Snowflake Inc. (NYSE:SNOW) saw its stock price rise by 2.1% during mid-day trading on Monday, reaching a high of $248.43 before closing at $247.29. A total of 2,911,067 shares were traded, indicating a significant decrease of 45% compared to the average trading volume of 5,303,254 shares. The previous close was noted at $242.17.
Recent reports from several research analysts reflect a positive outlook for Snowflake. Mizuho raised its target price from $235.00 to $260.00, assigning an “outperform” rating, while Morgan Stanley increased its target price from $262.00 to $272.00 with an “overweight” rating. Citigroup reaffirmed an “outperform” rating, and Guggenheim maintained a “neutral” rating. JMP Securities also reaffirmed a “market outperform” rating with a $260.00 target price. Overall, the stock has garnered a consensus rating of “Moderate Buy” with an average price target set at $256.18.
Snowflake’s financial metrics reveal a market capitalization of $83.78 billion, with a price-to-earnings ratio of -59.59 and a beta of 1.21. The company has balanced financial ratios, including a current and quick ratio of 1.48, and a debt-to-equity ratio of 0.96. The 50-day moving average stands at $218.64, while the 200-day moving average is $199.11.
In its latest quarterly earnings report, Snowflake announced earnings per share (EPS) of $0.35, exceeding analyst expectations of $0.27. Revenue reached $1.14 billion, surpassing the forecasted $1.09 billion, marking a 31.8% increase from the previous year. However, Snowflake also reported a negative return on equity of 42.98% and a negative net margin of 33.53%. Analysts predict a projected EPS of -2.36 for the current fiscal year.
Insider trading reports reveal that Director Michael L. Speiser sold 50,338 shares, valued at over $10 million, while Director Frank Slootman sold 710,083 shares for approximately $163 million, leading to substantial decreases in their ownership percentages.
On the institutional front, significant activity occurred during the second quarter as hedge funds adjusted their positions. Vanguard Group Inc. increased its stake by 2.2%, while other firms like Kingstone Capital Partners Texas LLC and Jennison Associates LLC made significant new investments and increases, respectively. Overall, institutional investors hold 65.10% of Snowflake’s shares.
Snowflake Inc. is recognized for its cloud-based data platform that allows organizations to integrate data for actionable insights and leverage artificial intelligence to address business needs. The company continues to attract attention from analysts and investors, indicating a robust market position despite fluctuating insider trading activity.