Snowflake (NYSE:SNOW) Earns Buy Rating from Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Snowflake (NYSE:SNOW) in a research report sent to investors on Monday morning, Benzinga reports. They currently have a $195.00 target price on the stock.

Several other analysts have also recently issued reports on the stock. Mizuho decreased their target price on shares of Snowflake from $205.00 to $180.00 and set a buy rating on the stock in a research report on Wednesday, June 5th. JPMorgan Chase & Co. upped their price objective on Snowflake from $170.00 to $185.00 and gave the company an overweight rating in a research report on Thursday, May 23rd. Oppenheimer reiterated an outperform rating and issued a $220.00 target price on shares of Snowflake in a report on Thursday, May 23rd. Wells Fargo & Company lowered Snowflake from an overweight rating to an equal weight rating and decreased their price target for the company from $200.00 to $130.00 in a report on Thursday, August 15th. Finally, The Goldman Sachs Group reaffirmed a buy rating and set a $220.00 price objective on shares of Snowflake in a research note on Monday, July 1st. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $187.03.

Snowflake Stock Performance

SNOW opened at $135.01 on Monday. The stock has a market capitalization of $45.20 billion, a price-to-earnings ratio of -48.22 and a beta of 0.85. The company has a fifty day moving average of $130.18 and a 200 day moving average of $155.59. Snowflake has a fifty-two week low of $107.93 and a fifty-two week high of $237.72.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. The business had revenue of $828.71 million during the quarter, compared to analysts’ expectations of $786.95 million. On average, equities research analysts forecast that Snowflake will post -2.31 earnings per share for the current year.

Insider Buying and Selling at Snowflake

In other news, CAO Emily Ho sold 6,500 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $158.36, for a total transaction of $1,029,340.00. Following the transaction, the chief accounting officer now directly owns 36,076 shares in the company, valued at $5,712,995.36. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Snowflake news, Director Teresa Briggs sold 848 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $142.98, for a total transaction of $121,247.04. Following the completion of the sale, the director now directly owns 4,247 shares of the company’s stock, valued at $607,236.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Emily Ho sold 6,500 shares of Snowflake stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $158.36, for a total transaction of $1,029,340.00. Following the completion of the transaction, the chief accounting officer now directly owns 36,076 shares in the company, valued at approximately $5,712,995.36. The disclosure for this sale can be found here. In the last quarter, insiders have sold 534,178 shares of company stock valued at $66,520,575. Company insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Several institutional investors have recently bought and sold shares of SNOW. Accent Capital Management LLC acquired a new stake in shares of Snowflake in the 4th quarter worth $25,000. LRI Investments LLC purchased a new stake in Snowflake in the first quarter valued at approximately $29,000. FinTrust Capital Advisors LLC increased its holdings in Snowflake by 193.9% in the 4th quarter. FinTrust Capital Advisors LLC now owns 194 shares of the company’s stock worth $39,000 after buying an additional 128 shares during the period. Riverview Trust Co purchased a new position in Snowflake during the 1st quarter worth approximately $31,000. Finally, Hartford Financial Management Inc. acquired a new stake in shares of Snowflake in the first quarter worth $32,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.