Snowflake Inc, a renowned cloud-based data platform provider, recently received a remarkable boost in its price objective. Investment analysts at Jefferies Financial Group upped their price target for Snowflake from $180.00 to $205.00, indicating a potential upside of 16.64% from the stock’s current price. This news comes in the wake of the company’s earnings report for the quarter ended May 24th.
The report revealed that Snowflake fell short of the consensus estimate for earnings per share (EPS) by $0.24, posting ($0.66) EPS instead of the expected ($0.42). Although this was not ideal, it is important to consider other key factors such as revenue performance and forward-looking projections.
During the quarter, Snowflake generated an impressive $623.60 million in revenue, surpassing analysts’ expectations of $607.57 million. This underscores its ability to effectively serve a wide range of organizations both domestically and abroad with its Data Cloud platform.
The Data Cloud platform offered by Snowflake allows customers to consolidate their data into one centralized source of truth, empowering them to derive meaningful business insights and develop data-driven applications. Moreover, it facilitates seamless data sharing among various stakeholders and allows for the creation and distribution of data products.
Despite reporting negative figures such as a return on equity (ROE) of 14.81% and a net margin of 37.78%, Snowflake has managed to establish itself as a prominent player in the industry. The company’s resilience demonstrates its commitment to delivering innovative solutions tailored to meet customers’ evolving needs.
Looking ahead, analysts project that Snowflake will post an EPS of -1.48 for the current year. While this may appear discouraging on the surface, it is crucial to recognize that financial projections are subject to various external factors that can influence outcomes.
Snowflake’s upwardly revised price objective signifies renewed confidence in the company’s long-term growth potential. This, coupled with its strong revenue generation and expansive customer base, positions Snowflake favorably in the competitive landscape of cloud-based data platforms.
Investors and industry experts eagerly await further developments from Snowflake as it continues to leverage its technology and expertise to address the evolving demands of modern businesses. With a clear vision and commitment to innovation, Snowflake is well-positioned to create lasting value for its customers and stakeholders alike.
In conclusion, Snowflake’s recent price objective lift by Jefferies Financial Group highlights the growing recognition of its market presence and success as a leading provider of cloud-based data platforms. As the company continues to expand its offerings and cater to the changing needs of organizations worldwide, it is poised for sustained growth in the future.
Updated on: 29/02/2024
Debt to equity ratio: Sell
Price to earnings ratio: Strong Sell
Price to book ratio: Strong Buy
2:00 AM (UTC)
Date:21 January, 2024
|Analyst / firm
Snowflake Inc: An In-depth Analysis of Research Reports, Stock Performance, and Insider Transactions
June 30, 2023 – Snowflake Inc: An In-depth Analysis of Recent Research Reports and Stock Performance
In recent months, Snowflake Inc., the cloud-based data platform provider, has been the subject of numerous research reports and evaluations from financial institutions. These reports provide valuable insights into the company’s performance, growth prospects, and target price expectations. This article will delve into some of these reports and shed light on Snowflake’s current market cap, stock performance, as well as key insider transactions and institutional investors’ holdings.
JMP Securities recently reduced their target price for Snowflake shares from $215.00 to $200.00 in a research note dated May 25th. Meanwhile, Needham & Company LLC increased their price objective to $216.00 from $180.00 in a research note published on June 21st. It is worth noting that Raymond James lowered their price objective to $170.00 from $180.00 but maintained an “outperform” rating for the company in a research note issued on March 2nd. Additionally, Sanford C. Bernstein reduced their price objective to $148.00 from $157.00 in a report dated May 26th.
As per Bloomberg data, two equities research analysts have rated Snowflake stock as sell, while nine analysts gave hold ratings and twenty-two assigned buy ratings to the company. Consequently, the stock currently holds an average rating of “Moderate Buy” with a consensus price target of $188.80.
On Friday morning (June 30th), shares of SNOW opened at $175.76 on the stock exchange market—an indication of its established presence within the industry alongside significant market capitalization worth around $57.28 billion. The firm boasts a remarkable beta value of 0.74 and possesses a negative price-to-earnings ratio (-65.83). With regards to its moving average values over the past months, Snowflake’s 50-day simple moving average stands at $167.02, while its two-hundred day simple moving average rests at $153.14. Notably, the stock achieved a 52-week high of $205.66 and a 52-week low of $119.27.
Snowflake Inc, as a cloud-based data platform provider, has garnered attention from both domestic and international organizations seeking to consolidate their crucial data into one reliable source of truth. This consolidation facilitates the extraction of meaningful business insights, enables the generation of data-driven applications, and ensures efficient sharing of data and data products among businesses.
On another note, recent insider transactions within Snowflake have made headlines in the financial world. CEO Frank Slootman sold 1,724 shares on June 9th with an average price per share of $174.31—a total value amounting to $300,510.44. As a result, Slootman now directly owns 185,683 shares in the company with an approximate value exceeding $32 million. This sale was disclosed through a document filed with the Securities & Exchange Commission (SEC), which can be accessed via its official website.
In addition to CEO Slootman’s transaction, insider Benoit Dageville sold 6,591 shares on April 10th at an average selling price of $143.34 per share—yielding a total value surpassing $944 thousand. Subsequently, Dageville currently holds approximately 43 thousand shares valued at around $6.2 million based on Insider ownership disclosures submitted to SEC.
Overall, corporate insiders have sold roughly 87 thousand shares of Snowflake stock within the last three months—equivalent to a cumulative worth amounting to approximately $14 million—with insiders now owning around 8% of the remaining outstanding shares in possession.
In terms of institutional investments within Snowflake Inc., several hedge funds and other institutional investors have made significant modifications to their holdings. For instance, VitalStone Financial LLC acquired a new stake in Snowflake shares worth $26,000 during the fourth quarter of the previous year. Similarly, BerganKDV Wealth Management LLC expanded its position in Snowflake stock by 153.7% during the first quarter, acquiring 170 additional shares valued at $26,000.
Accurate Wealth Management LLC also obtained a new stake amounting to approximately $27,000 during the fourth quarter. Additionally, Nelson Van Denburg & Campbell Wealth Management Group LLC grew its position by 333.3% during the first quarter with an additional 130 shares representing an approximate value close to $29,000.
Lastly, Paragon Wealth Strategies LLC took advantage of growth opportunities within Snowflake’s stock and augmented its position by a whopping 2,500%—acquiring an extra 208 shares valued at around $30,000 during Q4 2022.
In conclusion, Snowflake Inc., as a prominent cloud-based data platform provider, has attracted attention from numerous financial institutions. Recent research reports have shown mixed opinions regarding the company’s target price but maintain that it is worthy of investor consideration. Its current market cap stands at approximately $57.28 billion with opening