Monness Crespi & Hardt Upgrades Snowflake (NYSE:SNOW) to “Buy”

Snowflake (NYSE:SNOW) was upgraded by analysts at Monness Crespi & Hardt from a “neutral” rating to a “buy” rating in a report issued on Wednesday, MarketBeat reports. The firm presently has a $140.00 target price on the stock. Monness Crespi & Hardt’s price objective suggests a potential upside of 13.37% from the stock’s previous close.

A number of other research analysts have also recently commented on SNOW. Citigroup dropped their target price on shares of Snowflake from $236.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, August 20th. Hsbc Global Res upgraded shares of Snowflake from a “moderate sell” rating to a “hold” rating in a research report on Friday, August 23rd. Scotiabank decreased their target price on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating on the stock in a research note on Thursday, August 22nd. Wells Fargo & Company dropped their price target on Snowflake from $130.00 to $125.00 and set an “equal weight” rating for the company in a research note on Thursday, August 22nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $180.00 target price on shares of Snowflake in a report on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $174.17.

Snowflake Stock Up 1.7 %

Shares of Snowflake stock opened at $123.49 on Wednesday. The firm’s 50-day moving average price is $114.83 and its two-hundred day moving average price is $129.88. The company has a market capitalization of $41.39 billion, a price-to-earnings ratio of -40.61 and a beta of 0.83. Snowflake has a 12-month low of $107.13 and a 12-month high of $237.72.

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

Insider Transactions at Snowflake

In related news, EVP Christian Kleinerman sold 558 shares of Snowflake stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $61,357.68. Following the completion of the sale, the executive vice president now owns 759,473 shares of the company’s stock, valued at approximately $83,511,651.08. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP Christian Kleinerman sold 558 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $61,357.68. Following the transaction, the executive vice president now owns 759,473 shares of the company’s stock, valued at approximately $83,511,651.08. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frank Slootman sold 6,251 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $715,051.89. Following the sale, the director now directly owns 208,735 shares of the company’s stock, valued at $23,877,196.65. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,538 shares of company stock valued at $7,061,544 over the last ninety days. 7.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Snowflake

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Snowflake by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock worth $3,439,842,000 after buying an additional 297,428 shares during the last quarter. Legal & General Group Plc increased its position in shares of Snowflake by 11.5% during the 2nd quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock valued at $293,838,000 after purchasing an additional 223,936 shares during the last quarter. Swedbank AB bought a new stake in shares of Snowflake during the 1st quarter worth $258,957,000. Bank of New York Mellon Corp boosted its holdings in shares of Snowflake by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,599,983 shares of the company’s stock worth $216,142,000 after buying an additional 8,743 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its position in Snowflake by 90.3% during the second quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock valued at $170,938,000 after buying an additional 600,469 shares during the period. 65.10% of the stock is currently owned by institutional investors.

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.