Snowflake (NYSE:SNOW) Reaches New 12-Month High – What’s Next?

Snowflake Inc. (NYSE:SNOW)’s share price reached a new 52-week high on Friday . The stock traded as high as $215.99 and last traded at $213.23, with a volume of 1270017 shares traded. The stock had previously closed at $212.08.

Analysts Set New Price Targets

SNOW has been the subject of several recent research reports. Oppenheimer boosted their price target on shares of Snowflake from $225.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, June 6th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Snowflake in a research note on Thursday, May 22nd. Rosenblatt Securities reiterated a “buy” rating and set a $205.00 price target on shares of Snowflake in a research report on Monday, May 19th. Robert W. Baird boosted their price target on Snowflake from $200.00 to $215.00 and gave the stock an “outperform” rating in a research report on Thursday, May 22nd. Finally, Citigroup reiterated an “outperform” rating on shares of Snowflake in a report on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirty-three have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $223.54.

Snowflake Stock Down 0.1%

The company’s 50-day simple moving average is $183.12 and its two-hundred day simple moving average is $171.94. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The firm has a market capitalization of $70.73 billion, a P/E ratio of -50.32 and a beta of 1.21.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The company’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.14 earnings per share. As a group, research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Activity at Snowflake

In other Snowflake news, CAO Emily Ho sold 5,027 shares of Snowflake stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $199.06, for a total value of $1,000,674.62. Following the completion of the transaction, the chief accounting officer now directly owns 40,608 shares of the company’s stock, valued at $8,083,428.48. This trade represents a 11.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction on Friday, June 6th. The stock was sold at an average price of $211.35, for a total transaction of $85,174.05. Following the completion of the transaction, the director now directly owns 25,569 shares of the company’s stock, valued at $5,404,008.15. The trade was a 1.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 894,638 shares of company stock valued at $169,965,038. Corporate insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Institutional investors have recently made changes to their positions in the company. ORG Wealth Partners LLC bought a new stake in shares of Snowflake in the 1st quarter worth about $898,000. Kirtland Hills Capital Management LLC raised its holdings in shares of Snowflake by 40.1% in the 4th quarter. Kirtland Hills Capital Management LLC now owns 15,920 shares of the company’s stock valued at $2,458,000 after purchasing an additional 4,559 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Snowflake by 455.1% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 124,178 shares of the company’s stock worth $19,174,000 after buying an additional 101,806 shares during the last quarter. SPX Gestao de Recursos Ltda purchased a new position in shares of Snowflake in the 4th quarter worth approximately $3,088,000. Finally, GraniteShares Advisors LLC purchased a new position in shares of Snowflake in the 4th quarter worth approximately $781,000. 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.