Snowflake (NYSE:SNOW) Price Target Raised to $188.00 at Royal Bank of Canada

Snowflake (NYSE:SNOW) had its target price upped by Royal Bank of Canada from $175.00 to $188.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Other research analysts have also recently issued research reports about the company. Barclays boosted their price objective on Snowflake from $142.00 to $172.00 and gave the stock an “equal weight” rating in a research report on Thursday. JMP Securities reduced their price target on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a research report on Thursday, August 22nd. Morgan Stanley reaffirmed an “equal weight” rating and issued a $175.00 price objective on shares of Snowflake in a research report on Thursday, August 22nd. StockNews.com raised shares of Snowflake from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, UBS Group lowered their price target on shares of Snowflake from $155.00 to $125.00 and set a “neutral” rating on the stock in a report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and an average target price of $180.23.

Snowflake Price Performance

SNOW opened at $167.44 on Thursday. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $237.72. The firm has a market capitalization of $56.13 billion, a P/E ratio of -49.39 and a beta of 0.83. The company’s 50-day moving average is $120.06 and its 200 day moving average is $128.00.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.16 by $0.02. The firm had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. Snowflake had a negative net margin of 33.02% and a negative return on equity of 22.01%. The company’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.52) EPS. On average, equities research analysts expect that Snowflake will post -2.41 earnings per share for the current year.

Insider Transactions at Snowflake

In other news, EVP Christian Kleinerman sold 30,000 shares of the company’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $120.00, for a total value of $3,600,000.00. Following the completion of the transaction, the executive vice president now directly owns 721,755 shares in the company, valued at approximately $86,610,600. This represents a 3.99 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Slootman sold 6,251 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $715,051.89. Following the transaction, the director now directly owns 208,735 shares in the company, valued at approximately $23,877,196.65. This represents a 2.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,538 shares of company stock valued at $7,061,544. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently made changes to their positions in SNOW. Ontario Teachers Pension Plan Board lifted its stake in Snowflake by 19,399.2% in the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock worth $295,459,000 after purchasing an additional 2,559,144 shares during the last quarter. Swedbank AB purchased a new stake in Snowflake during the 1st quarter valued at about $258,957,000. Two Sigma Advisers LP grew its position in Snowflake by 27.9% during the 3rd quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after acquiring an additional 881,700 shares during the last quarter. AQR Capital Management LLC increased its stake in Snowflake by 210.0% in the 2nd quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock worth $131,656,000 after purchasing an additional 660,168 shares during the period. Finally, SG Americas Securities LLC lifted its position in Snowflake by 471.9% in the third quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock valued at $87,489,000 after purchasing an additional 628,511 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.

Snowflake Company Profile

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.