Truist Financial Forecasts Strong Price Appreciation for Snowflake (NYSE:SNOW) Stock

Snowflake (NYSE:SNOW) had its price objective upped by equities research analysts at Truist Financial from $210.00 to $235.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 17.51% from the stock’s previous close.

A number of other research firms also recently weighed in on SNOW. Morgan Stanley raised their target price on shares of Snowflake from $185.00 to $200.00 and gave the company an “equal weight” rating in a research report on Thursday. Royal Bank of Canada raised their target price on shares of Snowflake from $210.00 to $221.00 and gave the company an “outperform” rating in a research report on Thursday, February 27th. HSBC downgraded shares of Snowflake from a “hold” rating to a “sell” rating in a research report on Thursday. Monness Crespi & Hardt raised their target price on shares of Snowflake from $230.00 to $245.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Canaccord Genuity Group raised their target price on shares of Snowflake from $190.00 to $220.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, thirty-one have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $217.33.

Snowflake Stock Down 1.6%

Snowflake stock opened at $199.99 on Thursday. The stock has a market capitalization of $66.02 billion, a PE ratio of -58.99 and a beta of 1.11. Snowflake has a twelve month low of $107.13 and a twelve month high of $205.40. 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 company has a 50 day moving average of $159.20 and a 200-day moving average of $163.56.

Snowflake (NYSE:SNOW) last released 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. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The business’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.14 earnings per share. On average, equities research analysts anticipate that Snowflake will post -2.36 EPS for the current fiscal year.

Insider Transactions at Snowflake

In other Snowflake news, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $168.01, for a total value of $67,708.03. Following the completion of the sale, the director now owns 25,972 shares in the company, valued at $4,363,555.72. The trade was a 1.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael Scarpelli sold 300,000 shares of Snowflake stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the completion of the sale, the chief financial officer now owns 292,610 shares of the company’s stock, valued at $47,756,878.10. This trade represents a 50.62% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 356,963 shares of company stock worth $58,204,058. 7.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Snowflake

Hedge funds have recently bought and sold shares of the company. Opal Wealth Advisors LLC bought a new position in Snowflake in the 1st quarter valued at about $26,000. Stonebridge Financial Group LLC bought a new position in Snowflake in the 4th quarter valued at about $29,000. CVA Family Office LLC increased its holdings in Snowflake by 80.0% in the 1st quarter. CVA Family Office LLC now owns 198 shares of the company’s stock valued at $29,000 after buying an additional 88 shares during the period. West Paces Advisors Inc. bought a new position in Snowflake in the 4th quarter valued at about $31,000. Finally, Spurstone Advisory Services LLC bought a new position in Snowflake in the 4th quarter valued at about $31,000. 65.10% of the stock is owned by 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.