Snowflake (NYSE:SNOW) Price Target Raised to $313.00 at Royal Bank Of Canada

Snowflake (NYSE:SNOW) had its target price lifted by analysts at Royal Bank Of Canada from $284.00 to $313.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target suggests a potential upside of 16.05% from the stock’s current price.

A number of other brokerages also recently commented on SNOW. The Goldman Sachs Group increased their price objective on Snowflake from $216.00 to $278.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Cantor Fitzgerald increased their price target on Snowflake from $225.00 to $282.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. TD Cowen restated a “buy” rating and set a $300.00 price objective on shares of Snowflake in a report on Wednesday, June 3rd. Raymond James Financial reissued an “outperform” rating and issued a $275.00 target price on shares of Snowflake in a research report on Thursday, May 28th. Finally, Citigroup raised their price objective on shares of Snowflake from $260.00 to $320.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. Thirty-five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $295.08.

Snowflake Stock Performance

NYSE:SNOW opened at $269.71 on Friday. The company has a 50-day moving average of $225.10 and a 200-day moving average of $193.12. The firm has a market cap of $93.48 billion, a price-to-earnings ratio of -76.62 and a beta of 1.35. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18. Snowflake has a twelve month low of $118.30 and a twelve month high of $284.99.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.07. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The business had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the firm earned $0.24 EPS. The business’s revenue for the quarter was up 33.5% on a year-over-year basis. Analysts forecast that Snowflake will post -1.84 earnings per share for the current fiscal year.

Insider Activity at Snowflake

In other news, Director Frank Slootman sold 99,900 shares of Snowflake stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $251.73, for a total transaction of $25,147,827.00. Following the completion of the sale, the director directly owned 28,535 shares in the company, valued at $7,183,115.55. The trade was a 77.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Emily Ho sold 1,860 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $232.25, for a total value of $431,985.00. Following the completion of the sale, the chief accounting officer directly owned 41,283 shares of the company’s stock, valued at approximately $9,587,976.75. The trade was a 4.31% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 1,802,015 shares of company stock worth $421,739,629. 4.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Snowflake

A number of institutional investors have recently added to or reduced their stakes in SNOW. Vanguard Group Inc. increased its stake in shares of Snowflake by 5.1% during the 4th quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock worth $6,601,790,000 after purchasing an additional 1,448,094 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of Snowflake by 27.7% in the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock valued at $2,545,300,000 after purchasing an additional 2,519,413 shares during the last quarter. Nuveen LLC lifted its stake in shares of Snowflake by 2.3% in the 4th quarter. Nuveen LLC now owns 5,277,851 shares of the company’s stock valued at $1,157,749,000 after purchasing an additional 116,521 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Snowflake by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 4,809,689 shares of the company’s stock valued at $1,052,195,000 after purchasing an additional 249,668 shares during the last quarter. Finally, Norges Bank bought a new stake in Snowflake in the fourth quarter worth $974,091,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.