Snowflake (NYSE:SNOW) Sets New 12-Month High - Here's Why

Shares of Snowflake Inc. (NYSE:SNOW - Get Free Report) hit a new 52-week high on Friday . The stock traded as high as $215.99 and last traded at $213.23, with a volume of 1270017 shares traded. The stock had previously closed at $212.08.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on SNOW shares. Macquarie boosted their price target on shares of Snowflake from $190.00 to $210.00 and gave the company a "neutral" rating in a research note on Wednesday, June 4th. Evercore ISI reissued a "buy" rating on shares of Snowflake in a research report on Wednesday, June 4th. CICC Research initiated coverage on Snowflake in a research note on Friday. They set an "outperform" rating and a $225.00 price target on the stock. Cantor Fitzgerald lifted their price objective on Snowflake from $183.00 to $242.00 and gave the company an "overweight" rating in a research note on Thursday, May 22nd. Finally, Citigroup restated an "outperform" rating on shares of Snowflake in a report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, thirty-three have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Snowflake has an average rating of "Moderate Buy" and an average price target of $223.54.

Snowflake Trading Down 0.3%

The business's fifty day moving average price is $181.78 and its 200 day moving average price is $171.80. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $70.60 billion, a PE ratio of -50.23 and a beta of 1.21.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.02. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the prior year, the company posted $0.14 EPS. The business's revenue for the quarter was up 25.8% compared to the same quarter last year. As a group, analysts expect that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Buying and Selling

In other Snowflake news, Director Michael L. Speiser sold 403 shares of the business's stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $129.25, for a total transaction of $52,087.75. Following the completion of the transaction, the director now directly owns 26,375 shares of the company's stock, valued at $3,408,968.75. The trade was a 1.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Michael Scarpelli sold 300,000 shares of the business's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total value of $48,963,000.00. Following the transaction, the chief financial officer now owns 292,610 shares of the company's stock, valued at $47,756,878.10. This trade represents a 50.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 894,638 shares of company stock valued at $169,965,038 in the last quarter. Company insiders own 6.80% of the company's stock.

Institutional Trading of Snowflake

Several institutional investors have recently modified their holdings of SNOW. Opal Wealth Advisors LLC acquired a new position in shares of Snowflake in the 1st quarter worth $26,000. CVA Family Office LLC raised its holdings in Snowflake by 80.0% during the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after buying an additional 88 shares during the period. West Paces Advisors Inc. purchased a new stake in Snowflake during the fourth quarter valued at about $31,000. Spurstone Advisory Services LLC acquired a new position in shares of Snowflake in the fourth quarter worth about $31,000. Finally, Capital A Wealth Management LLC purchased a new position in shares of Snowflake in the fourth quarter worth approximately $31,000. Institutional investors and hedge funds own 65.10% of the company's stock.

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.

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