Snowflake (NYSE:SNOW) Upgraded at Wedbush

Wedbush upgraded shares of Snowflake (NYSE:SNOW) to a hold rating in a report published on Thursday morning, Zacks.com reports.

Several other equities research analysts have also issued reports on SNOW. Morgan Stanley reiterated an “equal weight” rating and set a $175.00 price target on shares of Snowflake in a report on Thursday, August 22nd. The Goldman Sachs Group reiterated a “buy” rating and set a $220.00 price target on shares of Snowflake in a report on Monday, July 1st. JMP Securities reduced their price target on Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a report on Thursday, August 22nd. Evercore ISI reduced their price target on Snowflake from $225.00 to $170.00 and set an “outperform” rating for the company in a report on Monday, August 19th. Finally, Robert W. Baird reduced their price target on Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a report on Tuesday, August 20th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $174.74.

Snowflake Stock Up 0.4 %

NYSE:SNOW opened at $119.54 on Thursday. The business’s 50-day moving average price is $116.65 and its 200 day moving average price is $133.15. The firm has a market cap of $40.02 billion, a P/E ratio of -42.69 and a beta of 0.83. Snowflake has a 52-week low of $107.13 and a 52-week high of $237.72.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The business had revenue of $868.80 million during the quarter, compared to analyst estimates of $851.72 million. During the same quarter last year, the company posted ($0.52) EPS. Snowflake’s revenue for the quarter was up 28.9% on a year-over-year basis. Sell-side analysts expect that Snowflake will post -2.41 EPS for the current year.

Insider Buying and Selling at Snowflake

In related news, insider Benoit Dageville sold 1,946 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $222,602.94. Following the transaction, the insider now directly owns 53,820 shares in the company, valued at approximately $6,156,469.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $120.00, for a total value of $1,800,000.00. Following the completion of the transaction, the executive vice president now owns 718,773 shares of the company’s stock, valued at approximately $86,252,760. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benoit Dageville sold 1,946 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $222,602.94. Following the completion of the transaction, the insider now directly owns 53,820 shares of the company’s stock, valued at $6,156,469.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 59,538 shares of company stock worth $7,049,994 over the last ninety days. Insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SNOW. LRI Investments LLC increased its position in Snowflake by 155.6% during the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after purchasing an additional 112 shares during the period. Wellington Shields Capital Management LLC acquired a new stake in shares of Snowflake during the 2nd quarter worth approximately $27,000. V Square Quantitative Management LLC acquired a new stake in shares of Snowflake during the 3rd quarter worth approximately $30,000. Riverview Trust Co acquired a new stake in shares of Snowflake during the 1st quarter worth approximately $31,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of Snowflake during the 1st quarter worth approximately $32,000. Institutional investors own 65.10% of the company’s stock.

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.