Snowflake (NYSE:SNOW) Stock Price Up 2.5% – Should You Buy?

Snowflake Inc. (NYSE:SNOW) rose 2.5% on Thursday . The company traded as high as $223.60 and last traded at $221.59. Approximately 4,742,890 shares were traded during trading, a decline of 10% from the average daily volume of 5,246,944 shares. The stock had previously closed at $216.29.

Analysts Set New Price Targets

A number of research analysts recently weighed in on SNOW shares. Bank of America increased their price target on Snowflake from $280.00 to $310.00 and gave the company a “buy” rating in a research note on Monday, November 17th. Piper Sandler reissued an “overweight” rating and issued a $285.00 price target on shares of Snowflake in a report on Thursday, December 4th. Mizuho boosted their price objective on Snowflake from $260.00 to $285.00 and gave the stock an “outperform” rating in a report on Monday, November 17th. JMP Securities upped their target price on Snowflake from $283.00 to $325.00 and gave the company a “market outperform” rating in a research report on Tuesday, October 28th. Finally, Stifel Nicolaus lifted their price target on Snowflake from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, December 4th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $275.32.

Snowflake Stock Performance

The stock has a 50 day moving average of $248.72 and a 200 day moving average of $227.62. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 1.07. The firm has a market cap of $75.83 billion, a price-to-earnings ratio of -54.85 and a beta of 1.09.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, December 3rd. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.31 by $0.04. The company had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Snowflake had a negative net margin of 30.76% and a negative return on equity of 45.91%. The business’s revenue for the quarter was up 28.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.20 EPS. As a group, analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Vivek Raghunathan sold 11,801 shares of the firm’s stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total value of $2,634,219.22. Following the sale, the senior vice president directly owned 241,854 shares of the company’s stock, valued at $53,986,649.88. This trade represents a 4.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $257.30, for a total transaction of $12,951,967.40. Following the completion of the transaction, the director directly owned 33,596 shares of the company’s stock, valued at $8,644,250.80. This trade represents a 59.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 221,537 shares of company stock worth $53,336,395 over the last 90 days. Corporate insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Snowflake by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 28,647,593 shares of the company’s stock valued at $6,461,465,000 after purchasing an additional 857,832 shares during the period. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Snowflake during the second quarter worth $3,900,134,000. Jennison Associates LLC raised its stake in Snowflake by 13.5% during the third quarter. Jennison Associates LLC now owns 9,083,889 shares of the company’s stock worth $2,048,871,000 after buying an additional 1,083,222 shares during the last quarter. State Street Corp lifted its holdings in Snowflake by 1.4% in the second quarter. State Street Corp now owns 6,887,073 shares of the company’s stock valued at $1,541,120,000 after buying an additional 94,293 shares during the period. Finally, Artisan Partners Limited Partnership boosted its position in Snowflake by 15.2% during the second quarter. Artisan Partners Limited Partnership now owns 4,951,715 shares of the company’s stock valued at $1,108,045,000 after acquiring an additional 652,485 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.