Brokerages Set Snowflake Inc. (NYSE:SNOW) Price Target at $293.53

Shares of Snowflake Inc. (NYSE:SNOW) have earned a consensus recommendation of “Moderate Buy” from the forty-one analysts that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-four have given a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $293.5263.

Several research firms have issued reports on SNOW. The Goldman Sachs Group boosted their target price on Snowflake from $216.00 to $278.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. UBS Group reissued a “buy” rating on shares of Snowflake in a report on Monday, June 22nd. Benchmark lifted their price target on Snowflake from $200.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Wells Fargo & Company upped their price objective on Snowflake from $210.00 to $300.00 and gave the stock an “overweight” rating in a report on Thursday, May 28th. Finally, BTIG Research increased their price objective on Snowflake from $280.00 to $325.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd.

Insider Transactions at Snowflake

In other news, Director Mark Garrett sold 100,000 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $250.00, for a total transaction of $25,000,000.00. Following the transaction, the director directly owned 8,801 shares of the company’s stock, valued at $2,200,250. This represents a 91.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Frank Slootman sold 437,076 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the completion of the transaction, the director owned 38,046 shares of the company’s stock, valued at $9,603,951.78. This represents a 91.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,802,015 shares of company stock valued at $421,739,629 in the last ninety days. 4.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Snowflake

Hedge funds and other institutional investors have recently bought and sold shares of the company. Whitener Capital Management Inc. acquired a new position in shares of Snowflake during the 2nd quarter worth $225,000. Family Wealth Partners LLC acquired a new stake in Snowflake in the 2nd quarter valued at about $366,000. Canvas Wealth Advisors LLC acquired a new stake in Snowflake in the 2nd quarter valued at about $314,000. Stonekeep Investments LLC purchased a new position in Snowflake during the 2nd quarter valued at about $211,000. Finally, Wasatch Advisors LP acquired a new position in Snowflake during the second quarter worth about $11,664,000. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Stock Down 1.2%

SNOW stock opened at $272.61 on Monday. Snowflake has a one year low of $118.30 and a one year high of $284.99. The stock has a market capitalization of $94.49 billion, a PE ratio of -77.45 and a beta of 1.35. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05. The company has a fifty day moving average of $222.78 and a 200-day moving average of $192.80.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.07. The business had revenue of $1.39 billion for the quarter, compared to analyst estimates 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 revenue was up 33.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.24 earnings per share. As a group, analysts expect that Snowflake will post -1.84 EPS for the current year.

About Snowflake

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.