Snowflake (NYSE:SNOW) Stock Price Expected to Rise, Citizens Jmp Analyst Says

Snowflake (NYSE:SNOW) had its price objective hoisted by equities research analysts at Citizens Jmp from $325.00 to $408.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. Citizens Jmp’s price target would indicate a potential upside of 23.18% from the stock’s current price.

Several other analysts also recently issued reports on SNOW. BTIG Research lifted their price target on shares of Snowflake from $325.00 to $340.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Cantor Fitzgerald raised their price objective on shares of Snowflake from $225.00 to $282.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. Needham & Company LLC boosted their target price on shares of Snowflake from $300.00 to $330.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Loop Capital upped their target price on shares of Snowflake from $290.00 to $320.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Finally, Royal Bank Of Canada raised their price target on shares of Snowflake from $313.00 to $372.00 and gave the company an “outperform” rating in a research report on Friday. Thirty-four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $309.70.

Snowflake Stock Performance

Shares of SNOW opened at $331.23 on Tuesday. Snowflake has a one year low of $118.30 and a one year high of $341.95. The company has a market cap of $114.80 billion, a PE ratio of -94.10 and a beta of 1.33. The stock has a 50-day moving average of $272.06 and a 200-day moving average of $206.29. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.07. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the prior year, the company earned $0.24 earnings per share. The company’s quarterly revenue was up 33.5% on a year-over-year basis. On average, equities research analysts predict that Snowflake will post -1.81 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Frank Slootman sold 437,076 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the transaction, the director directly owned 38,046 shares in the company, valued at approximately $9,603,951.78. The trade was a 91.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $245.21, for a total transaction of $12,343,380.98. Following the completion of the sale, the director owned 27,716 shares of the company’s stock, valued at approximately $6,796,240.36. This trade represents a 64.49% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 2,027,351 shares of company stock worth $509,659,117. 4.80% of the stock is owned by insiders.

Institutional Trading of Snowflake

Institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank bought a new stake in Snowflake during the fourth quarter worth $974,091,000. Jennison Associates LLC increased its position in shares of Snowflake by 27.7% during the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock valued at $2,545,300,000 after purchasing an additional 2,519,413 shares during the last quarter. Jericho Capital Asset Management L.P. bought a new stake in shares of Snowflake during the 4th quarter worth $345,619,000. Vanguard Group Inc. grew its position in Snowflake by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock valued at $6,601,790,000 after buying an additional 1,448,094 shares during the period. Finally, William Blair Investment Management LLC increased its holdings in Snowflake by 159.9% during the fourth quarter. William Blair Investment Management LLC now owns 1,346,998 shares of the company’s stock worth $295,477,000 after buying an additional 828,789 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.