Snowflake (NYSE:SNOW) Trading Up 5% – Should You Buy?

Snowflake Inc. (NYSE:SNOW) shot up 5% on Wednesday . The stock traded as high as $119.81 and last traded at $119.15. 4,239,765 shares traded hands during trading, a decline of 37% from the average session volume of 6,689,940 shares. The stock had previously closed at $113.52.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. HSBC raised Snowflake from a “reduce” rating to a “hold” rating and boosted their target price for the company from $119.00 to $121.00 in a research report on Friday, August 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $165.00 target price on shares of Snowflake in a research report on Thursday, August 22nd. DA Davidson reissued a “buy” rating and issued a $175.00 price target on shares of Snowflake in a research report on Thursday, October 3rd. Citigroup lowered their price objective on shares of Snowflake from $236.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, August 20th. Finally, TD Cowen decreased their target price 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. Two equities 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 data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $174.74.

Snowflake Stock Up 5.4 %

The company has a market capitalization of $40.11 billion, a PE ratio of -42.70 and a beta of 0.83. The company has a 50-day moving average price of $116.49 and a two-hundred day moving average price of $135.11.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. 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 prior year, the business posted ($0.52) earnings per share. The company’s revenue was up 28.9% on a year-over-year basis. As a group, equities analysts anticipate that Snowflake Inc. will post -2.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other Snowflake news, insider Benoit Dageville sold 287 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $111.41, for a total value of $31,974.67. Following the sale, the insider now owns 53,250 shares of the company’s stock, valued at $5,932,582.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the sale, the executive vice president now owns 718,773 shares in the company, valued at $86,252,760. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Benoit Dageville sold 287 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $111.41, for a total value of $31,974.67. Following the completion of the transaction, the insider now owns 53,250 shares of the company’s stock, valued at $5,932,582.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,538 shares of company stock worth $3,449,994 in the last three months. 7.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Snowflake

Hedge funds have recently bought and sold shares of the company. Park Avenue Securities LLC raised its stake in shares of Snowflake by 0.5% during 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 in the last quarter. Covestor Ltd lifted its stake in Snowflake by 25.0% in the first quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after purchasing an additional 70 shares during the last quarter. IAM Advisory LLC boosted its position in 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 period. Joseph P. Lucia & Associates LLC increased its holdings in shares of Snowflake by 2.6% in the first quarter. Joseph P. Lucia & Associates LLC now owns 2,958 shares of the company’s stock worth $478,000 after buying an additional 75 shares during the period. Finally, Peterson Wealth Management lifted its stake in shares of Snowflake by 1.5% in the 4th quarter. Peterson Wealth Management now owns 5,576 shares of the company’s stock valued at $1,110,000 after acquiring an additional 81 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.