Snowflake (NYSE:SNOW) Given New $190.00 Price Target at Macquarie

Snowflake (NYSE:SNOW) had its price target hoisted by Macquarie from $160.00 to $190.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other equities analysts have also recently issued reports on SNOW. Wedbush set a $210.00 target price on shares of Snowflake in a research note on Wednesday, January 22nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $205.00 price objective on shares of Snowflake in a report on Monday. Morgan Stanley reiterated an “equal weight” rating on shares of Snowflake in a research report on Thursday. Needham & Company LLC raised their target price on Snowflake from $215.00 to $230.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Wolfe Research upgraded Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 price target for the company in a research note on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirty-one have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $216.46.

Snowflake Stock Performance

Shares of SNOW stock opened at $203.35 on Thursday. Snowflake has a 52-week low of $107.13 and a 52-week high of $204.00. 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 stock has a market cap of $67.13 billion, a PE ratio of -59.99 and a beta of 1.11. The business has a 50-day simple moving average of $158.29 and a 200-day simple moving average of $162.99.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same period last year, the business earned $0.14 earnings per share. Snowflake’s quarterly revenue was up 25.8% on a year-over-year basis. On average, equities analysts expect that Snowflake will post -2.36 EPS for the current year.

Insider Activity at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $171.75, for a total transaction of $2,576,250.00. Following the transaction, the executive vice president now owns 594,975 shares of the company’s stock, valued at $102,186,956.25. This trade represents a 2.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Frank Slootman sold 1,783 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $147.24, for a total value of $262,528.92. Following the sale, the director now owns 192,511 shares in the company, valued at $28,345,319.64. The trade was a 0.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 356,963 shares of company stock worth $58,204,058. Corporate insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new stake in Snowflake in the 4th quarter worth approximately $988,950,000. GQG Partners LLC acquired a new position in Snowflake during the 4th quarter valued at $750,572,000. Nuveen LLC bought a new stake in shares of Snowflake in the first quarter valued at about $555,847,000. Jennison Associates LLC grew its holdings in shares of Snowflake by 92.2% during the 4th quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock worth $1,179,230,000 after purchasing an additional 3,662,671 shares in the last quarter. Finally, FMR LLC raised its stake in shares of Snowflake by 84.9% in the 4th quarter. FMR LLC now owns 6,108,123 shares of the company’s stock valued at $943,155,000 after buying an additional 2,805,425 shares in the last quarter. Institutional investors and hedge funds 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.