Snowflake (NYSE:SNOW) Upgraded by BNP Paribas to Outperform

BNP Paribas upgraded shares of Snowflake (NYSE:SNOW) from a neutral rating to an outperform rating in a report released on Thursday morning, MarketBeat reports. BNP Paribas currently has $200.00 price target on the stock.

A number of other analysts have also issued reports on the stock. Citigroup dropped their price objective on shares of Snowflake from $290.00 to $240.00 and set a buy rating on the stock in a research note on Monday, March 4th. Redburn Atlantic reaffirmed a sell rating and set a $125.00 price target (down previously from $180.00) on shares of Snowflake in a research report on Tuesday, March 19th. Canaccord Genuity Group reiterated a buy rating and issued a $230.00 price target on shares of Snowflake in a research note on Thursday, February 29th. Raymond James upped their price objective on Snowflake from $190.00 to $223.00 and gave the company an outperform rating in a research note on Friday, February 2nd. Finally, Macquarie upgraded Snowflake from a neutral rating to an outperform rating and boosted their price target for the company from $182.00 to $205.00 in a report on Thursday, February 29th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $202.77.

Snowflake Stock Performance

SNOW opened at $159.32 on Thursday. The company has a market cap of $53.24 billion, a PE ratio of -62.48 and a beta of 0.90. Snowflake has a 1 year low of $138.40 and a 1 year high of $237.72. The firm has a 50 day moving average price of $163.20 and a 200 day moving average price of $178.80.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.05. The company had revenue of $774.70 million during the quarter, compared to analyst estimates of $759.86 million. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. On average, sell-side analysts predict that Snowflake will post -1.9 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Benoit Dageville sold 689 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $161.42, for a total transaction of $111,218.38. Following the completion of the transaction, the insider now owns 70,665 shares in the company, valued at approximately $11,406,744.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $156.38, for a total transaction of $234,570.00. Following the sale, the executive vice president now directly owns 774,097 shares of the company’s stock, valued at $121,053,288.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benoit Dageville sold 689 shares of the stock in a transaction on Monday, March 11th. The shares were sold at an average price of $161.42, for a total value of $111,218.38. Following the completion of the transaction, the insider now owns 70,665 shares of the company’s stock, valued at approximately $11,406,744.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 168,458 shares of company stock worth $33,785,640. 8.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Accent Capital Management LLC acquired a new position in Snowflake during the fourth quarter valued at $25,000. FinTrust Capital Advisors LLC increased its holdings in shares of Snowflake by 193.9% in the 4th quarter. FinTrust Capital Advisors LLC now owns 194 shares of the company’s stock valued at $39,000 after purchasing an additional 128 shares during the period. Riverview Trust Co purchased a new stake in shares of Snowflake in the first quarter worth approximately $31,000. Provence Wealth Management Group acquired a new stake in shares of Snowflake during the third quarter worth approximately $30,000. Finally, M&R Capital Management Inc. grew its position in Snowflake by 100.0% during the fourth quarter. M&R Capital Management Inc. now owns 200 shares of the company’s stock valued at $40,000 after purchasing an additional 100 shares in the last quarter. 65.10% of the stock is owned by hedge funds and other 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.