Snowflake (NYSE:SNOW) Price Target Raised to $375.00

Key Points

• Truist Financial raised Snowflake’s price target from $300 to $375 and maintained a “buy” rating, implying 17.25% upside from the previous close.
• Analyst sentiment remains broadly positive: 34 analysts rate the stock a Buy, five rate it Hold and one rates it Sell, resulting in a “Moderate Buy” consensus and an average target of $320.65.
• Snowflake’s latest quarterly results exceeded expectations, with EPS of $0.39 versus $0.32 expected and revenue of $1.39 billion versus $1.32 billion forecast; however, insiders sold more than $509 million of shares during the last quarter.

Snowflake (NYSE:SNOW - Get Free Report) had its target price raised by stock analysts at Truist Financial from $300.00 to $375.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's price objective points to a potential upside of 17.25% from the company's previous close.

A number of other equities research analysts also recently commented on SNOW. Loop Capital lifted their target price on Snowflake from $290.00 to $320.00 and gave the company a "buy" rating in a research report on Wednesday, June 3rd. The Goldman Sachs Group lifted their price target on Snowflake from $216.00 to $278.00 and gave the stock a "buy" rating in a report on Thursday, May 28th. HSBC set a $289.00 price objective on Snowflake and gave the stock a "buy" rating in a report on Friday, May 29th. BTIG Research increased their target price on shares of Snowflake from $325.00 to $340.00 and gave the stock a "buy" rating in a research note on Monday, August 3rd. Finally, Wells Fargo & Company restated an "overweight" rating on shares of Snowflake in a research note on Wednesday, July 29th. Thirty-four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $320.65.

Snowflake Price Performance

Shares of SNOW traded down $5.18 during mid-day trading on Thursday, hitting $319.83. 1,378,368 shares of the company were exchanged, compared to its average volume of 6,864,669. Snowflake has a 1-year low of $118.30 and a 1-year high of $341.95. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05. The company has a 50 day moving average of $275.49 and a 200-day moving average of $207.94. The stock has a market cap of $110.85 billion, a price-to-earnings ratio of -90.86 and a beta of 1.33.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.07. The company had revenue of $1.39 billion for the quarter, compared to analysts' expectations of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.Snowflake's revenue was up 33.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.24 EPS. Analysts expect that Snowflake will post -1.81 EPS for the current fiscal year.

Insider Buying and Selling

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $245.21, for a total value of $12,343,380.98. Following the completion of the transaction, the director owned 27,716 shares in the company, valued at approximately $6,796,240.36. This represents a 64.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 437,076 shares of the company's stock in a transaction on Friday, May 29th. The stock was sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the transaction, the director directly owned 38,046 shares in the company, valued at approximately $9,603,951.78. This trade represents a 91.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 2,027,351 shares of company stock valued at $509,659,117 over the last quarter. Company insiders own 4.80% of the company's stock.

Institutional Investors Weigh In On Snowflake

Several hedge funds have recently modified their holdings of the company. Kemnay Advisory Services Inc. purchased a new stake in shares of Snowflake during the 4th quarter valued at $28,000. Greenline Wealth Management LLC acquired a new stake in shares of Snowflake during the 4th quarter worth approximately $29,000. Basecamp Wealth Advisors LLC increased its position in Snowflake by 140.5% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 202 shares of the company's stock valued at $30,000 after acquiring an additional 118 shares during the period. Physician Wealth Advisors Inc. lifted its position in Snowflake by 56.0% in the fourth quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company's stock worth $31,000 after purchasing an additional 51 shares during the period. Finally, Emerald Advisers LLC boosted its stake in shares of Snowflake by 95.2% during the 1st quarter. Emerald Advisers LLC now owns 205 shares of the company's stock worth $31,000 after acquiring an additional 100 shares in the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Company Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.

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