Truist Financial Issues Positive Forecast for Snowflake (NYSE:SNOW) Stock Price

Snowflake (NYSE:SNOW) had its target price increased by analysts at Truist Financial from $300.00 to $375.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target would indicate a potential upside of 17.25% from the company’s current price.

A number of other research firms have also recently issued reports on SNOW. Citigroup reissued a “market outperform” rating on shares of Snowflake in a research note on Tuesday. DA Davidson boosted their target price on Snowflake from $250.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Monness Crespi & Hardt boosted their price target on Snowflake from $282.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Needham & Company LLC increased their price objective on shares of Snowflake from $300.00 to $330.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Finally, Stifel Nicolaus set a $350.00 price target on shares of Snowflake in a report on Tuesday. Thirty-four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and a consensus target price of $320.65.

Snowflake Price Performance

Shares of NYSE:SNOW traded down $5.18 during midday trading on Thursday, reaching $319.83. 1,378,368 shares of the company’s stock were exchanged, compared to its average volume of 6,864,669. The company’s 50 day simple moving average is $275.49 and its two-hundred day simple moving average is $207.94. Snowflake has a 12 month low of $118.30 and a 12 month high of $341.95. The firm has a market capitalization of $110.85 billion, a PE ratio of -90.86 and a beta of 1.33. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.07. The firm 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 company’s revenue for the quarter was up 33.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.24 earnings per share. Equities research analysts expect that Snowflake will post -1.81 earnings per share for the current fiscal year.

Insider Activity at Snowflake

In other Snowflake news, Director Teresa Briggs sold 343 shares of the business’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $255.11, for a total transaction of $87,502.73. Following the transaction, the director directly owned 5,060 shares of the company’s stock, valued at approximately $1,290,856.60. The trade was a 6.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 10,315 shares of the business’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $275.10, for a total value of $2,837,656.50. Following the completion of the sale, the director directly owned 28,535 shares in the company, valued at approximately $7,849,978.50. This represents a 26.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 2,027,351 shares of company stock valued at $509,659,117. Company insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Kemnay Advisory Services Inc. bought a new position in shares of Snowflake in the fourth quarter worth approximately $28,000. Greenline Wealth Management LLC bought a new stake in shares of Snowflake during the fourth quarter worth $29,000. Basecamp Wealth Advisors LLC raised its stake in shares of Snowflake by 140.5% during the first quarter. Basecamp Wealth Advisors LLC now owns 202 shares of the company’s stock valued at $30,000 after acquiring an additional 118 shares in the last quarter. Physician Wealth Advisors Inc. lifted its holdings in shares of Snowflake by 56.0% in the 4th quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company’s stock worth $31,000 after buying an additional 51 shares during the period. Finally, Emerald Advisers LLC grew its holdings in Snowflake by 95.2% during the 1st quarter. Emerald Advisers LLC now owns 205 shares of the company’s stock worth $31,000 after acquiring an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Company Profile

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.