Rosenblatt Securities Reiterates Buy Rating for Snowflake (NYSE:SNOW)

Rosenblatt Securities restated their buy rating on shares of Snowflake (NYSE:SNOW) in a research report released on Tuesday morning,Benzinga reports. The firm currently has a $180.00 target price on the stock.

A number of other research firms have also issued reports on SNOW. Needham & Company LLC reduced their target price on shares of Snowflake from $210.00 to $160.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. JMP Securities reduced their target price on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating on the stock in a report on Thursday, August 22nd. Monness Crespi & Hardt upgraded shares of Snowflake from a “neutral” rating to a “buy” rating and set a $140.00 target price on the stock in a report on Wednesday, November 6th. Piper Sandler restated an “overweight” rating and issued a $165.00 price objective on shares of Snowflake in a report on Thursday, August 22nd. Finally, StockNews.com upgraded shares of Snowflake from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $180.23.

Snowflake Stock Performance

Shares of SNOW stock opened at $167.48 on Tuesday. The firm’s 50 day moving average price is $120.06 and its 200-day moving average price is $128.22. Snowflake has a one year low of $107.13 and a one year high of $237.72. The firm has a market cap of $56.14 billion, a P/E ratio of -54.73 and a beta of 0.83.

Snowflake (NYSE:SNOW) last released 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 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 firm’s quarterly revenue was up 28.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.52) EPS. As a group, research analysts predict that Snowflake will post -2.41 EPS for the current fiscal year.

Insider Transactions at Snowflake

In other news, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total value of $1,811,550.00. Following the completion of the sale, the executive vice president now owns 706,755 shares in the company, valued at approximately $85,354,801.35. This trade represents a 2.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frank Slootman sold 1,606 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the completion of the sale, the director now owns 218,246 shares of the company’s stock, valued at $23,998,330.16. This trade represents a 0.73 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,538 shares of company stock worth $7,061,544. Company insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Covestor Ltd lifted its stake in shares of Snowflake by 25.0% in the first quarter. Covestor Ltd now owns 350 shares of the company’s stock valued at $57,000 after purchasing an additional 70 shares during the period. Modus Advisors LLC lifted its stake in shares of Snowflake by 3.9% in the third quarter. Modus Advisors LLC now owns 2,491 shares of the company’s stock valued at $286,000 after purchasing an additional 94 shares during the period. Catalyst Private Wealth LLC lifted its stake in shares of Snowflake by 3.2% in the third quarter. Catalyst Private Wealth LLC now owns 3,329 shares of the company’s stock valued at $382,000 after purchasing an additional 104 shares during the period. Iron Gate Global Advisors LLC lifted its stake in shares of Snowflake by 0.9% in the first quarter. Iron Gate Global Advisors LLC now owns 11,666 shares of the company’s stock valued at $1,878,000 after purchasing an additional 105 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Snowflake by 30.3% in the first quarter. EverSource Wealth Advisors LLC now owns 465 shares of the company’s stock valued at $72,000 after purchasing an additional 108 shares during the period. Institutional investors and hedge funds 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.