Snowflake (NYSE:SNOW) Given New $260.00 Price Target at JMP Securities

by · The Markets Daily

Snowflake (NYSE:SNOW – Get Free Report) had its price objective lifted by investment analysts at JMP Securities from $245.00 to $260.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. JMP Securities’ price target would indicate a potential upside of 22.85% from the stock’s previous close.

SNOW has been the topic of a number of other reports. Wells Fargo & Company reissued an “overweight” rating and issued a $250.00 price target (up from $225.00) on shares of Snowflake in a research report on Friday, June 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $230.00 price objective on shares of Snowflake in a research report on Thursday, June 5th. Monness Crespi & Hardt upped their price objective on Snowflake from $230.00 to $245.00 and gave the company a “buy” rating in a research report on Thursday, May 22nd. Daiwa America raised Snowflake to a “strong-buy” rating in a research report on Tuesday, April 1st. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $212.00 price objective (up from $196.00) on shares of Snowflake in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, thirty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $226.73.

View Our Latest Stock Analysis on SNOW

Snowflake Trading Down 0.1%

NYSE SNOW opened at $211.64 on Friday. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. Snowflake has a twelve month low of $107.13 and a twelve month high of $226.60. The firm has a market capitalization of $70.66 billion, a PE ratio of -50.27 and a beta of 1.22. The stock’s 50 day moving average is $206.90 and its 200 day moving average is $178.46.

Snowflake (NYSE:SNOW – Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same period in the previous year, the firm posted $0.14 EPS. The business’s revenue for the quarter was up 25.8% compared to the same quarter last year. Research analysts forecast that Snowflake will post -2.36 earnings per share for the current fiscal year.

Insider Activity at Snowflake

In other Snowflake news, Director Mark Garrett sold 67,000 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $198.98, for a total value of $13,331,660.00. Following the completion of the sale, the director owned 7,428 shares in the company, valued at approximately $1,478,023.44. This represents a 90.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Slootman sold 424,852 shares of the stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the completion of the sale, the director owned 165,507 shares of the company’s stock, valued at approximately $36,303,960.45. The trade was a 71.97% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,718,258 shares of company stock valued at $589,762,906. 6.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. ORG Wealth Partners LLC purchased a new stake in shares of Snowflake during the 1st quarter worth $898,000. SBI Securities Co. Ltd. lifted its position in Snowflake by 9.4% in the first quarter. SBI Securities Co. Ltd. now owns 60,591 shares of the company’s stock valued at $8,856,000 after acquiring an additional 5,197 shares during the last quarter. Deutsche Bank AG lifted its position in Snowflake by 26.0% in the fourth quarter. Deutsche Bank AG now owns 922,953 shares of the company’s stock valued at $142,513,000 after acquiring an additional 190,583 shares during the last quarter. Artemis Investment Management LLP purchased a new stake in Snowflake in the first quarter valued at $9,090,000. Finally, Ardmore Road Asset Management LP purchased a new stake in Snowflake in the fourth quarter valued at $18,529,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Company Profile

(Get Free Report)

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.

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