Snowflake’s (SNOW) Market Outperform Rating Reaffirmed at JMP Securities

JMP Securities restated their market outperform rating on shares of Snowflake (NYSE:SNOWFree Report) in a report released on Friday, Benzinga reports. JMP Securities currently has a $235.00 price target on the stock.

A number of other brokerages also recently issued reports on SNOW. Piper Sandler restated an overweight rating and set a $250.00 price objective on shares of Snowflake in a research report on Tuesday, February 27th. Guggenheim upgraded Snowflake from a sell rating to a neutral rating in a report on Friday, March 15th. Morgan Stanley reiterated an equal weight rating and issued a $175.00 target price (down from $230.00) on shares of Snowflake in a report on Thursday, February 29th. Citigroup lowered their target price on Snowflake from $290.00 to $240.00 and set a buy rating for the company in a report on Monday, March 4th. Finally, Truist Financial lowered their target price on Snowflake from $250.00 to $210.00 and set a buy rating for the company in a report on Thursday, February 29th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $201.69.

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Snowflake Price Performance

Shares of SNOW opened at $164.73 on Friday. Snowflake has a 1 year low of $138.40 and a 1 year high of $237.72. The company has a market capitalization of $55.05 billion, a price-to-earnings ratio of -64.60 and a beta of 0.90. The business has a 50-day moving average of $157.09 and a 200-day moving average of $180.29.

Snowflake (NYSE:SNOWGet Free Report) last issued its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.05. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. The company had revenue of $774.70 million during the quarter, compared to the consensus estimate of $759.86 million. As a group, sell-side analysts anticipate that Snowflake will post -1.83 EPS for the current year.

Insiders Place Their Bets

In other Snowflake news, insider Benoit Dageville sold 689 shares of the business’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $161.42, for a total value of $111,218.38. Following the transaction, the insider now owns 70,665 shares of the company’s stock, valued at $11,406,744.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Snowflake news, insider Benoit Dageville sold 689 shares of the business’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $161.42, for a total value of $111,218.38. Following the transaction, the insider now owns 70,665 shares of the company’s stock, valued at $11,406,744.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Emily Ho sold 1,500 shares of the business’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $156.98, for a total value of $235,470.00. Following the completion of the transaction, the chief accounting officer now directly owns 28,393 shares in the company, valued at approximately $4,457,133.14. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 62,380 shares of company stock valued at $9,803,625. Insiders own 8.30% of the company’s stock.

Institutional Trading of Snowflake

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Snowflake by 1.4% in the first quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock valued at $3,439,842,000 after buying an additional 297,428 shares during the period. Jennison Associates LLC raised its stake in shares of Snowflake by 3.7% in the first quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock valued at $1,132,568,000 after buying an additional 249,249 shares during the period. FMR LLC raised its stake in shares of Snowflake by 32.1% in the third quarter. FMR LLC now owns 6,154,085 shares of the company’s stock valued at $940,160,000 after buying an additional 1,496,235 shares during the period. Sands Capital Management LLC raised its stake in shares of Snowflake by 12.6% in the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after buying an additional 610,970 shares during the period. Finally, Norges Bank bought a new stake in shares of Snowflake in the fourth quarter valued at $838,455,000. 65.10% of the stock is currently owned by institutional investors.

Snowflake Company Profile

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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.

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