Snowflake (NYSE:SNOW) Shares Gap Up Following Analyst Upgrade

Shares of Snowflake Inc. (NYSE:SNOW) gapped up prior to trading on Thursday after Mizuho raised their price target on the stock from $165.00 to $195.00. The stock had previously closed at $129.12, but opened at $161.26. Mizuho currently has an outperform rating on the stock. Snowflake shares last traded at $166.92, with a volume of 9,609,179 shares changing hands.

A number of other research firms have also commented on SNOW. DA Davidson reaffirmed a “buy” rating and set a $175.00 price objective on shares of Snowflake in a research note on Thursday, October 3rd. Scotiabank decreased their price objective on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 22nd. Canaccord Genuity Group reduced their target price on Snowflake from $215.00 to $190.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. JMP Securities lowered 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. Finally, Wells Fargo & Company increased their price target on shares of Snowflake from $125.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $180.23.

Insiders Place Their Bets

In related news, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the completion of the sale, the executive vice president now owns 706,755 shares of the company’s stock, valued at $85,354,801.35. This represents a 2.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frank Slootman sold 6,251 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 $715,051.89. Following the sale, the director now owns 208,735 shares in the company, valued at approximately $23,877,196.65. This trade represents a 2.91 % 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 valued at $7,061,544 in the last quarter. Insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Several hedge funds have recently made changes to their positions in the stock. LRI Investments LLC boosted its stake 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. Groupama Asset Managment bought a new position in Snowflake in the 3rd quarter worth approximately $25,000. Wellington Shields Capital Management LLC bought a new position in Snowflake in the 2nd quarter worth approximately $27,000. V Square Quantitative Management LLC acquired a new stake in Snowflake in the 3rd quarter valued at approximately $30,000. Finally, Fortitude Family Office LLC bought a new stake in Snowflake during the 3rd quarter valued at $34,000. Institutional investors own 65.10% of the company’s stock.

Snowflake Trading Up 32.5 %

The company has a market cap of $57.34 billion, a price-to-earnings ratio of -55.90 and a beta of 0.83. The stock has a 50-day simple moving average of $118.98 and a 200-day simple moving average of $128.19.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.02. The business had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The company’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.52) earnings per share. As a group, research analysts expect that Snowflake Inc. will post -2.41 EPS for the current fiscal year.

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.