Snowflake’s (SNOW) Neutral Rating Reaffirmed at Wedbush

Snowflake (NYSE:SNOWGet Free Report)‘s stock had its “neutral” rating restated by analysts at Wedbush in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $210.00 price target on the stock. Wedbush’s price target indicates a potential upside of 35.85% from the stock’s current price.

Several other analysts have also recently issued reports on the company. Needham & Company LLC cut their target price on Snowflake from $265.00 to $240.00 and set a “buy” rating on the stock in a research note on Thursday, February 29th. Bank of America reduced their target price on Snowflake from $212.00 to $200.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 15th. BNP Paribas raised Snowflake from a “neutral” rating to an “outperform” rating and set a $200.00 price target for the company in a research note on Thursday, May 2nd. Canaccord Genuity Group reiterated a “buy” rating and issued a $230.00 price target on shares of Snowflake in a report on Thursday, February 29th. Finally, Redburn Atlantic restated a “sell” rating and issued a $125.00 price objective (down from $180.00) on shares of Snowflake in a report on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $201.19.

Check Out Our Latest Stock Analysis on Snowflake

Snowflake Price Performance

Shares of Snowflake stock opened at $154.58 on Wednesday. The stock has a market capitalization of $51.66 billion, a P/E ratio of -60.62 and a beta of 0.90. Snowflake has a one year low of $138.40 and a one year high of $237.72. The business’s 50 day simple moving average is $157.04 and its two-hundred day simple moving average is $180.08.

Snowflake (NYSE:SNOWGet Free Report) last issued its earnings results on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, topping the consensus estimate of ($0.49) by $0.05. The company had revenue of $774.70 million for the quarter, compared to the consensus estimate of $759.86 million. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. Sell-side analysts expect that Snowflake will post -1.83 earnings per share for the current fiscal year.

Insider Activity at Snowflake

In related news, insider Benoit Dageville sold 689 shares of Snowflake stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $161.42, for a total value of $111,218.38. Following the completion of the sale, the insider now directly owns 70,665 shares in the company, valued at approximately $11,406,744.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Mark D. Mclaughlin purchased 3,030 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were purchased at an average cost of $165.45 per share, for a total transaction of $501,313.50. Following the purchase, the director now directly owns 11,687 shares in the company, valued at approximately $1,933,614.15. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Benoit Dageville sold 689 shares of Snowflake stock in a transaction on Monday, March 11th. The stock was sold at an average price of $161.42, for a total value of $111,218.38. Following the completion of the sale, the insider now directly 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. In the last three months, insiders have sold 62,380 shares of company stock valued at $9,803,625. 8.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Snowflake

Several hedge funds and other institutional investors have recently made changes to their positions in SNOW. Vanguard Group Inc. lifted its position in Snowflake by 1.4% during the first quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock valued at $3,439,842,000 after purchasing an additional 297,428 shares in the last quarter. Jennison Associates LLC grew its stake in shares of Snowflake by 3.7% during the 1st quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock valued at $1,132,568,000 after acquiring an additional 249,249 shares during the period. FMR LLC increased its holdings in Snowflake by 32.1% in the 3rd quarter. FMR LLC now owns 6,154,085 shares of the company’s stock worth $940,160,000 after acquiring an additional 1,496,235 shares in the last quarter. Sands Capital Management LLC raised its stake in Snowflake by 12.6% during the 4th quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock worth $1,083,238,000 after acquiring an additional 610,970 shares during the period. Finally, Norges Bank purchased a new position in Snowflake during the fourth quarter valued at approximately $838,455,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Snowflake (NYSE:SNOW)

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