Brokerages Set Snowflake Inc. (NYSE:SNOW) PT at $171.59

Shares of Snowflake Inc. (NYSE:SNOW) have been given an average rating of “Moderate Buy” by the thirty-eight brokerages that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, eleven have issued a hold recommendation and twenty-six have given a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $180.23.

Several equities research analysts have commented on the stock. Robert W. Baird dropped their price target on shares of Snowflake from $200.00 to $165.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 20th. DA Davidson reiterated a “buy” rating and set a $175.00 price objective on shares of Snowflake in a research report on Thursday, October 3rd. Bank of America lifted their target price on Snowflake from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday. Scotiabank reduced their target price on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a report on Thursday, August 22nd. Finally, Argus assumed coverage on Snowflake in a research note on Tuesday, October 1st. They issued a “hold” rating on the stock.

Snowflake Stock Performance

Snowflake stock opened at $167.48 on Wednesday. Snowflake has a one year low of $107.13 and a one year high of $237.72. The company has a 50-day simple moving average of $120.06 and a 200-day simple moving average of $128.22. The firm has a market capitalization 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 EPS for the quarter, beating 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 31.73% and a negative return on equity of 19.62%. Snowflake’s quarterly revenue was up 28.9% on a year-over-year basis. During the same quarter last year, the company earned ($0.52) EPS. As a group, sell-side analysts forecast that Snowflake will post -2.41 earnings per share for the current year.

Insider Activity

In other Snowflake news, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the completion of the transaction, the director now directly owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. This trade represents a 0.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Benoit Dageville sold 287 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $111.41, for a total transaction of $31,974.67. Following the sale, the insider now owns 53,250 shares of the company’s stock, valued at $5,932,582.50. This trade represents a 0.54 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,538 shares of company stock worth $7,061,544. Corporate 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. Ontario Teachers Pension Plan Board boosted its position in Snowflake by 19,399.2% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock valued at $295,459,000 after buying an additional 2,559,144 shares during the last quarter. Swedbank AB bought a new position in Snowflake in the first quarter valued at about $258,957,000. Two Sigma Advisers LP increased its position in Snowflake by 27.9% in the third quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after purchasing an additional 881,700 shares during the period. AQR Capital Management LLC raised its holdings in Snowflake by 210.0% during 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 last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of Snowflake by 471.9% in the 3rd 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.

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.