Snowflake Inc. (NYSE:SNOW) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Snowflake Inc. (NYSE:SNOW) have received an average recommendation of “Moderate Buy” from the thirty-eight ratings firms that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have given a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $174.74.

Several research analysts have weighed in on the stock. Scotiabank lowered their target price on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 22nd. DA Davidson restated a “buy” rating and issued a $175.00 price target on shares of Snowflake in a report on Thursday, October 3rd. Needham & Company LLC reduced their price objective on Snowflake from $210.00 to $160.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Morgan Stanley reissued an “equal weight” rating and issued a $175.00 target price on shares of Snowflake in a report on Thursday, August 22nd. Finally, Bank of America cut their price target on Snowflake from $200.00 to $160.00 and set a “neutral” rating for the company in a research note on Friday, August 16th.

Snowflake Price Performance

Snowflake stock opened at $118.99 on Friday. The stock’s 50 day moving average price is $114.71 and its 200 day moving average price is $131.02. Snowflake has a 1-year low of $107.13 and a 1-year high of $237.72. The company has a market cap of $39.89 billion, a PE ratio of -38.89 and a beta of 0.83.

Snowflake (NYSE:SNOW) last issued its 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. The company had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The business’s revenue was up 28.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.52) EPS. On average, equities research analysts anticipate that Snowflake will post -2.41 EPS for the current fiscal year.

Insider Activity at Snowflake

In other news, EVP Christian Kleinerman sold 30,000 shares of the stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $120.00, for a total value of $3,600,000.00. Following the completion of the sale, the executive vice president now owns 721,755 shares of the company’s stock, valued at $86,610,600. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Snowflake news, Director Frank Slootman sold 1,606 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the transaction, the director now owns 218,246 shares in the company, valued at $23,998,330.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Christian Kleinerman sold 30,000 shares of Snowflake stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $120.00, for a total transaction of $3,600,000.00. Following the sale, the executive vice president now owns 721,755 shares in the company, valued at $86,610,600. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,538 shares of company stock worth $7,049,994. Company insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Comerica Bank increased its position in shares of Snowflake by 17.2% during the first quarter. Comerica Bank now owns 29,267 shares of the company’s stock worth $4,729,000 after acquiring an additional 4,296 shares during the last quarter. Choreo LLC raised its position in shares of Snowflake by 18.6% in the 1st quarter. Choreo LLC now owns 8,267 shares of the company’s stock valued at $1,336,000 after purchasing an additional 1,294 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of Snowflake by 23.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock valued at $37,484,000 after buying an additional 43,062 shares during the last quarter. Cetera Investment Advisers grew its position in shares of Snowflake by 201.5% during the first quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock worth $10,292,000 after buying an additional 42,563 shares in the last quarter. Finally, LRI Investments LLC acquired a new stake in shares of Snowflake during the first quarter worth approximately $29,000. 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.