Truist Financial Forecasts Strong Price Appreciation for Snowflake (NYSE:SNOW) Stock

Snowflake (NYSE:SNOW - Get Free Report) had its target price raised by analysts at Truist Financial from $210.00 to $235.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Truist Financial's price target would indicate a potential upside of 17.95% from the stock's previous close.

A number of other research firms have also weighed in on SNOW. Stifel Nicolaus upped their target price on shares of Snowflake from $187.00 to $210.00 and gave the stock a "buy" rating in a report on Thursday, February 27th. Daiwa Capital Markets initiated coverage on shares of Snowflake in a report on Tuesday, April 1st. They issued a "buy" rating and a $210.00 price target on the stock. Macquarie began coverage on shares of Snowflake in a research report on Wednesday, April 2nd. They issued a "neutral" rating and a $160.00 price objective on the stock. Rosenblatt Securities restated a "buy" rating and set a $205.00 price target on shares of Snowflake in a research note on Monday. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $183.00 price objective on shares of Snowflake in a research note on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-nine have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $204.19.

Snowflake Stock Performance

NYSE:SNOW opened at $199.25 on Thursday. The company has a 50 day simple moving average of $157.35 and a two-hundred day simple moving average of $162.37. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $201.10. The company has a market capitalization of $65.77 billion, a PE ratio of -58.38 and a beta of 1.11.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The company reported ($0.91) EPS for the quarter, missing analysts' consensus estimates of $0.22 by ($1.13). The firm 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 was up 25.8% compared to the same quarter last year. During the same period last year, the company posted $0.14 EPS. Research analysts anticipate that Snowflake will post -2.36 earnings per share for the current year.

Insider Buying and Selling at Snowflake

In other news, CFO Michael Scarpelli sold 300,000 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 292,610 shares of the company's stock, valued at $47,756,878.10. This represents a 50.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of the company's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $171.75, for a total transaction of $2,576,250.00. Following the transaction, the executive vice president now owns 594,975 shares of the company's stock, valued at approximately $102,186,956.25. This represents a 2.46% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 356,963 shares of company stock valued at $58,204,058. Company insiders own 7.80% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Merit Financial Group LLC purchased a new stake in Snowflake during the 4th quarter valued at about $493,000. HB Wealth Management LLC purchased a new stake in Snowflake in the fourth quarter valued at approximately $397,000. Harbor Investment Advisory LLC lifted its stake in Snowflake by 85.1% during the fourth quarter. Harbor Investment Advisory LLC now owns 435 shares of the company's stock worth $67,000 after purchasing an additional 200 shares in the last quarter. Ballentine Partners LLC acquired a new stake in shares of Snowflake in the fourth quarter valued at $208,000. Finally, Fort Washington Investment Advisors Inc. OH raised its holdings in shares of Snowflake by 34.8% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 19,462 shares of the company's stock valued at $3,005,000 after buying an additional 5,022 shares during the period. 65.10% of the stock is currently 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.

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