Snowflake (NYSE:SNOW) Given New $185.00 Price Target at Bank of America

Snowflake (NYSE:SNOW) had its price objective hoisted by Bank of America from $160.00 to $185.00 in a report published on Thursday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities analysts also recently commented on SNOW. Oppenheimer reiterated an “outperform” rating and issued a $180.00 target price on shares of Snowflake in a report on Thursday. DA Davidson reiterated a “buy” rating and set a $175.00 price objective on shares of Snowflake in a research note on Thursday, October 3rd. Evercore ISI raised their target price on shares of Snowflake from $170.00 to $190.00 and gave the company an “outperform” rating in a research note on Thursday. TD Cowen reduced their price target on Snowflake from $230.00 to $180.00 and set a “buy” rating on the stock in a research report on Monday, August 19th. Finally, Stifel Nicolaus lowered their price objective on Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a research report on Monday, August 19th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have given a buy rating to the stock. According to MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and an average target price of $180.23.

Snowflake Stock Down 2.3 %

Shares of SNOW stock opened at $167.44 on Thursday. The firm has a market cap of $56.13 billion, a price-to-earnings ratio of -49.39 and a beta of 0.83. Snowflake has a 52-week low of $107.13 and a 52-week high of $237.72. The company’s 50 day moving average is $120.06 and its 200 day moving average is $128.00.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The business had revenue of $868.80 million for the quarter, compared to the consensus estimate of $851.72 million. Snowflake had a negative return on equity of 22.01% and a negative net margin of 33.02%. The business’s revenue was up 28.9% compared to the same quarter last year. During the same period last year, the business posted ($0.52) EPS. Analysts anticipate that Snowflake will post -2.41 EPS for the current fiscal year.

Insider Activity

In other Snowflake news, EVP Christian Kleinerman sold 30,000 shares of the company’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $120.00, for a total transaction of $3,600,000.00. Following the completion of the transaction, the executive vice president now directly owns 721,755 shares in the company, valued at approximately $86,610,600. This represents a 3.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Benoit Dageville sold 287 shares of Snowflake stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $111.41, for a total transaction of $31,974.67. Following the completion of the sale, the insider now owns 53,250 shares in the company, valued at approximately $5,932,582.50. This trade represents a 0.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,538 shares of company stock worth $7,061,544 over the last three months. 7.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Covestor Ltd raised its stake in Snowflake by 25.0% in the 1st quarter. Covestor Ltd now owns 350 shares of the company’s stock valued at $57,000 after purchasing an additional 70 shares during the last quarter. Modus Advisors LLC grew its holdings in shares of Snowflake by 3.9% during the third quarter. Modus Advisors LLC now owns 2,491 shares of the company’s stock worth $286,000 after buying an additional 94 shares in the last quarter. Catalyst Private Wealth LLC lifted its stake in shares of Snowflake by 3.2% in the third quarter. Catalyst Private Wealth LLC now owns 3,329 shares of the company’s stock worth $382,000 after buying an additional 104 shares in the last quarter. Iron Gate Global Advisors LLC lifted its stake in shares of Snowflake by 0.9% in the first quarter. Iron Gate Global Advisors LLC now owns 11,666 shares of the company’s stock worth $1,878,000 after buying an additional 105 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in Snowflake by 30.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 465 shares of the company’s stock valued at $72,000 after acquiring an additional 108 shares in the last quarter. Hedge funds and other institutional investors 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.