DA Davidson Reiterates “Buy” Rating for Snowflake (NYSE:SNOW)

Snowflake (NYSE:SNOW)‘s stock had its “buy” rating reiterated by equities research analysts at DA Davidson in a research note issued to investors on Thursday, Benzinga reports. They currently have a $175.00 price target on the stock. DA Davidson’s price objective would indicate a potential upside of 52.59% from the company’s previous close.

A number of other equities research analysts have also issued reports on SNOW. Jefferies Financial Group dropped their target price on shares of Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Loop Capital dropped their target price on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a report on Wednesday, August 21st. Rosenblatt Securities reaffirmed a “buy” rating and set a $180.00 target price on shares of Snowflake in a report on Wednesday. Robert W. Baird dropped their target price on shares of Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a report on Tuesday, August 20th. Finally, Citigroup dropped their target price on shares of Snowflake from $236.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, August 20th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $174.74.

Snowflake Stock Performance

NYSE:SNOW opened at $114.69 on Thursday. The company has a fifty day moving average of $117.12 and a two-hundred day moving average of $136.09. The stock has a market capitalization of $38.40 billion, a PE ratio of -40.96 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 posted its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. The company had revenue of $868.80 million during the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 28.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.52) earnings per share. Research analysts forecast that Snowflake will post -2.41 earnings per share for the current year.

Insider Transactions at Snowflake

In other 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 owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Benoit Dageville sold 1,946 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $222,602.94. Following the sale, the insider now owns 53,820 shares of the company’s stock, valued at $6,156,469.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were 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 directly owns 718,773 shares in the company, valued at approximately $86,252,760. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,538 shares of company stock valued at $3,449,994. 7.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Snowflake

Hedge funds have recently added to or reduced their stakes in the company. Accent Capital Management LLC acquired a new stake in Snowflake in the fourth quarter valued at approximately $25,000. LRI Investments LLC acquired a new stake in Snowflake during the first quarter worth approximately $29,000. Riverview Trust Co acquired a new stake in Snowflake during the first quarter worth approximately $31,000. Future Financial Wealth Managment LLC acquired a new stake in Snowflake during the first quarter worth approximately $32,000. Finally, Wellington Shields Capital Management LLC acquired a new stake in Snowflake during the second quarter worth approximately $27,000. 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.