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

Snowflake (NYSE:SNOW) had its price target lifted by equities researchers at Needham & Company LLC from $160.00 to $200.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 54.89% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Citigroup lowered their price target on shares of Snowflake from $200.00 to $183.00 and set a “buy” rating for the company in a research report on Monday. Jefferies Financial Group dropped their price target on shares of Snowflake from $160.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. KeyCorp increased their price objective on Snowflake from $150.00 to $185.00 and gave the stock an “overweight” rating in a report on Thursday. Canaccord Genuity Group reduced their price target on Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Finally, Wedbush upgraded shares of Snowflake to a “hold” rating in a research note on Thursday, October 17th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and a consensus price target of $175.79.

Snowflake Price Performance

Shares of SNOW opened at $129.12 on Thursday. The stock has a market capitalization of $43.28 billion, a PE ratio of -42.20 and a beta of 0.83. The business’s fifty day moving average price is $117.82 and its 200 day moving average price is $127.89. Snowflake has a 12-month low of $107.13 and a 12-month high of $237.72.

Snowflake (NYSE:SNOW) last issued 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. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The company had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. During the same period in the previous year, the firm posted ($0.52) earnings per share. Snowflake’s quarterly revenue was up 28.9% compared to the same quarter last year. As a group, research analysts anticipate that Snowflake will post -2.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Snowflake news, EVP Christian Kleinerman sold 558 shares of the company’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 value of $61,357.68. Following the completion of the transaction, the executive vice president now owns 759,473 shares of the company’s stock, valued at $83,511,651.08. This represents a 0.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Benoit Dageville sold 1,946 shares of Snowflake 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 directly owns 53,820 shares in the company, valued at $6,156,469.80. The trade was a 3.49 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,538 shares of company stock valued at $7,061,544. Insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Ontario Teachers Pension Plan Board lifted its holdings in shares of Snowflake by 19,399.2% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock worth $295,459,000 after acquiring an additional 2,559,144 shares during the period. Swedbank AB bought a new stake in Snowflake in the first quarter valued at about $258,957,000. Two Sigma Advisers LP raised its position in Snowflake by 27.9% in the third quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after purchasing an additional 881,700 shares in the last quarter. AQR Capital Management LLC lifted its stake in Snowflake by 210.0% during the second quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock worth $131,656,000 after purchasing an additional 660,168 shares during the period. Finally, SG Americas Securities LLC grew its stake in shares of Snowflake by 471.9% in the 3rd quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock valued at $87,489,000 after purchasing an additional 628,511 shares during the period. 65.10% of the stock is owned by 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.