Snowflake (NYSE:SNOW) Coverage Initiated by Analysts at Argus

Analysts at Argus started coverage on shares of Snowflake (NYSE:SNOW) in a research report issued on Tuesday, Marketbeat Ratings reports. The firm set a “hold” rating on the stock.

A number of other equities analysts also recently weighed in on SNOW. UBS Group lowered their target price on shares of Snowflake from $155.00 to $125.00 and set a “neutral” rating on the stock in a report on Tuesday, September 24th. Stifel Nicolaus lowered their price objective on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a research note on Monday, August 19th. Citigroup cut their target price on shares of Snowflake from $236.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, August 20th. Canaccord Genuity Group reduced their price target on Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Finally, Bank of America cut their price objective on Snowflake from $200.00 to $160.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Two 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 company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $174.74.

Snowflake Price Performance

Snowflake stock opened at $109.61 on Tuesday. The company has a market cap of $36.70 billion, a price-to-earnings ratio of -39.15 and a beta of 0.83. The firm has a 50-day moving average of $117.78 and a 200-day moving average of $136.56. Snowflake has a one year low of $107.13 and a one year high of $237.72.

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

Insider Activity

In related news, insider Benoit Dageville sold 287 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $111.41, for a total value of $31,974.67. Following the transaction, the insider now owns 53,250 shares in the company, valued at $5,932,582.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Benoit Dageville sold 287 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $111.41, for a total transaction of $31,974.67. Following the sale, the insider now owns 53,250 shares in the company, valued at approximately $5,932,582.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $142.98, for a total transaction of $2,144,700.00. Following the completion of the transaction, the executive vice president now directly owns 733,773 shares in the company, valued at $104,914,863.54. The disclosure for this sale can be found here. In the last three months, insiders sold 45,386 shares of company stock worth $5,715,941. 7.80% of the stock is currently owned by company insiders.

Institutional Trading of Snowflake

Several institutional investors and hedge funds have recently modified their holdings of SNOW. Comerica Bank lifted its holdings in shares of Snowflake by 17.2% in the first quarter. Comerica Bank now owns 29,267 shares of the company’s stock worth $4,729,000 after acquiring an additional 4,296 shares during the last quarter. Choreo LLC lifted its stake in Snowflake by 18.6% in the 1st quarter. Choreo LLC now owns 8,267 shares of the company’s stock valued at $1,336,000 after purchasing an additional 1,294 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in Snowflake by 23.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock valued at $37,484,000 after buying an additional 43,062 shares in the last quarter. Ridgewood Investments LLC bought a new stake in shares of Snowflake during the first quarter worth $244,000. Finally, Cetera Investment Advisers increased its holdings in shares of Snowflake by 201.5% during the first quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock worth $10,292,000 after buying an additional 42,563 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors.

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.