Snowflake Inc. (NYSE:SNOW) Stock Has Average Target Price of $414.24

Snowflake Inc. (NYSE:SNOW) has been assigned a consensus rating of “Moderate Buy” from the forty brokerages that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirty-four have assigned a buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $414.24.

SNOW has been the topic of several recent research reports. DA Davidson upped their price objective on shares of Snowflake from $300.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, September 3rd. Rosenblatt Securities raised their target price on shares of Snowflake from $285.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, September 1st. Barclays boosted their target price on shares of Snowflake from $332.00 to $384.00 and gave the company an “equal weight” rating in a research report on Thursday, September 3rd. Royal Bank Of Canada upped their price target on shares of Snowflake from $372.00 to $440.00 and gave the company an “outperform” rating in a report on Thursday, September 3rd. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Snowflake in a research report on Tuesday, September 8th.

Key Stories Impacting Snowflake

Here are the key news stories impacting Snowflake this week:

• Positive Sentiment: An analyst initiated or upgraded Snowflake to a “buy” rating, signaling confidence in the company’s AI Data Cloud growth opportunity and long-term competitive position. Snowflake stock just scored a new buy rating
• Neutral Sentiment: Snowflake announced plans to privately place $3.5 billion of 0.00% convertible senior notes with qualified institutional buyers: $1.3 billion due in 2029 and $2.2 billion due in 2031. The company also plans transactions intended to reduce potential dilution. The capital could strengthen its balance sheet, refinance existing obligations and provide funding for acquisitions or investments in the competitive AI data market. Snowflake announces proposed private placement
• Negative Sentiment: Investors focused on the possibility that the convertible notes could eventually be exchanged for shares, creating dilution and weighing on per-share value. The size of the financing also raised concerns about Snowflake’s need for additional capital despite the notes carrying no cash interest. Why Snowflake stock is falling
• Negative Sentiment: Snowflake declined alongside other enterprise software stocks after Meta announced it hired MongoDB’s CEO as its chief enterprise platform officer. The move intensified concerns about competition and strategic shifts in enterprise data and platform services, adding to pressure from the debt announcement. Enterprise software stocks fall after Meta announcement

Insider Transactions at Snowflake

In related news, CRO Jonathan Beaulier sold 755 shares of the firm’s stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $336.36, for a total transaction of $253,951.80. Following the sale, the executive directly owned 211,619 shares of the company’s stock, valued at $71,180,166.84. This trade represents a 0.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Christian Kleinerman sold 2,622 shares of the firm’s stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $344.50, for a total value of $903,279.00. Following the sale, the executive vice president directly owned 328,738 shares in the company, valued at approximately $113,250,241. This trade represents a 0.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 1,234,616 shares of company stock valued at $387,557,612. 4.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Snowflake

Several institutional investors have recently made changes to their positions in SNOW. MV Capital Management Inc. purchased a new stake in Snowflake during the fourth quarter worth $32,000. Copos Capital S.a r.l. acquired a new position in shares of Snowflake in the fourth quarter worth about $35,000. SHP Wealth Management purchased a new stake in shares of Snowflake during the 4th quarter worth about $39,000. Basecamp Wealth Advisors LLC boosted its stake in shares of Snowflake by 140.5% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 202 shares of the company’s stock worth $30,000 after acquiring an additional 118 shares in the last quarter. Finally, Emerald Advisers LLC grew its position in shares of Snowflake by 95.2% during the 1st quarter. Emerald Advisers LLC now owns 205 shares of the company’s stock valued at $31,000 after acquiring an additional 100 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Trading Down 2.3%

Snowflake stock opened at $328.33 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.06. Snowflake has a 52 week low of $118.30 and a 52 week high of $384.56. The company has a market capitalization of $115.83 billion, a price-to-earnings ratio of -103.25 and a beta of 1.33. The stock has a 50-day moving average price of $319.52 and a 200 day moving average price of $238.69.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, September 2nd. The company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.17. Snowflake had a negative return on equity of 46.32% and a negative net margin of 20.07%.The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the prior year, the firm earned $0.35 earnings per share. Snowflake’s revenue for the quarter was up 35.1% on a year-over-year basis. Sell-side analysts anticipate that Snowflake will post -1.46 EPS for the current year.

About Snowflake

Snowflake Inc (NYSE: SNOW) provides a cloud-based data platform that enables organizations to store, process, analyze and share data. Its platform is designed to support data warehousing, data lakes, data engineering, data science, application development and artificial intelligence workloads in a single environment.

Snowflake’s services include cloud data storage and computing, data sharing and collaboration tools, governance and security capabilities, and access to third-party data through the Snowflake Marketplace.