Snowflake (NYSE:SNOW) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Snowflake (NYSE:SNOW) from a sell rating to a hold rating in a research note published on Wednesday morning.

A number of other analysts have also recently commented on the company. Scotiabank reduced their price target on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 22nd. Barclays reduced their target price on shares of Snowflake from $191.00 to $146.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. HSBC raised shares of Snowflake from a “reduce” rating to a “hold” rating and lifted their price target for the company from $119.00 to $121.00 in a report on Friday, August 23rd. Bank of America reduced their price objective on shares of Snowflake from $200.00 to $160.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. Finally, Argus started coverage on shares of Snowflake in a research note on Tuesday, October 1st. They set a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-six have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $180.23.

Snowflake Trading Down 2.3 %

Shares of NYSE SNOW opened at $167.44 on Wednesday. Snowflake has a 12-month low of $107.13 and a 12-month high of $237.72. The firm has a market capitalization of $56.13 billion, a price-to-earnings ratio of -49.39 and a beta of 0.83. The firm has a 50 day moving average of $120.06 and a 200 day moving average of $128.00.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.16 by $0.02. The firm had revenue of $868.80 million during the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative return on equity of 22.01% and a negative net margin of 33.02%. Snowflake’s revenue was up 28.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.52) EPS. Sell-side analysts predict that Snowflake will post -2.41 EPS for the current year.

Insider Activity at Snowflake

In other news, Director Frank Slootman sold 1,606 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $176,595.76. Following the completion of the sale, the director now directly owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. The trade was a 0.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Christian Kleinerman sold 558 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $61,357.68. Following the completion of the transaction, the executive vice president now directly owns 759,473 shares in the company, valued at $83,511,651.08. This represents a 0.07 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 59,538 shares of company stock worth $7,061,544. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of hedge funds have recently added to or reduced their stakes in the stock. LRI Investments LLC purchased a new stake in shares of Snowflake in the first quarter valued at approximately $29,000. Wellington Shields Capital Management LLC purchased a new stake in shares of Snowflake in the 2nd quarter worth $27,000. Groupama Asset Managment bought a new position in shares of Snowflake during the 3rd quarter worth $25,000. V Square Quantitative Management LLC purchased a new position in shares of Snowflake during the third quarter valued at $30,000. Finally, Global Financial Private Client LLC bought a new stake in shares of Snowflake in the first quarter valued at about $44,000. 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.