Snowflake (NYSE:SNOW) Shares Gap Up to $112.50

Shares of Snowflake Inc. (NYSE:SNOW) gapped up before the market opened on Wednesday . The stock had previously closed at $112.50, but opened at $114.97. Snowflake shares last traded at $113.32, with a volume of 8,321,319 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SNOW. Loop Capital reduced their target price on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a research report on Wednesday, August 21st. Robert W. Baird decreased their target price on shares of Snowflake from $200.00 to $165.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 20th. TD Cowen dropped their price target on shares of Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a research report on Monday, August 19th. Wells Fargo & Company lowered their price objective on Snowflake from $130.00 to $125.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 22nd. Finally, Citigroup cut their target price on Snowflake from $236.00 to $200.00 and set a “buy” rating for the company in a research report on Tuesday, August 20th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and a consensus price target of $175.17.

Snowflake Trading Up 1.2 %

The business has a 50-day moving average of $119.99 and a 200 day moving average of $138.43. The firm has a market capitalization of $38.18 billion, a P/E ratio of -40.76 and a beta of 0.83.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. The company had revenue of $868.80 million for 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%. Snowflake’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same period last year, the business earned ($0.52) EPS. As a group, research analysts forecast that Snowflake Inc. will post -2.41 EPS for the current year.

Insider Transactions at Snowflake

In related news, insider Benoit Dageville sold 287 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were 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 of the company’s stock, valued at approximately $5,932,582.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Teresa Briggs sold 848 shares of the company’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $142.98, for a total value of $121,247.04. Following the completion of the sale, the director now owns 4,247 shares in the company, valued at approximately $607,236.06. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Benoit Dageville sold 287 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $111.41, for a total transaction of $31,974.67. Following the transaction, the insider now directly owns 53,250 shares in the company, valued at $5,932,582.50. The disclosure for this sale can be found here. Insiders sold a total of 45,386 shares of company stock valued at $5,715,941 over the last three months. Corporate insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several hedge funds have recently modified their holdings of the company. Swedbank AB purchased a new stake in shares of Snowflake during the first quarter valued at approximately $258,957,000. Vanguard Group Inc. raised its stake in shares of Snowflake by 8.0% during the 4th quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock worth $4,176,755,000 after purchasing an additional 1,559,830 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Snowflake in the 1st quarter worth about $171,608,000. Cibc World Markets Corp bought a new position in Snowflake during the fourth quarter valued at about $147,120,000. Finally, AQR Capital Management LLC increased its holdings in Snowflake by 210.0% during the second quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock worth $131,656,000 after buying an additional 660,168 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.

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.