Snowflake (NYSE:SNOW) Trading 5% Higher – Should You Buy?

Snowflake Inc. (NYSE:SNOW) shares rose 5% on Wednesday . The stock traded as high as $119.81 and last traded at $119.15. Approximately 4,239,765 shares were traded during mid-day trading, a decline of 37% from the average daily volume of 6,689,940 shares. The stock had previously closed at $113.52.

Analyst Ratings Changes

SNOW has been the topic of several research analyst reports. Piper Sandler restated an “overweight” rating and set a $165.00 target price on shares of Snowflake in a research note on Thursday, August 22nd. Hsbc Global Res raised Snowflake from a “moderate sell” rating to a “hold” rating in a research note on Friday, August 23rd. Jefferies Financial Group reduced their target price on shares of Snowflake from $160.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Wells Fargo & Company lowered their price objective on shares of Snowflake from $130.00 to $125.00 and set an “equal weight” rating for the company in a research report on Thursday, August 22nd. Finally, Evercore ISI cut their target price on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $174.74.

Snowflake Stock Performance

The firm has a market capitalization of $41.58 billion, a price-to-earnings ratio of -40.43 and a beta of 0.83. The business has a 50 day simple moving average of $116.27 and a 200-day simple moving average of $134.93.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data 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 company had revenue of $868.80 million for the quarter, compared to the consensus estimate of $851.72 million. During the same period in the prior year, the firm posted ($0.52) EPS. The company’s quarterly revenue was up 28.9% compared to the same quarter last year. Equities analysts predict that Snowflake Inc. will post -2.41 earnings per share for the current fiscal year.

Insider Transactions at Snowflake

In other Snowflake news, 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 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Snowflake news, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $176,595.76. Following the transaction, the director now directly owns 218,246 shares of the company’s stock, valued at $23,998,330.16. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Christian Kleinerman sold 558 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 $61,357.68. Following the completion of the transaction, the executive vice president now owns 759,473 shares of the company’s stock, valued at approximately $83,511,651.08. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 59,538 shares of company stock valued at $7,049,994. Corporate insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Several hedge funds have recently bought and sold shares of SNOW. Vanguard Group Inc. grew its stake in Snowflake by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock valued at $3,439,842,000 after acquiring an additional 297,428 shares in the last quarter. Jennison Associates LLC lifted its stake in Snowflake by 3.7% during the first quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock worth $1,132,568,000 after purchasing an additional 249,249 shares during the period. Legal & General Group Plc increased its position in shares of Snowflake by 11.5% during the 2nd quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock worth $293,838,000 after purchasing an additional 223,936 shares in the last quarter. Swedbank AB acquired a new stake in Snowflake during the 1st quarter valued at $258,957,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Snowflake by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 1,599,983 shares of the company’s stock worth $216,142,000 after acquiring an additional 8,743 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors.

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.