Snowflake’s (SNOW) “Outperform” Rating Reaffirmed at Oppenheimer

Snowflake (NYSE:SNOW)‘s stock had its “outperform” rating reiterated by analysts at Oppenheimer in a research note issued to investors on Thursday, Benzinga reports. They currently have a $220.00 price target on the stock. Oppenheimer’s price target suggests a potential upside of 38.32% from the company’s current price.

Several other research firms have also commented on SNOW. JMP Securities reiterated a “market outperform” rating and issued a $235.00 price target on shares of Snowflake in a research report on Friday, May 17th. Wedbush reiterated a “neutral” rating and issued a $210.00 target price on shares of Snowflake in a report on Wednesday. Evercore ISI cut their target price on Snowflake from $250.00 to $225.00 and set an “outperform” rating on the stock in a research report on Thursday, February 29th. Rosenblatt Securities lifted their price objective on shares of Snowflake from $185.00 to $195.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Macquarie raised shares of Snowflake from a “neutral” rating to an “outperform” rating and increased their target price for the company from $182.00 to $205.00 in a research note on Thursday, February 29th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $200.11.

Snowflake Stock Down 2.6 %

SNOW stock traded down $4.29 during midday trading on Thursday, hitting $159.05. The company’s stock had a trading volume of 8,206,231 shares, compared to its average volume of 6,040,280. The company has a 50 day moving average of $157.13 and a two-hundred day moving average of $180.26. Snowflake has a 12 month low of $138.40 and a 12 month high of $237.72. The firm has a market capitalization of $53.15 billion, a price-to-earnings ratio of -62.02 and a beta of 0.90.

Snowflake (NYSE:SNOW) last released 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 business had revenue of $774.70 million for the quarter, compared to the consensus estimate of $759.86 million. On average, analysts anticipate that Snowflake will post -1.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of Snowflake

Hedge funds and other institutional investors have recently made changes to their positions in the company. Rakuten Securities Inc. purchased a new position in Snowflake in the fourth quarter worth approximately $790,000. Sequoia Financial Advisors LLC lifted its holdings in Snowflake by 209.3% during the 4th quarter. Sequoia Financial Advisors LLC now owns 4,658 shares of the company’s stock worth $927,000 after buying an additional 3,152 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Snowflake in the 3rd quarter valued at approximately $458,000. Glynn Capital Management LLC increased its holdings in Snowflake by 3.1% during the 3rd quarter. Glynn Capital Management LLC now owns 188,428 shares of the company’s stock worth $28,786,000 after purchasing an additional 5,629 shares during the period. Finally, Raymond James & Associates boosted its stake in shares of Snowflake by 55.9% in the 4th quarter. Raymond James & Associates now owns 295,486 shares of the company’s stock valued at $58,802,000 after buying an additional 105,937 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

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.