Snowflake (NYSE:SNOW) Receives Buy Rating from DA Davidson

Snowflake (NYSE:SNOW)‘s stock had its “buy” rating reiterated by investment analysts at DA Davidson in a report issued on Thursday, Benzinga reports. They presently have a $175.00 price objective on the stock. DA Davidson’s target price would suggest a potential upside of 58.37% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. UBS Group dropped 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. Royal Bank of Canada reduced their price target on shares of Snowflake from $226.00 to $183.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 5th. The Goldman Sachs Group restated a “buy” rating and issued a $220.00 target price on shares of Snowflake in a research report on Monday, July 1st. Jefferies Financial Group dropped their target price on shares of Snowflake from $160.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Finally, Wells Fargo & Company dropped their price objective on shares of Snowflake from $130.00 to $125.00 and set an “equal weight” rating on the stock in a report on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $174.74.

Snowflake Stock Performance

NYSE SNOW traded up $0.85 on Thursday, reaching $110.50. The company had a trading volume of 2,091,025 shares, compared to its average volume of 6,725,138. The firm has a market capitalization of $37.00 billion, a price-to-earnings ratio of -39.46 and a beta of 0.83. Snowflake has a 1-year low of $107.13 and a 1-year high of $237.72. The company’s fifty day moving average is $117.78 and its 200-day moving average is $136.56.

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 for the quarter, compared to analysts’ expectations of $851.72 million. During the same period in the previous year, the firm posted ($0.52) EPS. The company’s revenue for the quarter was up 28.9% on a year-over-year basis. On average, research analysts forecast that Snowflake will post -2.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Benoit Dageville sold 1,946 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $222,602.94. Following the completion of the sale, the insider now directly owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Christian Kleinerman sold 861 shares of the business’s 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 $95,924.01. Following the completion of the sale, the executive vice president now directly owns 751,755 shares in the company, valued at $83,753,024.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Benoit Dageville sold 1,946 shares of Snowflake stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders have sold a total of 45,386 shares of company stock valued at $5,715,941 in the last quarter. Insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Hedge funds have recently bought and sold shares of the business. Park Avenue Securities LLC lifted its stake in Snowflake by 0.5% in the first quarter. Park Avenue Securities LLC now owns 13,484 shares of the company’s stock worth $2,179,000 after acquiring an additional 70 shares during the period. Covestor Ltd lifted its position in shares of Snowflake by 25.0% during the first quarter. Covestor Ltd now owns 350 shares of the company’s stock valued at $57,000 after buying an additional 70 shares during the last quarter. IAM Advisory LLC lifted its position in shares of Snowflake by 2.0% during the first quarter. IAM Advisory LLC now owns 3,711 shares of the company’s stock valued at $600,000 after buying an additional 74 shares during the last quarter. Joseph P. Lucia & Associates LLC lifted its position in shares of Snowflake by 2.6% during the first quarter. Joseph P. Lucia & Associates LLC now owns 2,958 shares of the company’s stock valued at $478,000 after buying an additional 75 shares during the last quarter. Finally, Peterson Wealth Management lifted its position in shares of Snowflake by 1.5% during the fourth quarter. Peterson Wealth Management now owns 5,576 shares of the company’s stock valued at $1,110,000 after buying an additional 81 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.