Snowflake (NYSE:SNOW) Reaches New 52-Week High – Time to Buy?

Snowflake Inc. (NYSE:SNOW) hit a new 52-week high during trading on Monday . The company traded as high as $340.40 and last traded at $338.9710, with a volume of 550645 shares. The stock had previously closed at $330.49.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SNOW. TD Cowen reissued a “buy” rating and issued a $300.00 price objective on shares of Snowflake in a research report on Wednesday, June 3rd. HSBC set a $289.00 target price on shares of Snowflake and gave the stock a “buy” rating in a research report on Friday, May 29th. DA Davidson boosted their price target on Snowflake from $250.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, May 28th. Monness Crespi & Hardt boosted their price target on Snowflake from $282.00 to $320.00 and gave the company a “buy” rating in a report on Thursday, May 28th. Finally, UBS Group reissued a “buy” rating on shares of Snowflake in a research note on Monday, June 22nd. Thirty-four analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $296.68.

Snowflake Stock Performance

The company’s fifty day moving average price is $262.16 and its two-hundred day moving average price is $201.05. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $115.15 billion, a PE ratio of -94.33 and a beta of 1.33.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.07. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the firm earned $0.24 earnings per share. Snowflake’s revenue was up 33.5% compared to the same quarter last year. As a group, equities analysts expect that Snowflake Inc. will post -1.84 earnings per share for the current year.

Insider Buying and Selling at Snowflake

In other news, Director Michael L. Speiser sold 50,338 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $245.21, for a total transaction of $12,343,380.98. Following the completion of the sale, the director directly owned 27,716 shares of the company’s stock, valued at $6,796,240.36. The trade was a 64.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 437,076 shares of the company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $252.43, for a total value of $110,331,094.68. Following the sale, the director owned 38,046 shares of the company’s stock, valued at approximately $9,603,951.78. The trade was a 91.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 2,091,260 shares of company stock worth $508,844,831 in the last quarter. 4.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Snowflake

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Snowflake by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock worth $6,601,790,000 after purchasing an additional 1,448,094 shares during the period. Jennison Associates LLC grew its holdings in shares of Snowflake by 27.7% during the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock worth $2,545,300,000 after purchasing an additional 2,519,413 shares during the period. Nuveen LLC grew its holdings in shares of Snowflake by 2.3% during the 4th quarter. Nuveen LLC now owns 5,277,851 shares of the company’s stock worth $1,157,749,000 after purchasing an additional 116,521 shares during the period. Geode Capital Management LLC increased its position in Snowflake by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 4,809,689 shares of the company’s stock worth $1,052,195,000 after purchasing an additional 249,668 shares in the last quarter. Finally, Norges Bank acquired a new stake in Snowflake during the 4th quarter worth approximately $974,091,000. Hedge funds and other 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.