TD Cowen Issues Positive Forecast for Snowflake (NYSE:SNOW) Stock Price

Snowflake (NYSE:SNOW) had its target price boosted by research analysts at TD Cowen from $180.00 to $190.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price target indicates a potential upside of 11.82% from the stock’s current price.

A number of other equities research analysts have also recently commented on the stock. Canaccord Genuity Group lowered their price target on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Jefferies Financial Group increased their price target on shares of Snowflake from $145.00 to $180.00 and gave the stock a “buy” rating in a report on Thursday. Evercore ISI increased their target price on shares of Snowflake from $170.00 to $190.00 and gave the company an “outperform” rating in a report on Thursday. Monness Crespi & Hardt increased their target price on shares of Snowflake from $140.00 to $188.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Hsbc Global Res upgraded shares of Snowflake from a “moderate sell” rating to a “hold” rating in a research report on Friday, August 23rd. One analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $179.23.

Snowflake Trading Up 31.6 %

NYSE SNOW traded up $40.80 during trading on Thursday, hitting $169.92. 26,946,754 shares of the company’s stock were exchanged, compared to its average volume of 6,591,476. The company has a market cap of $56.96 billion, a PE ratio of -55.53 and a beta of 0.83. The stock’s 50 day moving average price is $117.82 and its two-hundred day moving average price is $127.89. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $237.72.

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

Insider Activity

In other Snowflake news, Director Frank Slootman sold 1,606 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the sale, the director now owns 218,246 shares in the company, valued at approximately $23,998,330.16. This represents a 0.73 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Christian Kleinerman sold 30,000 shares of the business’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $120.00, for a total transaction of $3,600,000.00. Following the completion of the transaction, the executive vice president now owns 721,755 shares of the company’s stock, valued at approximately $86,610,600. This represents a 3.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 59,538 shares of company stock valued at $7,061,544. Company insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Several large investors have recently bought and sold shares of SNOW. LRI Investments LLC increased its holdings in shares of Snowflake by 155.6% in the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after purchasing an additional 112 shares during the last quarter. Groupama Asset Managment acquired a new stake in Snowflake during the third quarter worth $25,000. Wellington Shields Capital Management LLC acquired a new stake in shares of Snowflake during the 2nd quarter worth about $27,000. V Square Quantitative Management LLC purchased a new stake in shares of Snowflake in the 3rd quarter valued at approximately $30,000. Finally, Fortitude Family Office LLC purchased a new stake in Snowflake during the 3rd quarter worth about $34,000. 65.10% of the stock is currently owned by hedge funds and other 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.