Snowflake (NYSE:SNOW) Upgraded by StockNews.com to Hold Rating

StockNews.com upgraded shares of Snowflake (NYSE:SNOW) from a sell rating to a hold rating in a research report report published on Wednesday.

A number of other analysts also recently weighed in on the company. Barclays dropped their target price on Snowflake from $191.00 to $146.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. Canaccord Genuity Group cut their price objective on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Piper Sandler reiterated an “overweight” rating and issued a $165.00 target price on shares of Snowflake in a research report on Thursday, August 22nd. Evercore ISI lowered their price target on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating for the company in a research note on Monday, August 19th. Finally, Wells Fargo & Company reduced their price objective on Snowflake from $130.00 to $125.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 22nd. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and an average price target of $180.23.

Snowflake Stock Performance

Snowflake stock opened at $167.44 on Wednesday. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $237.72. The firm’s fifty day moving average price is $120.06 and its 200-day moving average price is $128.00. The stock has a market cap of $56.13 billion, a P/E ratio of -49.39 and a beta of 0.83.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative return on equity of 22.01% and a negative net margin of 33.02%. The business had revenue of $868.80 million for the quarter, compared to the consensus estimate of $851.72 million. During the same quarter last year, the business posted ($0.52) earnings per share. The company’s revenue for the quarter was up 28.9% on a year-over-year basis. On average, analysts predict that Snowflake will post -2.41 earnings per share for the current year.

Insider Activity at Snowflake

In related news, insider Benoit Dageville sold 1,946 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $222,602.94. Following the sale, the insider now directly owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. This represents a 3.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Christian Kleinerman sold 558 shares of Snowflake stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $61,357.68. Following the completion of the transaction, the executive vice president now directly owns 759,473 shares of the company’s stock, valued at $83,511,651.08. This trade represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 59,538 shares of company stock valued at $7,061,544 in the last 90 days. Corporate insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Institutional investors and hedge funds have recently modified their holdings of the business. Comerica Bank increased its holdings in Snowflake by 17.2% in the 1st quarter. Comerica Bank now owns 29,267 shares of the company’s stock worth $4,729,000 after buying an additional 4,296 shares in the last quarter. DekaBank Deutsche Girozentrale grew its stake in shares of Snowflake by 23.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock worth $37,484,000 after acquiring an additional 43,062 shares during the period. Cetera Investment Advisers raised its holdings in shares of Snowflake by 201.5% during the first quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock valued at $10,292,000 after purchasing an additional 42,563 shares during the last quarter. LRI Investments LLC bought a new position in Snowflake during the first quarter valued at approximately $29,000. Finally, Fulton Bank N.A. boosted its holdings in Snowflake by 17.4% in the second quarter. Fulton Bank N.A. now owns 1,538 shares of the company’s stock worth $208,000 after purchasing an additional 228 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.