Snowflake (NYSE:SNOW) Reaches New 52-Week High - Should You Buy?

Snowflake Inc. (NYSE:SNOW - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $210.44 and last traded at $209.89, with a volume of 4467103 shares trading hands. The stock had previously closed at $205.67.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SNOW. JPMorgan Chase & Co. raised their price target on shares of Snowflake from $210.00 to $225.00 and gave the stock an "overweight" rating in a research note on Thursday, May 22nd. Royal Bank of Canada raised their target price on shares of Snowflake from $236.00 to $250.00 and gave the company an "outperform" rating in a research report on Wednesday. Evercore ISI reissued a "buy" rating on shares of Snowflake in a research report on Wednesday. Oppenheimer reiterated an "outperform" rating and set a $225.00 target price (up previously from $210.00) on shares of Snowflake in a report on Thursday, May 22nd. Finally, JMP Securities reissued a "market outperform" rating and set a $245.00 price target on shares of Snowflake in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, thirty-two have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $221.28.

Snowflake Trading Up 0.1%

The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The stock has a market cap of $69.92 billion, a PE ratio of -61.78 and a beta of 1.21. The firm has a 50-day simple moving average of $165.69 and a 200-day simple moving average of $167.74.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates 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 previous year, the business earned $0.14 EPS. Equities analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Buying and Selling

In other Snowflake news, Director Michael L. Speiser sold 403 shares of the firm's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $129.25, for a total value of $52,087.75. Following the sale, the director now owns 26,375 shares of the company's stock, valued at $3,408,968.75. This trade represents a 1.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the company's stock in a transaction that occurred on Friday, April 25th. The shares were sold at an average price of $160.00, for a total value of $1,600,000.00. Following the transaction, the executive vice president now directly owns 590,632 shares of the company's stock, valued at $94,501,120. The trade was a 1.66% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 834,779 shares of company stock worth $156,261,943. Insiders own 6.80% of the company's stock.

Institutional Investors Weigh In On Snowflake

Institutional investors and hedge funds have recently modified their holdings of the stock. Inspire Investing LLC grew its holdings in Snowflake by 23.4% in the first quarter. Inspire Investing LLC now owns 2,066 shares of the company's stock worth $302,000 after purchasing an additional 392 shares during the period. Strs Ohio bought a new position in shares of Snowflake during the first quarter valued at $10,209,000. SWS Partners grew its position in Snowflake by 2.5% during the 1st quarter. SWS Partners now owns 20,683 shares of the company's stock valued at $3,023,000 after purchasing an additional 507 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in Snowflake by 29.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 319 shares of the company's stock valued at $47,000 after purchasing an additional 73 shares in the last quarter. Finally, IFM Investors Pty Ltd lifted its stake 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 worth $7,896,000 after buying an additional 274 shares in the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

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.