Snowflake (NYSE:SNOW) Price Target Raised to $185.00 at Bank of America

Snowflake (NYSE:SNOW) had its price objective hoisted by Bank of America from $160.00 to $185.00 in a research note released on Thursday morning,Benzinga reports. Bank of America currently has a neutral rating on the stock.

Other research analysts have also issued reports about the stock. Wells Fargo & Company raised their price objective on shares of Snowflake from $125.00 to $150.00 and gave the stock an “equal weight” rating in a report on Thursday. Needham & Company LLC raised their price objective on shares of Snowflake from $160.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday. Canaccord Genuity Group decreased their price objective on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Piper Sandler restated an “overweight” rating and issued a $185.00 price target (up from $165.00) on shares of Snowflake in a research report on Thursday. Finally, Wedbush upgraded shares of Snowflake to a “hold” rating in a research report on Thursday, October 17th. 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, Snowflake presently has an average rating of “Moderate Buy” and an average target price of $180.23.

Snowflake Price Performance

SNOW traded up $5.84 during trading hours on Thursday, reaching $177.19. 3,350,547 shares of the stock traded hands, compared to its average volume of 6,701,316. The company has a market cap of $59.39 billion, a price-to-earnings ratio of -55.90 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. The firm’s fifty day simple moving average is $118.98 and its two-hundred day simple moving average is $128.19.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.02. The company had revenue of $868.80 million during 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 firm’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same period last year, the business earned ($0.52) EPS. On average, research analysts predict that Snowflake will post -2.41 earnings per share for the current year.

Insider Transactions at Snowflake

In other news, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the transaction, the director now directly owns 218,246 shares of the company’s stock, valued at $23,998,330.16. This trade represents a 0.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Benoit Dageville sold 1,946 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $222,602.94. Following the sale, the insider now 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 disclosure for this sale can be found here. Insiders have sold 59,538 shares of company stock valued at $7,061,544 in the last quarter. Insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Institutional investors have recently made changes to their positions in the stock. Covestor Ltd lifted its stake in Snowflake by 25.0% in the first quarter. Covestor Ltd now owns 350 shares of the company’s stock valued at $57,000 after acquiring an additional 70 shares during the last quarter. Modus Advisors LLC lifted its stake in shares of Snowflake by 3.9% in the third quarter. Modus Advisors LLC now owns 2,491 shares of the company’s stock worth $286,000 after buying an additional 94 shares during the last quarter. Catalyst Private Wealth LLC lifted its stake in shares of Snowflake by 3.2% in the third quarter. Catalyst Private Wealth LLC now owns 3,329 shares of the company’s stock worth $382,000 after buying an additional 104 shares during the last quarter. Iron Gate Global Advisors LLC lifted its stake in shares of Snowflake by 0.9% in the first quarter. Iron Gate Global Advisors LLC now owns 11,666 shares of the company’s stock worth $1,878,000 after buying an additional 105 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Snowflake by 30.3% in the first quarter. EverSource Wealth Advisors LLC now owns 465 shares of the company’s stock worth $72,000 after buying an additional 108 shares during the last quarter. 65.10% of the stock is currently 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.