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

Snowflake (NYSE:SNOW) had its price objective lifted by Mizuho from $165.00 to $195.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Mizuho’s price target indicates a potential upside of 14.91% from the company’s previous close.

A number of other brokerages have also recently commented on SNOW. Wells Fargo & Company increased their target price on Snowflake from $125.00 to $150.00 and gave the company an “equal weight” rating in a report on Thursday. UBS Group reduced their price target on Snowflake from $155.00 to $125.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 24th. StockNews.com raised Snowflake from a “sell” rating to a “hold” rating in a research note on Wednesday. Monness Crespi & Hardt increased their target price on Snowflake from $140.00 to $188.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, KeyCorp increased their target price on Snowflake from $150.00 to $185.00 and gave the stock an “overweight” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-six have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $180.23.

Snowflake Stock Up 31.4 %

Shares of SNOW traded up $40.58 on Thursday, reaching $169.70. The stock had a trading volume of 35,581,461 shares, compared to its average volume of 6,629,683. The firm has a market capitalization of $56.88 billion, a PE ratio of -55.09 and a beta of 0.83. The firm has a 50-day moving average of $117.82 and a 200 day moving average of $127.89. Snowflake has a twelve month low of $107.13 and a twelve month high of $237.72.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The firm had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. Snowflake’s quarterly revenue was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.52) EPS. On average, sell-side analysts anticipate that Snowflake will post -2.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the transaction, the director now owns 218,246 shares in the company, valued at approximately $23,998,330.16. The trade was a 0.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Christian Kleinerman sold 558 shares of Snowflake stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $61,357.68. Following the transaction, the executive vice president now owns 759,473 shares in the company, valued at approximately $83,511,651.08. The trade was a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,538 shares of company stock valued at $7,061,544 over the last quarter. Corporate insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently modified their holdings of the stock. LRI Investments LLC lifted its stake in shares of Snowflake by 155.6% in the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after purchasing an additional 112 shares during the last quarter. Groupama Asset Managment bought a new position in shares of Snowflake during the 3rd quarter worth about $25,000. Wellington Shields Capital Management LLC bought a new stake in Snowflake in the second quarter valued at about $27,000. V Square Quantitative Management LLC bought a new stake in Snowflake in the third quarter valued at about $30,000. Finally, Fortitude Family Office LLC bought a new stake in Snowflake in the third quarter valued at about $34,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

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.