Snowflake (NYSE:SNOW) Receives Overweight Rating from Piper Sandler

Snowflake (NYSE:SNOW)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Piper Sandler in a research note issued to investors on Thursday, Benzinga reports. They presently have a $240.00 price objective on the stock. Piper Sandler’s target price would suggest a potential upside of 46.98% from the company’s previous close.

Other equities analysts have also issued reports about the stock. Raymond James boosted their price target on shares of Snowflake from $190.00 to $223.00 and gave the company an “outperform” rating in a research report on Friday, February 2nd. Royal Bank of Canada dropped their target price on shares of Snowflake from $246.00 to $220.00 and set an “outperform” rating for the company in a research note on Monday. Rosenblatt Securities boosted their target price on shares of Snowflake from $185.00 to $195.00 and gave the stock a “buy” rating in a research note on Thursday. Morgan Stanley reaffirmed an “equal weight” rating and issued a $175.00 target price (down from $230.00) on shares of Snowflake in a research note on Thursday, February 29th. Finally, BNP Paribas raised shares of Snowflake from a “neutral” rating to an “outperform” rating and set a $200.00 target price for the company in a research note on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $201.26.

Snowflake Trading Up 0.4 %

Snowflake stock opened at $163.29 on Thursday. The company has a market capitalization of $54.57 billion, a P/E ratio of -64.04 and a beta of 0.90. The firm’s fifty day simple moving average is $157.13 and its 200-day simple moving average is $180.26. Snowflake has a 1-year low of $138.40 and a 1-year high of $237.72.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, topping the consensus estimate of ($0.49) by $0.05. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. The firm had revenue of $774.70 million for the quarter, compared to the consensus estimate of $759.86 million. On average, equities research analysts predict that Snowflake will post -1.83 earnings per share for the current year.

Insiders Place Their Bets

In other Snowflake news, EVP Christian Kleinerman sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total transaction of $241,725.00. Following the completion of the transaction, the executive vice president now owns 772,597 shares in the company, valued at approximately $124,504,006.55. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Mark D. Mclaughlin acquired 3,030 shares of the stock in a transaction dated Wednesday, March 6th. The stock was bought at an average price of $165.45 per share, for a total transaction of $501,313.50. Following the purchase, the director now directly owns 11,687 shares of the company’s stock, valued at approximately $1,933,614.15. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Christian Kleinerman sold 1,500 shares of Snowflake stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total transaction of $241,725.00. Following the completion of the sale, the executive vice president now owns 772,597 shares of the company’s stock, valued at approximately $124,504,006.55. The disclosure for this sale can be found here. In the last 90 days, insiders sold 62,380 shares of company stock worth $9,803,625. 8.30% of the stock is currently owned by insiders.

Institutional Trading of Snowflake

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cigna Investments Inc. New grew its stake in shares of Snowflake by 1.6% in the 4th quarter. Cigna Investments Inc. New now owns 3,295 shares of the company’s stock worth $656,000 after acquiring an additional 51 shares in the last quarter. E&G Advisors LP grew its stake in shares of Snowflake by 3.0% in the 4th quarter. E&G Advisors LP now owns 1,768 shares of the company’s stock worth $352,000 after acquiring an additional 51 shares in the last quarter. Commerce Bank grew its stake in shares of Snowflake by 0.8% in the 4th quarter. Commerce Bank now owns 6,138 shares of the company’s stock worth $1,221,000 after acquiring an additional 51 shares in the last quarter. Parkside Financial Bank & Trust grew its stake in shares of Snowflake by 34.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 202 shares of the company’s stock worth $40,000 after acquiring an additional 52 shares in the last quarter. Finally, Valley National Advisers Inc. grew its stake in shares of Snowflake by 18.1% in the 4th quarter. Valley National Advisers Inc. now owns 346 shares of the company’s stock worth $68,000 after acquiring an additional 53 shares in the last quarter. Institutional investors 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.