Snowflake (NYSE:SNOW) Price Target Raised to $172.00 at Barclays

Snowflake (NYSE:SNOW) had its target price lifted by Barclays from $142.00 to $172.00 in a report issued on Thursday,Benzinga reports. They currently have an equal weight rating on the stock.

Other research analysts also recently issued reports about the stock. Robert W. Baird lowered their price objective on shares of Snowflake from $200.00 to $165.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 20th. Piper Sandler reaffirmed an “overweight” rating and set a $185.00 price objective (up from $165.00) on shares of Snowflake in a research note on Thursday. Monness Crespi & Hardt lifted their target price on Snowflake from $140.00 to $188.00 and gave the company a “buy” rating in a research note on Thursday. Needham & Company LLC boosted their target price on Snowflake from $160.00 to $200.00 and gave the company a “buy” rating in a report on Thursday. Finally, Argus assumed coverage on Snowflake in a report on Tuesday, October 1st. They set a “hold” rating for the company. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-six have assigned a buy rating to the company. According to data from MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and an average target price of $180.23.

Snowflake Stock Performance

Shares of SNOW stock traded up $0.50 during mid-day trading on Thursday, hitting $171.85. 8,272,944 shares of the stock were exchanged, compared to its average volume of 6,723,001. Snowflake has a 12-month low of $107.13 and a 12-month high of $237.72. The stock has a market capitalization of $57.60 billion, a price-to-earnings ratio of -55.90 and a beta of 0.83. The stock’s fifty day simple moving average is $118.98 and its two-hundred day simple moving average is $128.19.

Snowflake (NYSE:SNOW) last released its quarterly 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 company had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same quarter in the previous year, the company posted ($0.52) earnings per share. The firm’s revenue was up 28.9% compared to the same quarter last year. On average, research analysts expect that Snowflake will post -2.41 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Benoit Dageville sold 287 shares of the company’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 transaction of $31,974.67. Following the transaction, the insider now owns 53,250 shares of the company’s stock, valued at approximately $5,932,582.50. This represents a 0.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Christian Kleinerman sold 558 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president now owns 759,473 shares in the company, valued at approximately $83,511,651.08. This trade represents a 0.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,538 shares of company stock worth $7,061,544 over the last three months. 7.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

Several institutional investors have recently added to or reduced their stakes in the business. Comerica Bank grew its holdings in Snowflake by 17.2% in the 1st quarter. Comerica Bank now owns 29,267 shares of the company’s stock valued at $4,729,000 after buying an additional 4,296 shares during the period. DekaBank Deutsche Girozentrale grew its holdings in Snowflake by 23.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock valued at $37,484,000 after purchasing an additional 43,062 shares during the period. Cetera Investment Advisers raised its stake in Snowflake by 201.5% during the first quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock worth $10,292,000 after purchasing an additional 42,563 shares during the period. LRI Investments LLC purchased a new stake in shares of Snowflake during the 1st quarter valued at $29,000. Finally, Fulton Bank N.A. raised its position in shares of Snowflake by 17.4% in the 2nd quarter. Fulton Bank N.A. now owns 1,538 shares of the company’s stock worth $208,000 after buying an additional 228 shares during the period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.