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

Key Points

• Wedbush has raised its target price for Snowflake (NYSE:SNOW) from $250 to $270, indicating a potential upside of 10.94% based on the previous close.
• The consensus rating for Snowflake among analysts is a Moderate Buy, with a price target averaging $257.24, supported by multiple firms recently upgrading their ratings.
• Snowflake reported a quarterly EPS of $0.35, exceeding estimates, with revenues of $1.14 billion, representing a 31.8% year-over-year increase.

Snowflake (NYSE:SNOW - Get Free Report) had its target price hoisted by equities researchers at Wedbush from $250.00 to $270.00 in a research report issued on Monday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Wedbush's price objective would indicate a potential upside of 10.94% from the company's previous close.

SNOW has been the subject of several other reports. Stifel Nicolaus lifted their price objective on Snowflake from $220.00 to $260.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Rosenblatt Securities reissued a "buy" rating and issued a $250.00 price objective on shares of Snowflake in a research report on Friday. Monness Crespi & Hardt increased their price target on Snowflake from $245.00 to $260.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Jefferies Financial Group increased their target price on Snowflake from $250.00 to $270.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Snowflake in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $257.24.

Snowflake Trading Up 1.4%

SNOW opened at $243.38 on Monday. The business's 50-day simple moving average is $222.38 and its 200-day simple moving average is $202.40. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. Snowflake has a one year low of $113.23 and a one year high of $255.39. The company has a market cap of $82.46 billion, a P/E ratio of -58.00 and a beta of 1.21.

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, beating the consensus estimate of $0.27 by $0.08. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. Snowflake's revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.18 EPS. As a group, equities research analysts expect that Snowflake will post -2.36 EPS for the current fiscal year.

Insider Activity at Snowflake

In other Snowflake news, Director Michael L. Speiser sold 2,976 shares of Snowflake stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $236.01, for a total transaction of $702,365.76. Following the transaction, the director directly owned 34,436 shares in the company, valued at approximately $8,127,240.36. The trade was a 7.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Christian Kleinerman sold 5,000 shares of the stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $250.00, for a total transaction of $1,250,000.00. Following the completion of the sale, the executive vice president owned 43,568 shares of the company's stock, valued at approximately $10,892,000. The trade was a 10.29% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,182,434 shares of company stock valued at $270,280,661. Corporate insiders own 6.80% of the company's stock.

Institutional Investors Weigh In On Snowflake

A number of hedge funds have recently made changes to their positions in SNOW. Vanguard Group Inc. raised its holdings in Snowflake by 2.2% during the 2nd quarter. Vanguard Group Inc. now owns 27,789,761 shares of the company's stock worth $6,218,515,000 after purchasing an additional 595,553 shares during the last quarter. Kingstone Capital Partners Texas LLC bought a new position in shares of Snowflake during the second quarter worth about $3,900,134,000. Jennison Associates LLC boosted its holdings in Snowflake by 20.5% during the second quarter. Jennison Associates LLC now owns 8,000,667 shares of the company's stock worth $1,790,309,000 after purchasing an additional 1,363,389 shares during the last quarter. State Street Corp grew its holdings in shares of Snowflake by 1.4% in the 2nd quarter. State Street Corp now owns 6,887,073 shares of the company's stock valued at $1,541,120,000 after acquiring an additional 94,293 shares in the last quarter. Finally, Artisan Partners Limited Partnership increased its position in shares of Snowflake by 15.2% during the 2nd quarter. Artisan Partners Limited Partnership now owns 4,951,715 shares of the company's stock worth $1,108,045,000 after purchasing an additional 652,485 shares during the last quarter. 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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