Snowflake (NYSE:SNOW) Shares Up 1.2% – Here’s Why

Snowflake Inc. (NYSE:SNOW)’s share price shot up 1.2% during trading on Monday . The stock traded as high as $183.11 and last traded at $182.6280. 4,786,117 shares traded hands during trading, a decline of 27% from the average session volume of 6,542,755 shares. The stock had previously closed at $180.48.

Analysts Set New Price Targets

SNOW has been the subject of a number of research analyst reports. Zacks Research upgraded shares of Snowflake from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. Wedbush reissued an “outperform” rating and set a $270.00 price objective on shares of Snowflake in a report on Thursday, December 4th. Mizuho dropped their target price on shares of Snowflake from $285.00 to $220.00 and set an “outperform” rating for the company in a research report on Tuesday, February 17th. Sanford C. Bernstein cut their target price on shares of Snowflake from $237.00 to $195.00 and set a “market perform” rating on the stock in a research note on Thursday, February 26th. Finally, The Goldman Sachs Group decreased their price target on Snowflake from $286.00 to $246.00 and set a “buy” rating for the company in a research note on Wednesday, February 11th. Two research analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and an average target price of $248.58.

Snowflake Stock Performance

The stock’s 50-day moving average price is $193.81 and its 200-day moving average price is $222.14. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $62.50 billion, a P/E ratio of -46.23 and a beta of 1.16.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.05. Snowflake had a negative net margin of 28.43% and a negative return on equity of 48.50%. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior year, the business earned $0.30 earnings per share. Snowflake’s quarterly revenue was up 30.1% on a year-over-year basis. As a group, equities analysts expect that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Buying and Selling

In other news, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $165.01, for a total transaction of $1,650,100.00. Following the completion of the transaction, the executive vice president owned 510,477 shares of the company’s stock, valued at approximately $84,233,809.77. The trade was a 1.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Vivek Raghunathan sold 11,801 shares of the stock in a transaction dated Wednesday, December 31st. The stock was sold at an average price of $220.44, for a total transaction of $2,601,412.44. Following the completion of the sale, the senior vice president directly owned 218,020 shares in the company, valued at approximately $48,060,328.80. This trade represents a 5.13% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 662,940 shares of company stock worth $135,715,906. Company insiders own 6.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Snowflake during the fourth quarter valued at approximately $974,091,000. Winslow Capital Management LLC acquired a new stake in Snowflake in the 2nd quarter valued at approximately $725,667,000. Jennison Associates LLC raised its stake in Snowflake by 27.7% during the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock valued at $2,545,300,000 after acquiring an additional 2,519,413 shares in the last quarter. Coatue Management LLC acquired a new position in Snowflake during the 3rd quarter worth $441,277,000. Finally, Jericho Capital Asset Management L.P. bought a new position in shares of Snowflake in the fourth quarter worth $345,619,000. Institutional investors own 65.10% of the company’s stock.

Snowflake Company Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.