Snowflake (NYSE:SNOW) Upgraded at Monness Crespi & Hardt

Monness Crespi & Hardt upgraded shares of Snowflake (NYSE:SNOW) from a neutral rating to a buy rating in a research note released on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has $140.00 price objective on the stock.

Several other analysts also recently issued reports on SNOW. Argus began coverage on Snowflake in a report on Tuesday, October 1st. They issued a “hold” rating on the stock. Scotiabank cut their target price on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating on the stock in a research note 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 report on Monday, August 19th. Bank of America cut their price objective on shares of Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Finally, Citigroup decreased their target price on shares of Snowflake from $236.00 to $200.00 and set a “buy” rating for the company in a research report on Tuesday, August 20th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and a consensus target price of $173.56.

Snowflake Price Performance

Snowflake stock opened at $120.88 on Wednesday. Snowflake has a 12 month low of $107.13 and a 12 month high of $237.72. The company has a fifty day moving average price of $115.02 and a two-hundred day moving average price of $129.83. The company has a market cap of $40.52 billion, a PE ratio of -39.50 and a beta of 0.83.

Snowflake (NYSE:SNOW) last posted its quarterly 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. The business had revenue of $868.80 million during the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The company’s quarterly revenue was up 28.9% on a year-over-year basis. During the same period in the previous year, the business posted ($0.52) EPS. Equities research analysts anticipate that Snowflake will post -2.41 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Benoit Dageville sold 1,946 shares of Snowflake 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 transaction, the insider now owns 53,820 shares in the company, valued at approximately $6,156,469.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Benoit Dageville sold 1,946 shares of the business’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 transaction of $222,602.94. Following the transaction, the insider now directly owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the completion of the sale, the executive vice president now owns 706,755 shares of the company’s stock, valued at approximately $85,354,801.35. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,538 shares of company stock valued at $7,061,544. Company insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Ontario Teachers Pension Plan Board raised its stake in shares of Snowflake by 19,399.2% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock valued at $295,459,000 after acquiring an additional 2,559,144 shares in the last quarter. Swedbank AB bought a new position in shares of Snowflake in the first quarter valued at approximately $258,957,000. AQR Capital Management LLC lifted its stake in shares of Snowflake by 210.0% in the second quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock worth $131,656,000 after buying an additional 660,168 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of Snowflake by 471.9% during the 3rd quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock worth $87,489,000 after buying an additional 628,511 shares during the period. Finally, Daiwa Securities Group Inc. grew its stake in Snowflake by 90.3% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock valued at $170,938,000 after buying an additional 600,469 shares during the last quarter. 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.