Argus Initiates Coverage on Snowflake (NYSE:SNOW)

Argus started coverage on shares of Snowflake (NYSE:SNOW) in a note issued to investors on Tuesday, StockNewsAPI reports. The brokerage set a “hold” rating on the stock.

Several other equities analysts have also commented on SNOW. DA Davidson dropped their price target on shares of Snowflake from $230.00 to $175.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Royal Bank of Canada dropped their price target on shares of Snowflake from $226.00 to $183.00 and set an “outperform” rating for the company in a research report on Wednesday, June 5th. Canaccord Genuity Group decreased their price objective on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Morgan Stanley reiterated an “equal weight” rating and set a $175.00 price objective on shares of Snowflake in a research note on Thursday, August 22nd. Finally, Scotiabank decreased their price objective on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $175.17.

Snowflake Stock Performance

Shares of SNOW stock opened at $114.82 on Tuesday. Snowflake has a one year low of $107.13 and a one year high of $237.72. The company has a 50 day moving average price of $118.55 and a 200 day moving average price of $137.08. The firm has a market capitalization of $38.44 billion, a price-to-earnings ratio of -41.01 and a beta of 0.83.

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

Insider Buying and Selling at Snowflake

In other Snowflake news, insider Benoit Dageville sold 1,946 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $222,602.94. Following the transaction, the insider now directly owns 53,820 shares in the company, valued at approximately $6,156,469.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction 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 sale, the executive vice president now directly owns 733,773 shares of the company’s stock, valued at $104,914,863.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benoit Dageville sold 1,946 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $222,602.94. Following the sale, the insider now directly owns 53,820 shares in the company, valued at $6,156,469.80. The disclosure for this sale can be found here. Insiders have sold 45,386 shares of company stock worth $5,715,941 in the last ninety days. 7.80% of the stock is owned by insiders.

Institutional Trading of Snowflake

Institutional investors and hedge funds have recently modified their holdings of the business. Accent Capital Management LLC acquired a new stake in shares of Snowflake in the 4th quarter worth about $25,000. LRI Investments LLC acquired a new stake in shares of Snowflake in the 1st quarter worth about $29,000. Riverview Trust Co bought a new position in Snowflake in the 1st quarter valued at about $31,000. Future Financial Wealth Managment LLC bought a new position in Snowflake in the 1st quarter valued at about $32,000. Finally, Wellington Shields Capital Management LLC bought a new position in Snowflake in the 2nd quarter valued at about $27,000. 65.10% of the stock is owned by institutional investors and hedge funds.

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.