Snowflake (NYSE:SNOW) Upgraded at Wedbush

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

Other equities analysts have also issued research reports about the stock. DA Davidson restated a “buy” rating and issued a $175.00 target price on shares of Snowflake in a report on Thursday, October 3rd. 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. Hsbc Global Res upgraded Snowflake from a “moderate sell” rating to a “hold” rating in a research report on Friday, August 23rd. Scotiabank lowered their target price on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a report on Thursday, August 22nd. Finally, Needham & Company LLC dropped their price target on Snowflake from $210.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $174.74.

Snowflake Trading Up 0.4 %

NYSE SNOW opened at $119.56 on Thursday. The firm has a market capitalization of $40.03 billion, a PE ratio of -42.70 and a beta of 0.83. The business’s 50-day moving average price is $116.65 and its two-hundred day moving average price is $133.31. Snowflake has a 12 month low of $107.13 and a 12 month high of $237.72.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The business had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. During the same period in the prior year, the business posted ($0.52) earnings per share. The firm’s revenue was up 28.9% on a year-over-year basis. As a group, analysts forecast that Snowflake will post -2.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Benoit Dageville sold 1,946 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $222,602.94. Following the completion of the sale, the insider now directly owns 53,820 shares of the company’s stock, valued at $6,156,469.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Benoit Dageville sold 1,946 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $222,602.94. Following the completion of the transaction, the insider now directly owns 53,820 shares of the company’s stock, valued at $6,156,469.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Slootman sold 1,606 shares of the firm’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 transaction of $176,595.76. Following the sale, the director now owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,538 shares of company stock valued at $7,049,994. Insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SNOW. Mather Group LLC. bought a new position in Snowflake during the first quarter worth about $45,000. Fulton Bank N.A. bought a new position in Snowflake in the 1st quarter worth approximately $212,000. Park Avenue Securities LLC grew its stake in Snowflake by 0.5% in the 1st quarter. Park Avenue Securities LLC now owns 13,484 shares of the company’s stock valued at $2,179,000 after buying an additional 70 shares in the last quarter. RFG Advisory LLC raised its holdings in Snowflake by 9.3% during the 1st quarter. RFG Advisory LLC now owns 2,385 shares of the company’s stock valued at $385,000 after acquiring an additional 202 shares during the period. Finally, Gulf International Bank UK Ltd lifted its position in shares of Snowflake by 0.4% during the first quarter. Gulf International Bank UK Ltd now owns 24,499 shares of the company’s stock worth $3,959,000 after acquiring an additional 99 shares in the last quarter. Institutional investors own 65.10% of the company’s stock.

Snowflake Company Profile

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.