Snowflake’s (SNOW) “Buy” Rating Reaffirmed at Truist Financial

Snowflake (NYSE:SNOW)‘s stock had its “buy” rating restated by stock analysts at Truist Financial in a research report issued on Thursday,Benzinga reports. They presently have a $210.00 price target on the stock. Truist Financial’s price objective would suggest a potential upside of 25.39% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the stock. TD Cowen upped their price objective on shares of Snowflake from $180.00 to $190.00 and gave the stock a “buy” rating in a report on Thursday. Canaccord Genuity Group decreased their price target on Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Bank of America raised their price objective on Snowflake from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday. UBS Group decreased their target price on Snowflake from $155.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, September 24th. Finally, Hsbc Global Res raised shares of Snowflake from a “moderate sell” rating to a “hold” rating in a research report on Friday, August 23rd. One analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-six have given a buy rating to the stock. According to data from MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and an average target price of $180.23.

Snowflake Trading Down 2.3 %

Shares of Snowflake stock opened at $167.48 on Thursday. The stock has a 50-day simple moving average of $120.06 and a 200-day simple moving average of $128.22. Snowflake has a 52-week low of $107.13 and a 52-week high of $237.72.

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 analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative net margin of 33.02% and a negative return on equity of 22.01%. The firm had revenue of $868.80 million during the quarter, compared to analysts’ expectations of $851.72 million. The company’s revenue was up 28.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.52) earnings per share. Equities research analysts expect that Snowflake will post -2.41 EPS for the current fiscal year.

Insider Activity

In other Snowflake news, EVP Christian Kleinerman sold 558 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $61,357.68. Following the transaction, the executive vice president now owns 759,473 shares of the company’s stock, valued at approximately $83,511,651.08. The trade was a 0.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 1,606 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the sale, the director now owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. This trade represents a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 59,538 shares of company stock worth $7,061,544. Corporate insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ontario Teachers Pension Plan Board lifted its position 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 purchasing an additional 2,559,144 shares in the last quarter. Swedbank AB acquired a new position in Snowflake during the 1st quarter worth $258,957,000. Two Sigma Advisers LP lifted its holdings in Snowflake by 27.9% during the 3rd 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 in the last quarter. AQR Capital Management LLC boosted its position in Snowflake by 210.0% in the 2nd quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock valued at $131,656,000 after buying an additional 660,168 shares during the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of Snowflake by 471.9% in the 3rd quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock valued at $87,489,000 after buying an additional 628,511 shares during the period. 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.