Oppenheimer Reiterates Outperform Rating for Snowflake (NYSE:SNOW)

Snowflake (NYSE:SNOW)‘s stock had its “outperform” rating restated by equities research analysts at Oppenheimer in a research note issued to investors on Thursday,Benzinga reports. They presently have a $180.00 price target on the stock. Oppenheimer’s price target points to a potential upside of 7.48% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Needham & Company LLC lifted their target price on shares of Snowflake from $160.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday. Barclays increased their price objective on Snowflake from $142.00 to $172.00 and gave the stock an “equal weight” rating in a report on Thursday. Hsbc Global Res upgraded shares of Snowflake from a “moderate sell” rating to a “hold” rating in a research note on Friday, August 23rd. KeyCorp raised their target price on Snowflake from $150.00 to $185.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Evercore ISI upped their target price on Snowflake from $170.00 to $190.00 and gave the stock an “outperform” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-six have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $180.23.

Snowflake Price Performance

Shares of Snowflake stock opened at $167.48 on Thursday. Snowflake has a 1 year low of $107.13 and a 1 year high of $237.72. The stock has a 50-day moving average price of $120.06 and a 200 day moving average price of $128.22.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative net margin of 33.02% and a negative return on equity of 22.01%. The business had revenue of $868.80 million during the quarter, compared to analysts’ expectations of $851.72 million. During the same period last year, the company posted ($0.52) earnings per share. The firm’s quarterly revenue was up 28.9% compared to the same quarter last year. On average, equities analysts forecast that Snowflake will post -2.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Benoit Dageville sold 287 shares of Snowflake stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $111.41, for a total value of $31,974.67. Following the sale, the insider now owns 53,250 shares of the company’s stock, valued at approximately $5,932,582.50. This trade represents a 0.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $120.77, for a total value of $1,811,550.00. Following the transaction, the executive vice president now directly owns 706,755 shares of the company’s stock, valued at approximately $85,354,801.35. This trade represents a 2.08 % 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 $7,061,544. 7.80% of the stock is owned by corporate insiders.

Institutional Trading of Snowflake

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Westside Investment Management Inc. boosted its holdings in Snowflake by 47.4% during the third quarter. Westside Investment Management Inc. now owns 12,344 shares of the company’s stock worth $1,438,000 after purchasing an additional 3,971 shares during the last quarter. Rehmann Capital Advisory Group lifted its position in Snowflake by 10.9% during the 3rd quarter. Rehmann Capital Advisory Group now owns 1,932 shares of the company’s stock worth $222,000 after buying an additional 190 shares in the last quarter. Sunbelt Securities Inc. boosted its stake in shares of Snowflake by 2.6% during the 3rd quarter. Sunbelt Securities Inc. now owns 5,535 shares of the company’s stock worth $636,000 after buying an additional 142 shares during the last quarter. Toronto Dominion Bank grew its holdings in shares of Snowflake by 24.1% in the 3rd quarter. Toronto Dominion Bank now owns 37,226 shares of the company’s stock valued at $4,276,000 after acquiring an additional 7,239 shares in the last quarter. Finally, Shaolin Capital Management LLC acquired a new stake in shares of Snowflake in the third quarter valued at about $345,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.