Snowflake (NYSE:SNOW) Price Target Raised to $200.00 at Needham & Company LLC

Snowflake (NYSE:SNOW) had its price objective boosted by equities research analysts at Needham & Company LLC from $160.00 to $200.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 19.42% from the company’s current price.

Several other equities analysts have also recently issued reports on the stock. Canaccord Genuity Group decreased their target price on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Rosenblatt Securities reissued a “buy” rating and set a $180.00 target price on shares of Snowflake in a research note on Tuesday. Hsbc Global Res upgraded Snowflake from a “moderate sell” rating to a “hold” rating in a research note on Friday, August 23rd. Stifel Nicolaus reduced their price target on Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a report on Monday, August 19th. Finally, JMP Securities dropped their price objective on Snowflake from $235.00 to $190.00 and set a “market outperform” rating on the stock in a report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have issued a buy rating to the stock. According to data from MarketBeat.com, Snowflake has a consensus rating of “Moderate Buy” and a consensus target price of $180.23.

Snowflake Stock Performance

Shares of SNOW opened at $167.48 on Thursday. The business’s 50-day moving average is $120.06 and its two-hundred day moving average is $128.22. The company has a market capitalization of $56.14 billion, a P/E ratio of -54.73 and a beta of 0.83. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $237.72.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The firm had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same period last year, the company earned ($0.52) earnings per share. Snowflake’s revenue for the quarter was up 28.9% compared to the same quarter last year. Analysts forecast that Snowflake will post -2.41 EPS for the current year.

Insiders Place Their Bets

In other news, insider Benoit Dageville sold 1,946 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $222,602.94. Following the completion of the sale, the insider now directly owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. This represents a 3.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Christian Kleinerman sold 30,000 shares of the firm’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $120.00, for a total value of $3,600,000.00. Following the transaction, the executive vice president now directly owns 721,755 shares in the company, valued at approximately $86,610,600. This represents a 3.99 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,538 shares of company stock valued at $7,061,544. 7.80% of the stock is owned by corporate insiders.

Institutional Trading of Snowflake

Hedge funds have recently added to or reduced their stakes in the stock. ProShare Advisors LLC raised its stake in shares of Snowflake by 26.1% during the first quarter. ProShare Advisors LLC now owns 1,424 shares of the company’s stock worth $230,000 after purchasing an additional 295 shares during the last quarter. Covestor Ltd raised its position in Snowflake by 25.0% during the 1st quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after buying an additional 70 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its stake in shares of Snowflake by 21.0% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 12,634 shares of the company’s stock worth $2,042,000 after acquiring an additional 2,191 shares during the period. UniSuper Management Pty Ltd boosted its holdings in shares of Snowflake by 100.0% in the first quarter. UniSuper Management Pty Ltd now owns 4,000 shares of the company’s stock valued at $646,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in shares of Snowflake by 372.1% during the first quarter. Canada Pension Plan Investment Board now owns 226,153 shares of the company’s stock worth $36,546,000 after acquiring an additional 178,253 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

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.