Snowflake (NYSE:SNOW) Stock Price Expected to Rise, BTIG Research Analyst Says

by · The Markets Daily

Snowflake (NYSE:SNOW – Get Free Report) had its price target hoisted by analysts at BTIG Research from $325.00 to $340.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. BTIG Research’s price objective would indicate a potential upside of 15.63% from the stock’s current price.

Other research analysts have also issued reports about the stock. Morgan Stanley lifted their price objective on shares of Snowflake from $245.00 to $300.00 and gave the stock an “overweight” rating in a research note on Thursday, May 28th. TD Cowen reissued a “buy” rating and set a $300.00 price target on shares of Snowflake in a research note on Wednesday, June 3rd. Mizuho boosted their target price on shares of Snowflake from $220.00 to $295.00 and gave the company an “outperform” rating in a research note on Thursday, May 28th. HSBC set a $289.00 price target on shares of Snowflake and gave the company a “buy” rating in a research note on Friday, May 29th. Finally, KeyCorp lifted their price objective on Snowflake from $285.00 to $325.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Thirty-four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and a consensus target price of $296.68.

Read Our Latest Analysis on Snowflake

Snowflake Price Performance

SNOW stock opened at $294.05 on Monday. Snowflake has a 52 week low of $118.30 and a 52 week high of $304.17. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18. The company has a fifty day simple moving average of $250.72 and a two-hundred day simple moving average of $197.20. The firm has a market capitalization of $101.92 billion, a P/E ratio of -83.54 and a beta of 1.35.

Snowflake (NYSE:SNOW – Get Free Report) last posted its earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.07. The firm had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.32 billion. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The business’s quarterly revenue was up 33.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.24 EPS. Analysts anticipate that Snowflake will post -1.84 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Mark Garrett sold 100,000 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $250.00, for a total value of $25,000,000.00. Following the completion of the transaction, the director owned 8,801 shares of the company’s stock, valued at approximately $2,200,250. This trade represents a 91.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Frank Slootman sold 437,076 shares of Snowflake stock in a transaction on Friday, May 29th. The stock was sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the sale, the director owned 38,046 shares of the company’s stock, valued at $9,603,951.78. The trade was a 91.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 2,051,274 shares of company stock worth $496,879,031. 4.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Kemnay Advisory Services Inc. purchased a new stake in Snowflake in the fourth quarter valued at approximately $28,000. Greenline Wealth Management LLC purchased a new stake in shares of Snowflake in the 4th quarter valued at $29,000. Physician Wealth Advisors Inc. increased its stake in shares of Snowflake by 56.0% in the fourth quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company’s stock worth $31,000 after acquiring an additional 51 shares during the period. MV Capital Management Inc. acquired a new stake in shares of Snowflake in the fourth quarter worth $32,000. Finally, HHM Wealth Advisors LLC raised its holdings in shares of Snowflake by 50.0% during the fourth quarter. HHM Wealth Advisors LLC now owns 150 shares of the company’s stock worth $33,000 after purchasing an additional 50 shares during the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Company Profile

(Get Free Report)

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.

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