Monness Crespi & Hardt Issues Positive Forecast for Snowflake (NYSE:SNOW) Stock Price

Snowflake (NYSE:SNOW) had its price target boosted by Monness Crespi & Hardt from $230.00 to $245.00 in a research report released on Thursday, Marketbeat Ratings reports. The firm currently has a buy rating on the stock.

Several other analysts have also weighed in on SNOW. DA Davidson lowered their price objective on shares of Snowflake from $225.00 to $200.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Mizuho set a $215.00 price target on shares of Snowflake and gave the company an “outperform” rating in a research note on Wednesday. JMP Securities reissued a “market outperform” rating and set a $201.00 price objective on shares of Snowflake in a research report on Tuesday, May 20th. Wedbush set a $210.00 target price on Snowflake in a research note on Wednesday, January 22nd. Finally, Truist Financial dropped their price target on Snowflake from $225.00 to $210.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, thirty-one have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $217.33.

Snowflake Price Performance

SNOW stock opened at $199.99 on Thursday. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The firm has a market cap of $66.02 billion, a price-to-earnings ratio of -58.99 and a beta of 1.11. The company’s fifty day simple moving average is $159.20 and its 200 day simple moving average is $163.86. Snowflake has a 12-month low of $107.13 and a 12-month high of $205.40.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the previous year, the company posted $0.14 earnings per share. The firm’s revenue for the quarter was up 25.8% on a year-over-year basis. On average, analysts expect that Snowflake will post -2.36 earnings per share for the current year.

Insider Transactions at Snowflake

In related news, CFO Michael Scarpelli sold 300,000 shares of the stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the completion of the transaction, the chief financial officer now owns 292,610 shares in the company, valued at approximately $47,756,878.10. This represents a 50.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael L. Speiser sold 403 shares of the firm’s stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $129.25, for a total transaction of $52,087.75. Following the sale, the director now owns 26,375 shares of the company’s stock, valued at $3,408,968.75. This trade represents a 1.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 356,963 shares of company stock worth $58,204,058 in the last 90 days. Insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNOW. Geneos Wealth Management Inc. lifted its stake in Snowflake by 29.7% in the first quarter. Geneos Wealth Management Inc. now owns 319 shares of the company’s stock valued at $47,000 after purchasing an additional 73 shares during the last quarter. IFM Investors Pty Ltd raised its stake in shares of Snowflake by 0.5% in the first quarter. IFM Investors Pty Ltd now owns 54,020 shares of the company’s stock valued at $7,896,000 after buying an additional 274 shares during the period. Intech Investment Management LLC lifted its position in shares of Snowflake by 24.0% during the 1st quarter. Intech Investment Management LLC now owns 11,202 shares of the company’s stock valued at $1,637,000 after buying an additional 2,167 shares during the last quarter. Focus Partners Wealth lifted its position in shares of Snowflake by 0.5% during the 1st quarter. Focus Partners Wealth now owns 99,545 shares of the company’s stock valued at $14,550,000 after buying an additional 460 shares during the last quarter. Finally, Integrity Alliance LLC. bought a new position in shares of Snowflake during the 1st quarter worth $646,000. 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.