Oppenheimer Reaffirms “Outperform” Rating for Snowflake (NYSE:SNOW)

Oppenheimer restated their outperform rating on shares of Snowflake (NYSE:SNOW) in a research report released on Thursday,Benzinga reports. They currently have a $180.00 price target on the stock.

Other research analysts also recently issued research reports about the stock. UBS Group cut their price objective on shares of Snowflake from $155.00 to $125.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 24th. Wedbush raised shares of Snowflake to a “hold” rating in a report on Thursday, October 17th. TD Cowen decreased their price objective on Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a report on Monday, August 19th. Rosenblatt Securities restated a “buy” rating and set a $180.00 target price on shares of Snowflake in a research note on Tuesday. Finally, Barclays boosted their target price on shares of Snowflake from $142.00 to $172.00 and gave the stock an “equal weight” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Snowflake currently has a consensus rating of “Moderate Buy” and an average target price of $180.23.

Snowflake Price Performance

NYSE SNOW traded up $0.50 during midday trading on Thursday, hitting $171.85. 8,272,944 shares of the company traded hands, compared to its average volume of 6,723,001. The company has a market cap of $57.60 billion, a PE ratio of -55.90 and a beta of 0.83. Snowflake has a 52 week low of $107.13 and a 52 week high of $237.72. The company’s 50-day simple moving average is $118.98 and its 200-day simple moving average is $128.19.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.02. The company had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The firm’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.52) earnings per share. On average, research analysts predict that Snowflake will post -2.41 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Benoit Dageville sold 287 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $111.41, for a total transaction of $31,974.67. Following the completion of the sale, the insider now owns 53,250 shares of the company’s stock, valued at $5,932,582.50. This represents a 0.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the completion of the transaction, the executive vice president now directly owns 706,755 shares in the company, valued at approximately $85,354,801.35. This represents a 2.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 59,538 shares of company stock worth $7,061,544 in the last 90 days. Insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Several large investors have recently bought and sold shares of SNOW. LRI Investments LLC boosted its holdings in shares of Snowflake by 155.6% during the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after purchasing an additional 112 shares during the last quarter. Groupama Asset Managment acquired a new position in Snowflake during the third quarter worth $25,000. Wellington Shields Capital Management LLC purchased a new stake in Snowflake in the 2nd quarter valued at $27,000. V Square Quantitative Management LLC acquired a new stake in shares of Snowflake in the 3rd quarter worth $30,000. Finally, Fortitude Family Office LLC purchased a new position in shares of Snowflake during the 3rd quarter worth $34,000. Hedge funds and other institutional investors 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.