Snowflake (NYSE:SNOW) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

Snowflake (NYSE:SNOW) had its price target lifted by research analysts at Cantor Fitzgerald from $183.00 to $242.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 21.01% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Loop Capital lifted their price objective on shares of Snowflake from $205.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, February 27th. Jefferies Financial Group boosted their price target on Snowflake from $190.00 to $220.00 and gave the company a “buy” rating in a report on Tuesday. Mizuho set a $215.00 target price on Snowflake and gave the stock an “outperform” rating in a report on Wednesday. Guggenheim reissued a “neutral” rating on shares of Snowflake in a research report on Thursday, February 27th. Finally, Morgan Stanley lifted their price objective on Snowflake from $185.00 to $200.00 and gave the company an “equal weight” rating in a report on Thursday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, thirty-one have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $217.33.

Snowflake Stock Performance

Shares of NYSE:SNOW opened at $199.99 on Thursday. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. Snowflake has a 12 month low of $107.13 and a 12 month high of $205.40. The company has a market capitalization of $66.02 billion, a price-to-earnings ratio of -58.99 and a beta of 1.11. The firm’s 50-day moving average is $159.20 and its 200 day moving average is $163.56.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.02. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. The company’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.14 earnings per share. Research analysts predict that Snowflake will post -2.36 EPS for the current year.

Insider Buying and Selling at Snowflake

In other news, Director Michael L. Speiser sold 403 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $168.01, for a total value of $67,708.03. Following the transaction, the director now directly owns 25,972 shares of the company’s stock, valued at approximately $4,363,555.72. This represents a 1.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $171.75, for a total value of $2,576,250.00. Following the sale, the executive vice president now directly owns 594,975 shares of the company’s stock, valued at $102,186,956.25. This trade represents a 2.46% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 356,963 shares of company stock worth $58,204,058. 7.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Snowflake

Large investors have recently bought and sold shares of the company. Asset Dedication LLC raised its position in Snowflake by 6.8% during the 4th quarter. Asset Dedication LLC now owns 922 shares of the company’s stock worth $142,000 after buying an additional 59 shares during the last quarter. Quarry LP boosted its holdings in shares of Snowflake by 9.8% in the 4th quarter. Quarry LP now owns 662 shares of the company’s stock valued at $102,000 after acquiring an additional 59 shares during the last quarter. Ignite Planners LLC increased its stake in shares of Snowflake by 2.3% in the first quarter. Ignite Planners LLC now owns 2,861 shares of the company’s stock worth $418,000 after acquiring an additional 64 shares during the period. Gabelli Funds LLC raised its holdings in shares of Snowflake by 3.3% during the fourth quarter. Gabelli Funds LLC now owns 2,050 shares of the company’s stock worth $317,000 after purchasing an additional 65 shares during the last quarter. Finally, Archford Capital Strategies LLC raised its holdings in shares of Snowflake by 1.9% during the first quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company’s stock worth $527,000 after purchasing an additional 68 shares during the last quarter. Hedge funds and other 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.