Snowflake (NYSE:SNOW) Given “Overweight” Rating at Piper Sandler

Snowflake (NYSE:SNOW)‘s stock had its “overweight” rating reiterated by stock analysts at Piper Sandler in a research report issued on Thursday,Benzinga reports. They currently have a $185.00 price objective on the stock, up from their prior price objective of $165.00. Piper Sandler’s price objective indicates a potential upside of 43.28% from the stock’s current price.

Other research analysts also recently issued reports about the company. Argus began coverage on Snowflake in a research note on Tuesday, October 1st. They set a “hold” rating for the company. Wedbush upgraded shares of Snowflake to a “hold” rating in a report on Thursday, October 17th. Scotiabank cut their target price on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 22nd. Bank of America decreased their price target on shares of Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Finally, Hsbc Global Res upgraded shares of Snowflake from a “moderate sell” rating to a “hold” rating in a research report on Friday, August 23rd. One analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $175.79.

Snowflake Stock Performance

Shares of NYSE SNOW opened at $129.12 on Thursday. The stock has a market capitalization of $43.28 billion, a PE ratio of -42.20 and a beta of 0.83. Snowflake has a 52 week low of $107.13 and a 52 week high of $237.72. The stock has a 50 day moving average price of $117.82 and a 200 day moving average price of $127.89.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping 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 business had revenue of $868.80 million for the quarter, compared to the consensus estimate of $851.72 million. During the same period in the previous year, the company earned ($0.52) earnings per share. The firm’s revenue for the quarter was up 28.9% on a year-over-year basis. As a group, research analysts forecast that Snowflake will post -2.41 EPS for the current year.

Insider Buying and Selling

In other news, insider Benoit Dageville sold 1,946 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $222,602.94. Following the completion of the sale, the insider now directly owns 53,820 shares in the company, valued at $6,156,469.80. This trade represents a 3.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Christian Kleinerman sold 558 shares of the 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 in the company, valued at approximately $83,511,651.08. The trade was a 0.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,538 shares of company stock valued at $7,061,544 over the last quarter. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of institutional investors have recently modified their holdings of SNOW. Covestor Ltd increased its stake in Snowflake by 25.0% during the 1st quarter. Covestor Ltd now owns 350 shares of the company’s stock valued at $57,000 after purchasing an additional 70 shares in the last quarter. Modus Advisors LLC lifted its position in shares of Snowflake by 3.9% during the third quarter. Modus Advisors LLC now owns 2,491 shares of the company’s stock valued at $286,000 after purchasing an additional 94 shares in the last quarter. Catalyst Private Wealth LLC grew its position in Snowflake by 3.2% in the 3rd quarter. Catalyst Private Wealth LLC now owns 3,329 shares of the company’s stock worth $382,000 after purchasing an additional 104 shares in the last quarter. Iron Gate Global Advisors LLC increased its position in shares of Snowflake by 0.9% during the first quarter. Iron Gate Global Advisors LLC now owns 11,666 shares of the company’s stock valued at $1,878,000 after acquiring an additional 105 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Snowflake by 30.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 465 shares of the company’s stock worth $72,000 after purchasing an additional 108 shares during the period. 65.10% of the stock is 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.