Snowflake (NYSE:SNOW) Upgraded by StockNews.com to Hold Rating

StockNews.com upgraded shares of Snowflake (NYSE:SNOW) from a sell rating to a hold rating in a research report sent to investors on Tuesday morning.

Several other brokerages also recently commented on SNOW. Scotiabank lowered their target price on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 22nd. Stifel Nicolaus lowered their price objective on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a research report on Monday, August 19th. Canaccord Genuity Group reduced their target price on Snowflake from $215.00 to $190.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Evercore ISI lowered their price target on Snowflake from $225.00 to $170.00 and set an “outperform” rating for the company in a report on Monday, August 19th. Finally, UBS Group dropped their price target on Snowflake from $155.00 to $125.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $172.09.

Snowflake Stock Performance

SNOW opened at $125.92 on Tuesday. The company has a fifty day moving average price of $116.73 and a two-hundred day moving average price of $128.68. The firm has a market capitalization of $42.21 billion, a PE ratio of -41.15 and a beta of 0.83. Snowflake has a 52 week low of $107.13 and a 52 week high of $237.72.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.02. The firm 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.52) earnings per share. Equities analysts forecast that Snowflake will post -2.41 EPS for the current year.

Insider Activity

In other news, EVP Christian Kleinerman sold 30,000 shares of the stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $120.00, for a total value of $3,600,000.00. Following the transaction, the executive vice president now directly owns 721,755 shares of the company’s stock, valued at $86,610,600. This represents a 3.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Slootman sold 6,251 shares of Snowflake stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $715,051.89. Following the sale, the director now directly owns 208,735 shares of the company’s stock, valued at $23,877,196.65. The trade was a 2.91 % decrease in their position. 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 three months. Insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Several hedge funds have recently added to or reduced their stakes in the company. LRI Investments LLC bought a new stake in Snowflake in the 1st quarter valued at about $29,000. Wellington Shields Capital Management LLC acquired a new stake in Snowflake during the second quarter worth approximately $27,000. Groupama Asset Managment bought a new position in Snowflake during the 3rd quarter worth $25,000. V Square Quantitative Management LLC acquired a new position in Snowflake in the 3rd quarter valued at $30,000. Finally, Global Financial Private Client LLC bought a new stake in shares of Snowflake during the 1st quarter valued at $44,000. 65.10% of the stock is 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.