Needham & Company LLC Issues Positive Forecast for Snowflake (NYSE:SNOW) Stock Price

Snowflake (NYSE:SNOW) had its price objective hoisted by Needham & Company LLC from $160.00 to $200.00 in a report published on Thursday,Benzinga reports. They currently have a buy rating on the stock.

SNOW has been the topic of several other research reports. Citigroup dropped their price objective on Snowflake from $200.00 to $183.00 and set a “buy” rating on the stock in a research note on Monday. HSBC upgraded Snowflake from a “reduce” rating to a “hold” rating and increased their price target for the stock from $119.00 to $121.00 in a research note on Friday, August 23rd. Monness Crespi & Hardt boosted their price objective on Snowflake from $140.00 to $188.00 and gave the company a “buy” rating in a research note on Thursday. Canaccord Genuity Group cut their target price on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Finally, Robert W. Baird lowered their price target on shares of Snowflake from $200.00 to $165.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Snowflake has an average rating of “Moderate Buy” and a consensus target price of $180.23.

Snowflake Stock Performance

Shares of Snowflake stock traded up $0.50 during mid-day trading on Thursday, hitting $171.85. 8,272,944 shares of the stock were exchanged, compared to its average volume of 6,723,001. The company has a market capitalization of $57.60 billion, a P/E ratio of -55.90 and a beta of 0.83. The company has a 50-day simple moving average of $118.98 and a 200 day simple moving average of $128.19. Snowflake has a 12 month low of $107.13 and a 12 month high of $237.72.

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

Insider Transactions at Snowflake

In other Snowflake news, insider Benoit Dageville sold 1,946 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $222,602.94. Following the transaction, the insider now owns 53,820 shares in the company, valued at approximately $6,156,469.80. The trade was a 3.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frank Slootman sold 1,606 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the sale, the director now owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. This represents a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,538 shares of company stock worth $7,061,544. Company insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Hedge funds have recently made changes to their positions in the business. LRI Investments LLC purchased a new stake in Snowflake in the first quarter worth $29,000. Wellington Shields Capital Management LLC bought a new position in Snowflake in the 2nd quarter worth $27,000. Groupama Asset Managment bought a new stake in shares of Snowflake during the 3rd quarter valued at about $25,000. V Square Quantitative Management LLC purchased a new position in shares of Snowflake during the third quarter valued at about $30,000. Finally, Global Financial Private Client LLC bought a new position in Snowflake in the first quarter worth about $44,000. 65.10% of the stock is owned by hedge funds and other 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.