the last quarter. Finally, IFM Investors Pty Ltd raised its position in shares of Snowflake by 0.5% in the first quarter. IFM Investors Pty Ltd now owns 54,020 shares of the company's stock valued at $7,896,000 after buying an additional 274 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.