Barclays Boosts Snowflake (NYSE:SNOW) Price Target to $172.00

Snowflake (NYSE:SNOW) had its target price raised by equities researchers at Barclays from $142.00 to $172.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s price target would indicate a potential upside of 2.70% from the company’s current price.

A number of other brokerages also recently issued reports on SNOW. Robert W. Baird reduced their price objective on shares of Snowflake from $200.00 to $165.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 20th. Argus started coverage on shares of Snowflake in a research note on Tuesday, October 1st. They issued a “hold” rating on the stock. Loop Capital cut their target price on Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a research note on Wednesday, August 21st. JMP Securities reduced their target price on Snowflake from $235.00 to $190.00 and set a “market outperform” rating on the stock in a report on Thursday, August 22nd. Finally, KeyCorp boosted their price target on Snowflake from $150.00 to $185.00 and gave the stock an “overweight” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-six have given a buy rating to the company. According to MarketBeat, Snowflake has an average rating of “Moderate Buy” and a consensus price target of $180.23.

Snowflake Trading Down 2.3 %

Shares of SNOW stock opened at $167.48 on Thursday. The stock has a 50 day simple moving average of $120.06 and a 200 day simple moving average of $128.22. Snowflake has a 1 year low of $107.13 and a 1 year high of $237.72. The stock has a market cap of $56.14 billion, a P/E ratio of -54.73 and a beta of 0.83.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.02. The company had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. Snowflake’s quarterly revenue was up 28.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.52) EPS. Analysts forecast that Snowflake will post -2.41 EPS for the current year.

Insider Transactions at Snowflake

In other news, Director Frank Slootman sold 6,251 shares of Snowflake stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $715,051.89. Following the completion of the transaction, the director now directly owns 208,735 shares of the company’s stock, valued at approximately $23,877,196.65. This trade represents a 2.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Christian Kleinerman sold 558 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $61,357.68. Following the completion of the transaction, the executive vice president now directly owns 759,473 shares in the company, valued at $83,511,651.08. This represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,538 shares of company stock worth $7,061,544. Company insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

A number of hedge funds have recently added to or reduced their stakes in SNOW. LRI Investments LLC grew its position in shares of Snowflake by 155.6% during the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after buying an additional 112 shares during the period. Groupama Asset Managment bought a new stake in Snowflake in the third quarter valued at $25,000. Wellington Shields Capital Management LLC acquired a new position in shares of Snowflake during the second quarter valued at about $27,000. V Square Quantitative Management LLC bought a new position in shares of Snowflake during the 3rd quarter worth about $30,000. Finally, Fortitude Family Office LLC acquired a new stake in shares of Snowflake in the 3rd quarter valued at about $34,000. 65.10% of the stock is currently owned by institutional investors.

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.