Snowflake (NYSE:SNOW) Stock Price Expected to Rise, KeyCorp Analyst Says

Snowflake (NYSE:SNOW) had its price target hoisted by KeyCorp from $150.00 to $185.00 in a report released on Thursday morning,Benzinga reports. KeyCorp currently has an overweight rating on the stock.

A number of other equities analysts also recently weighed in on SNOW. Piper Sandler reaffirmed an “overweight” rating and issued a $165.00 target price on shares of Snowflake in a research note on Thursday, August 22nd. UBS Group dropped their price objective on shares of Snowflake from $155.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, September 24th. Bank of America decreased their price objective on Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. DA Davidson restated a “buy” rating and set a $175.00 target price on shares of Snowflake in a research report on Thursday, October 3rd. Finally, Jefferies Financial Group lowered their price objective on Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. One 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $180.23.

Snowflake Price Performance

NYSE SNOW opened at $167.44 on Thursday. The stock’s 50 day simple moving average is $120.06 and its 200 day simple moving average is $128.00. Snowflake has a one year low of $107.13 and a one year high of $237.72. The firm has a market cap of $56.13 billion, a PE ratio of -49.39 and a beta of 0.83.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative return on equity of 22.01% and a negative net margin of 33.02%. The company had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. During the same quarter in the prior year, the business earned ($0.52) earnings per share. The business’s revenue for the quarter was up 28.9% on a year-over-year basis. As a group, equities analysts expect that Snowflake will post -2.41 earnings per share for the current year.

Insider Buying and Selling

In other Snowflake news, insider Benoit Dageville sold 1,946 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $222,602.94. Following the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Christian Kleinerman sold 558 shares of the firm’s 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 directly owns 759,473 shares of the company’s stock, valued at $83,511,651.08. This represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,538 shares of company stock valued at $7,061,544. Company insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SNOW. Comerica Bank lifted its position in Snowflake by 17.2% during the 1st quarter. Comerica Bank now owns 29,267 shares of the company’s stock worth $4,729,000 after buying an additional 4,296 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position in shares of Snowflake by 23.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock valued at $37,484,000 after acquiring an additional 43,062 shares during the last quarter. Cetera Investment Advisers raised its holdings in Snowflake by 201.5% during the first quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock worth $10,292,000 after acquiring an additional 42,563 shares in the last quarter. LRI Investments LLC acquired a new position in Snowflake during the first quarter valued at approximately $29,000. Finally, Fulton Bank N.A. grew its stake in Snowflake by 17.4% in the second quarter. Fulton Bank N.A. now owns 1,538 shares of the company’s stock valued at $208,000 after purchasing an additional 228 shares in the last quarter. 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.