Monness Crespi & Hardt Issues Positive Forecast for Snowflake (NYSE:SNOW) Stock Price

Snowflake (NYSE:SNOW) had its price objective lifted by Monness Crespi & Hardt from $140.00 to $188.00 in a report released on Thursday morning, Marketbeat.com reports. They currently have a buy rating on the stock.

Other equities analysts also recently issued reports about the stock. Barclays reduced their target price on shares of Snowflake from $191.00 to $146.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. UBS Group lowered their target price on shares of Snowflake from $155.00 to $125.00 and set a “neutral” rating for the company in a research note on Tuesday, September 24th. Piper Sandler reiterated an “overweight” rating and set a $165.00 price objective on shares of Snowflake in a report on Thursday, August 22nd. DA Davidson reaffirmed a “buy” rating and set a $175.00 target price on shares of Snowflake in a research report on Thursday, October 3rd. Finally, Argus began coverage on shares of Snowflake in a research report on Tuesday, October 1st. They set a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $180.23.

Snowflake Stock Up 2.0 %

Snowflake stock traded up $3.48 during midday trading on Thursday, reaching $174.83. 5,931,148 shares of the stock traded hands, compared to its average volume of 6,712,685. Snowflake has a 12 month low of $107.13 and a 12 month high of $237.72. The stock’s fifty day moving average is $118.98 and its 200-day moving average is $128.19. The stock has a market cap of $58.60 billion, a P/E ratio of -55.90 and a beta of 0.83.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The company had revenue of $868.80 million during the quarter, compared to analysts’ expectations of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. Snowflake’s revenue was up 28.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.52) EPS. On average, equities analysts predict that Snowflake will post -2.41 EPS for the current fiscal year.

Insider Activity at Snowflake

In other news, insider Benoit Dageville sold 1,946 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $222,602.94. Following the completion of the transaction, the insider now owns 53,820 shares in the company, valued at $6,156,469.80. This trade represents a 3.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the transaction, the director now owns 218,246 shares of the company’s stock, valued at $23,998,330.16. The trade was a 0.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,538 shares of company stock valued at $7,061,544 in the last three months. Corporate insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. LRI Investments LLC raised its stake in shares of Snowflake by 155.6% during the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after acquiring an additional 112 shares during the last quarter. Groupama Asset Managment bought a new stake in Snowflake in the third quarter valued at $25,000. Wellington Shields Capital Management LLC bought a new stake in Snowflake during the 2nd quarter valued at $27,000. V Square Quantitative Management LLC acquired a new stake in shares of Snowflake in the 3rd quarter worth about $30,000. Finally, Fortitude Family Office LLC purchased a new stake in shares of Snowflake during the 3rd quarter valued at $34,000. Institutional investors and hedge funds 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.