Snowflake (NYSE:SNOW) Upgraded by Wedbush to Hold

Wedbush upgraded shares of Snowflake (NYSE:SNOW) to a hold rating in a report published on Thursday morning, Zacks.com reports.

SNOW has been the topic of a number of other reports. Wells Fargo & Company decreased their price objective on Snowflake from $130.00 to $125.00 and set an “equal weight” rating on the stock in a report on Thursday, August 22nd. Argus began coverage on Snowflake in a report on Tuesday, October 1st. They issued a “hold” rating on the stock. Morgan Stanley reaffirmed an “equal weight” rating and set a $175.00 price target on shares of Snowflake in a report on Thursday, August 22nd. The Goldman Sachs Group reissued a “buy” rating and issued a $220.00 price objective on shares of Snowflake in a research note on Monday, July 1st. Finally, Scotiabank cut 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. Two investment 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 data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $174.74.

Snowflake Price Performance

Shares of NYSE SNOW opened at $119.54 on Thursday. The business has a 50-day moving average of $116.65 and a 200-day moving average of $133.01. The stock has a market capitalization of $40.02 billion, a price-to-earnings ratio of -42.69 and a beta of 0.83. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $237.72.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $851.72 million. During the same quarter last year, the company posted ($0.52) earnings per share. The company’s revenue for the quarter was up 28.9% compared to the same quarter last year. On average, sell-side analysts expect that Snowflake will post -2.41 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the executive vice president now owns 718,773 shares in the company, valued at $86,252,760. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Frank Slootman sold 1,606 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the transaction, the director now owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total value of $1,800,000.00. Following the sale, the executive vice president now directly owns 718,773 shares of the company’s stock, valued at $86,252,760. This represents a 0.00 % decrease in their ownership of the stock. 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. Corporate insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. LRI Investments LLC lifted its stake in Snowflake by 155.6% during the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after acquiring an additional 112 shares in the last quarter. Wellington Shields Capital Management LLC purchased a new stake in shares of Snowflake in the second quarter valued at about $27,000. V Square Quantitative Management LLC bought a new position in shares of Snowflake during the third quarter valued at about $30,000. Riverview Trust Co purchased a new position in Snowflake during the first quarter worth about $31,000. Finally, Future Financial Wealth Managment LLC bought a new stake in Snowflake in the 1st quarter worth about $32,000. Hedge funds and other 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.