Snowflake (NYSE:SNOW) Sets New 52-Week High - Time to Buy?

Key Points

• Snowflake Inc. has reached a new 52-week high of $251.81, with the last trade recorded at $249.56 and trading volume exceeding 3.3 million shares.
• Analysts have raised their price targets for Snowflake, with Scotiabank increasing theirs from $230.00 to $280.00, indicating strong market confidence in the stock.
• The company reported a revenue of $1.14 billion in its latest quarterly earnings, reflecting a 31.8% year-over-year increase, and exceeded analysts' EPS expectations by $0.08.

Snowflake Inc. (NYSE:SNOW - Get Free Report) reached a new 52-week high during trading on Wednesday . The company traded as high as $251.81 and last traded at $249.56, with a volume of 3388412 shares trading hands. The stock had previously closed at $234.81.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on SNOW shares. Scotiabank raised their price target on shares of Snowflake from $230.00 to $280.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Bank of America upgraded shares of Snowflake from a "neutral" rating to a "buy" rating and raised their price target for the stock from $220.00 to $240.00 in a research report on Wednesday, August 20th. Stephens started coverage on shares of Snowflake in a research report on Friday, July 18th. They issued an "overweight" rating and a $261.00 price target on the stock. Wells Fargo & Company started coverage on shares of Snowflake in a research report on Tuesday, September 30th. They issued an "overweight" rating and a $275.00 price target on the stock. Finally, Wedbush raised their price target on shares of Snowflake from $230.00 to $250.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $256.18.

Snowflake Price Performance

The company has a market capitalization of $84.14 billion, a P/E ratio of -59.69 and a beta of 1.21. The business's 50-day simple moving average is $216.75 and its 200 day simple moving average is $197.03. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same period in the previous year, the firm earned $0.18 EPS. Snowflake's revenue was up 31.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $223.88, for a total value of $2,238,800.00. Following the transaction, the executive vice president directly owned 532,450 shares of the company's stock, valued at $119,204,906. This trade represents a 1.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Emily Ho sold 1,658 shares of Snowflake stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $225.25, for a total transaction of $373,464.50. Following the completion of the transaction, the chief accounting officer directly owned 31,745 shares in the company, valued at approximately $7,150,561.25. This trade represents a 4.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,177,434 shares of company stock worth $269,030,661. Company insiders own 6.80% of the company's stock.

Institutional Trading of Snowflake

Large investors have recently added to or reduced their stakes in the business. Trust Co. of Toledo NA OH bought a new stake in Snowflake in the second quarter worth approximately $25,000. Avion Wealth boosted its holdings in shares of Snowflake by 76.6% during the 2nd quarter. Avion Wealth now owns 113 shares of the company's stock worth $25,000 after buying an additional 49 shares during the period. Opal Wealth Advisors LLC bought a new stake in shares of Snowflake during the 1st quarter worth $26,000. CVA Family Office LLC boosted its holdings in shares of 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. Finally, Rossby Financial LCC boosted its holdings in shares of Snowflake by 4,233.3% during the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company's stock worth $29,000 after buying an additional 127 shares during the period. 65.10% of the stock is owned by institutional investors.

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.

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