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

Snowflake (NYSE:SNOW) had its target price lifted by investment analysts at Mizuho from $165.00 to $195.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Mizuho’s price target indicates a potential upside of 16.43% from the company’s previous close.

A number of other analysts have also weighed in on SNOW. Wells Fargo & Company upped their target price on shares of Snowflake from $125.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Thursday. Stifel Nicolaus reduced their price objective on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a 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 note on Thursday. TD Cowen raised their price target on Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Hsbc Global Res raised Snowflake from a “moderate sell” rating to a “hold” rating in a report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-six have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $180.23.

Snowflake Stock Down 2.3 %

Snowflake stock opened at $167.48 on Thursday. The stock’s fifty day simple moving average is $120.06 and its 200-day simple moving average is $128.22. Snowflake has a twelve month low of $107.13 and a twelve month high of $237.72.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.02. The company 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%. Snowflake’s revenue was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.52) EPS. On average, analysts predict that Snowflake will post -2.41 earnings per share for the current fiscal year.

Insider Activity

In other Snowflake news, insider Benoit Dageville sold 287 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $111.41, for a total value of $31,974.67. Following the completion of the transaction, the insider now owns 53,250 shares in the company, 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 legal filing with the SEC, which can be accessed through this link. Also, Director Frank Slootman sold 1,606 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the sale, the director now owns 218,246 shares in the company, valued at $23,998,330.16. The trade was a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,538 shares of company stock valued at $7,061,544 over the last quarter. Corporate insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Several hedge funds and other institutional investors have recently made changes to their positions in SNOW. ProShare Advisors LLC increased its holdings in Snowflake by 26.1% in the first quarter. ProShare Advisors LLC now owns 1,424 shares of the company’s stock valued at $230,000 after buying an additional 295 shares in the last quarter. Covestor Ltd increased 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 in the last quarter. O Shaughnessy Asset Management LLC raised its holdings in Snowflake by 21.0% during the first quarter. O Shaughnessy Asset Management LLC now owns 12,634 shares of the company’s stock worth $2,042,000 after purchasing an additional 2,191 shares during the last quarter. UniSuper Management Pty Ltd boosted its position in Snowflake by 100.0% during the first quarter. UniSuper Management Pty Ltd now owns 4,000 shares of the company’s stock worth $646,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of Snowflake by 372.1% in the first quarter. Canada Pension Plan Investment Board now owns 226,153 shares of the company’s stock valued at $36,546,000 after buying an additional 178,253 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

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.