Snowflake (NYSE:SNOW) Given New $160.00 Price Target at Wedbush

Snowflake (NYSE:SNOW) had its price objective increased by Wedbush from $130.00 to $160.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Wedbush’s price objective would indicate a potential downside of 5.72% from the stock’s current price.

SNOW has been the topic of a number of other reports. Scotiabank reduced their target price on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating on the stock in a research note on Thursday, August 22nd. KeyCorp lifted their price target on shares of Snowflake from $150.00 to $185.00 and gave the company an “overweight” rating in a research report on Thursday. Barclays lifted their price objective on shares of Snowflake from $142.00 to $172.00 and gave the company an “equal weight” rating in a report on Thursday. Loop Capital dropped their price objective on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a report on Wednesday, August 21st. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $180.23.

Snowflake Trading Up 31.4 %

Shares of SNOW traded up $40.58 during trading hours on Thursday, hitting $169.70. The company had a trading volume of 35,581,461 shares, compared to its average volume of 6,629,683. Snowflake has a one year low of $107.13 and a one year high of $237.72. The company’s fifty day moving average price is $117.82 and its two-hundred day moving average price is $127.89. The company has a market capitalization of $56.88 billion, a PE ratio of -55.09 and a beta of 0.83.

Snowflake (NYSE:SNOW) last released its quarterly earnings data 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. The firm had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The business’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.52) earnings per share. Analysts forecast that Snowflake will post -2.41 earnings per share for the current year.

Insider Activity at Snowflake

In other news, EVP Christian Kleinerman sold 30,000 shares of the company’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 owns 721,755 shares in the company, valued at $86,610,600. This represents a 3.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Benoit Dageville sold 287 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $111.41, for a total value of $31,974.67. Following the completion of the sale, the insider now directly owns 53,250 shares of the company’s stock, valued at approximately $5,932,582.50. The trade was a 0.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 59,538 shares of company stock worth $7,061,544 over the last ninety days. 7.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Snowflake

Several large investors have recently made changes to their positions in the company. Covestor Ltd boosted its position in Snowflake by 25.0% during the first quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after purchasing an additional 70 shares during the period. Modus Advisors LLC boosted its position in Snowflake by 3.9% during the third quarter. Modus Advisors LLC now owns 2,491 shares of the company’s stock worth $286,000 after purchasing an additional 94 shares during the period. Catalyst Private Wealth LLC boosted its position in Snowflake by 3.2% during the third quarter. Catalyst Private Wealth LLC now owns 3,329 shares of the company’s stock worth $382,000 after purchasing an additional 104 shares during the period. Iron Gate Global Advisors LLC boosted its position in Snowflake by 0.9% during the first quarter. Iron Gate Global Advisors LLC now owns 11,666 shares of the company’s stock worth $1,878,000 after purchasing an additional 105 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in Snowflake by 30.3% during the first quarter. EverSource Wealth Advisors LLC now owns 465 shares of the company’s stock worth $72,000 after purchasing an additional 108 shares during the period. Institutional investors 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.