Snowflake (NYSE:SNOW) Stock Price Expected to Rise, Monness Crespi & Hardt Analyst Says

Snowflake (NYSE:SNOW) had its price objective lifted by stock analysts at Monness Crespi & Hardt from $140.00 to $188.00 in a research report issued on Thursday, Marketbeat.com reports. The firm currently has a “buy” rating on the stock. Monness Crespi & Hardt’s target price indicates a potential upside of 12.25% from the company’s current price.

SNOW has been the subject of several other reports. Piper Sandler reiterated an “overweight” rating and issued a $165.00 price objective on shares of Snowflake in a research report on Thursday, August 22nd. Citigroup dropped their target price on Snowflake from $200.00 to $183.00 and set a “buy” rating on the stock in a research report on Monday, November 18th. Needham & Company LLC reduced their price target on Snowflake from $210.00 to $160.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. StockNews.com raised shares of Snowflake from a “sell” rating to a “hold” rating in a research note on Wednesday. Finally, HSBC raised shares of Snowflake from a “reduce” rating to a “hold” rating and boosted their price objective for the stock from $119.00 to $121.00 in a research report on Friday, August 23rd. One 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, the company currently has a consensus rating of “Moderate Buy” and an average price target of $180.23.

Snowflake Price Performance

Shares of NYSE:SNOW opened at $167.48 on Thursday. The company has a market capitalization of $56.14 billion, a price-to-earnings ratio of -54.73 and a beta of 0.83. The firm’s 50 day simple moving average is $120.06 and its 200 day simple moving average is $128.22. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $237.72.

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

Insider Transactions at Snowflake

In other news, EVP Christian Kleinerman sold 558 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $61,357.68. Following the completion of the sale, the executive vice president now directly owns 759,473 shares in the company, valued at approximately $83,511,651.08. This represents a 0.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 1,606 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the transaction, the director now directly owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. This trade represents a 0.73 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 59,538 shares of company stock valued at $7,061,544. 7.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SNOW. Westside Investment Management Inc. boosted its holdings in shares of Snowflake by 47.4% in the 3rd quarter. Westside Investment Management Inc. now owns 12,344 shares of the company’s stock valued at $1,438,000 after purchasing an additional 3,971 shares in the last quarter. Rehmann Capital Advisory Group boosted its stake in Snowflake by 10.9% in the third quarter. Rehmann Capital Advisory Group now owns 1,932 shares of the company’s stock valued at $222,000 after buying an additional 190 shares in the last quarter. Sunbelt Securities Inc. boosted its stake in Snowflake by 2.6% in the third quarter. Sunbelt Securities Inc. now owns 5,535 shares of the company’s stock valued at $636,000 after buying an additional 142 shares in the last quarter. Toronto Dominion Bank grew its position in Snowflake by 24.1% in the third quarter. Toronto Dominion Bank now owns 37,226 shares of the company’s stock valued at $4,276,000 after acquiring an additional 7,239 shares during the last quarter. Finally, Shaolin Capital Management LLC acquired a new position in Snowflake during the third quarter worth about $345,000. 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.