Royal Bank of Canada Forecasts Strong Price Appreciation for Snowflake (NYSE:SNOW) Stock

Snowflake (NYSE:SNOW) had its price objective upped by equities research analysts at Royal Bank of Canada from $175.00 to $188.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 11.68% from the stock’s current price.

Several other equities research analysts also recently issued reports on the stock. Needham & Company LLC boosted their price objective on shares of Snowflake from $160.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday. Morgan Stanley reissued an “equal weight” rating and set a $175.00 target price on shares of Snowflake in a research report on Thursday, August 22nd. TD Cowen reduced their target price on shares of Snowflake from $230.00 to $180.00 and set a “buy” rating on the stock in a research report on Monday, August 19th. Evercore ISI boosted their target price on shares of Snowflake from $170.00 to $190.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Robert W. Baird reduced their target price 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 equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and a consensus target price of $178.62.

Snowflake Stock Performance

Snowflake stock traded up $39.22 during trading on Thursday, reaching $168.34. The company had a trading volume of 20,829,176 shares, compared to its average volume of 6,564,407. Snowflake has a 12-month low of $107.13 and a 12-month high of $237.72. The stock’s 50 day moving average price is $117.82 and its two-hundred day moving average price is $127.89. The firm has a market capitalization of $56.43 billion, a price-to-earnings ratio of -55.14 and a beta of 0.83.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate 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 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 earned ($0.52) earnings per share. Snowflake’s revenue for the quarter was up 28.9% on a year-over-year basis. As a group, research analysts expect that Snowflake will post -2.41 earnings per share for the current year.

Insider Activity at Snowflake

In other Snowflake news, insider Benoit Dageville sold 287 shares of the company’s 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 directly owns 53,250 shares of the company’s stock, valued at approximately $5,932,582.50. This represents a 0.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Christian Kleinerman sold 558 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $61,357.68. Following the sale, 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. Insiders sold 59,538 shares of company stock worth $7,061,544 in the last 90 days. Corporate insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

A number of hedge funds have recently bought and sold shares of the company. LRI Investments LLC purchased a new stake in shares of Snowflake in the first quarter worth approximately $29,000. Wellington Shields Capital Management LLC acquired a new position in Snowflake during the second quarter valued at approximately $27,000. Groupama Asset Managment acquired a new position in Snowflake during the third quarter valued at approximately $25,000. V Square Quantitative Management LLC acquired a new position in Snowflake during the third quarter valued at approximately $30,000. Finally, Global Financial Private Client LLC acquired a new position in Snowflake during the first quarter valued at approximately $44,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

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.