Snowflake (NYSE:SNOW) Upgraded at StockNews.com

Snowflake (NYSE:SNOW) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

A number of other equities analysts also recently weighed in on the company. Needham & Company LLC reduced their price target on Snowflake from $210.00 to $160.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Hsbc Global Res raised shares of Snowflake from a “moderate sell” rating to a “hold” rating in a research report on Friday, August 23rd. DA Davidson reaffirmed a “buy” rating and issued a $175.00 target price on shares of Snowflake in a research report on Thursday, October 3rd. Rosenblatt Securities reissued a “buy” rating and set a $180.00 price target on shares of Snowflake in a research report on Tuesday. Finally, Jefferies Financial Group reduced their price objective on shares of Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. One analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $180.23.

Snowflake Trading Up 32.5 %

SNOW opened at $171.05 on Wednesday. The stock has a market capitalization of $57.34 billion, a P/E ratio of -55.90 and a beta of 0.83. Snowflake has a 12 month low of $107.13 and a 12 month high of $237.72. The firm’s fifty day simple moving average is $118.98 and its 200 day simple moving average is $128.19.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates 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 company’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.52) earnings per share. On average, equities research analysts predict that Snowflake will post -2.41 EPS for the current fiscal year.

Insider Activity at Snowflake

In related news, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total value of $1,811,550.00. Following the transaction, the executive vice president now directly owns 706,755 shares of the company’s stock, valued at $85,354,801.35. This trade represents a 2.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Frank Slootman sold 6,251 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $715,051.89. Following the sale, the director now owns 208,735 shares of the company’s stock, valued at $23,877,196.65. The trade was a 2.91 % 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 valued at $7,061,544 over the last quarter. 7.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. State Street Corp increased its position in Snowflake by 0.8% during the 3rd quarter. State Street Corp now owns 6,867,097 shares of the company’s stock worth $788,755,000 after purchasing an additional 54,909 shares in the last quarter. Geode Capital Management LLC boosted its position in Snowflake by 3.5% in the third quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock valued at $475,894,000 after buying an additional 138,663 shares in the last quarter. Two Sigma Advisers LP grew its stake in shares of Snowflake by 27.9% during the third quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after buying an additional 881,700 shares during the last quarter. Ontario Teachers Pension Plan Board increased its holdings in shares of Snowflake by 19,399.2% during the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock worth $295,459,000 after buying an additional 2,559,144 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of Snowflake by 11.5% in the 2nd quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock valued at $293,838,000 after acquiring an additional 223,936 shares during the last quarter. Institutional investors and hedge funds 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.