StockNews.com Upgrades Snowflake (NYSE:SNOW) to “Hold”

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

A number of other equities research analysts also recently weighed in on the company. JMP Securities cut their target price on Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a research report on Thursday, August 22nd. DA Davidson reaffirmed a “buy” rating and set a $175.00 target price on shares of Snowflake in a research note on Thursday, October 3rd. Piper Sandler reaffirmed an “overweight” rating and set a $165.00 target price on shares of Snowflake in a report on Thursday, August 22nd. Scotiabank cut their price target on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a report on Thursday, August 22nd. Finally, KeyCorp lowered their price objective on shares of Snowflake from $168.00 to $150.00 and set an “overweight” rating on the stock in a research note on Monday. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $172.09.

Snowflake Price Performance

Shares of SNOW opened at $125.51 on Tuesday. Snowflake has a one year low of $107.13 and a one year high of $237.72. The stock’s fifty day moving average is $115.33 and its 200-day moving average is $129.12.

Snowflake (NYSE:SNOW) last released 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. The firm had revenue of $868.80 million for 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%. Snowflake’s quarterly revenue was up 28.9% on a year-over-year basis. During the same quarter last year, the company earned ($0.52) EPS. Research analysts anticipate that Snowflake will post -2.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, 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 sale, the executive vice president now directly owns 759,473 shares in the company, valued at $83,511,651.08. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Christian Kleinerman sold 558 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $61,357.68. Following the transaction, the executive vice president now owns 759,473 shares in the company, valued at $83,511,651.08. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 6,251 shares of Snowflake stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $715,051.89. Following the completion of the sale, the director now directly owns 208,735 shares of the company’s stock, valued at approximately $23,877,196.65. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 59,538 shares of company stock valued at $7,061,544 in the last three months. Insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Centaurus Financial Inc. lifted its holdings in Snowflake by 8.8% in the 3rd quarter. Centaurus Financial Inc. now owns 7,159 shares of the company’s stock worth $822,000 after purchasing an additional 582 shares during the last quarter. Larson Financial Group LLC lifted its stake in shares of Snowflake by 81.3% in the third quarter. Larson Financial Group LLC now owns 339 shares of the company’s stock worth $39,000 after buying an additional 152 shares during the last quarter. Cerity Partners LLC boosted its holdings in shares of Snowflake by 10.1% during the 3rd quarter. Cerity Partners LLC now owns 53,966 shares of the company’s stock worth $6,198,000 after buying an additional 4,960 shares during the period. Great Valley Advisor Group Inc. grew its stake in Snowflake by 27.2% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 15,005 shares of the company’s stock valued at $1,724,000 after buying an additional 3,206 shares during the last quarter. Finally, GM Advisory Group LLC raised its holdings in Snowflake by 24.0% in the 3rd quarter. GM Advisory Group LLC now owns 4,418 shares of the company’s stock worth $507,000 after acquiring an additional 854 shares during the period. 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.