Snowflake (NYSE:SNOW) Price Target Raised to $250.00

Snowflake (NYSE:SNOW - Get Free Report) had its target price increased by equities research analysts at Royal Bank of Canada from $236.00 to $250.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Royal Bank of Canada's price target would indicate a potential upside of 19.05% from the company's current price.

Other equities analysts have also issued research reports about the company. Piper Sandler restated an "overweight" rating and issued a $215.00 price target (up previously from $175.00) on shares of Snowflake in a research note on Wednesday, May 21st. Robert W. Baird increased their price objective on shares of Snowflake from $200.00 to $215.00 and gave the company an "outperform" rating in a report on Thursday, May 22nd. DA Davidson increased their price objective on shares of Snowflake from $200.00 to $250.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. Citigroup reaffirmed an "outperform" rating on shares of Snowflake in a report on Thursday, May 22nd. Finally, Canaccord Genuity Group increased their price objective on shares of Snowflake from $190.00 to $220.00 and gave the company a "buy" rating in a report on Tuesday, February 25th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, thirty-two have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $221.28.

Snowflake Stock Performance

Snowflake stock traded up $0.39 during mid-day trading on Wednesday, reaching $209.99. 5,229,333 shares of the company traded hands, compared to its average volume of 6,366,464. The firm's fifty day moving average is $166.87 and its two-hundred day moving average is $168.02. The company has a market capitalization of $70.11 billion, a price-to-earnings ratio of -61.94 and a beta of 1.21. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $214.83.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.22 by $0.02. The business had revenue of $1.04 billion for 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% on a year-over-year basis. During the same period in the prior year, the firm earned $0.14 EPS. On average, equities research analysts expect that Snowflake will post -2.36 earnings per share for the current fiscal year.

Insider Transactions at Snowflake

In related news, CFO Michael Scarpelli sold 300,000 shares of Snowflake stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the sale, the chief financial officer now directly owns 292,610 shares in the company, valued at $47,756,878.10. The trade was a 50.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mark Garrett sold 67,000 shares of Snowflake stock in a transaction dated 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 now directly owns 7,428 shares in the company, valued at approximately $1,478,023.44. The trade was a 90.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 849,779 shares of company stock valued at $159,318,643. 6.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. increased its stake in Snowflake by 1.3% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 673,715 shares of the company's stock worth $104,028,000 after purchasing an additional 8,857 shares in the last quarter. Kirtland Hills Capital Management LLC raised its holdings in Snowflake by 40.1% during the 4th quarter. Kirtland Hills Capital Management LLC now owns 15,920 shares of the company's stock worth $2,458,000 after buying an additional 4,559 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Snowflake by 455.1% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 124,178 shares of the company's stock worth $19,174,000 after buying an additional 101,806 shares during the period. SPX Gestao de Recursos Ltda acquired a new stake in Snowflake during the 4th quarter worth about $3,088,000. Finally, Onyx Bridge Wealth Group LLC acquired a new stake in Snowflake during the 4th quarter worth about $237,000. 65.10% of the stock is owned by institutional investors and hedge funds.

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.