Snowflake (NYSE:SNOW) Receives “Outperform” Rating from Oppenheimer

Oppenheimer reiterated their outperform rating on shares of Snowflake (NYSE:SNOW) in a report published on Thursday,Benzinga reports. They currently have a $180.00 price target on the stock.

Other equities research analysts also recently issued reports about the company. Stifel Nicolaus dropped their target price on Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a report on Monday, August 19th. Bank of America cut their price objective on shares of Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Loop Capital decreased their target price on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a report on Wednesday, August 21st. DA Davidson reiterated a “buy” rating and set a $175.00 price target on shares of Snowflake in a report on Thursday, October 3rd. Finally, JMP Securities reduced their price target on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have given a buy rating to the company. According to MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and a consensus price target of $180.23.

Snowflake Stock Performance

Shares of Snowflake stock traded up $0.50 during trading on Thursday, hitting $171.85. The company’s stock had a trading volume of 8,272,944 shares, compared to its average volume of 6,723,001. Snowflake has a 52 week low of $107.13 and a 52 week high of $237.72. The company has a fifty day simple moving average of $118.98 and a two-hundred day simple moving average of $128.19. The company has a market capitalization of $57.60 billion, a PE ratio of -55.90 and a beta of 0.83.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.02. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The firm had revenue of $868.80 million during the quarter, compared to analyst estimates of $851.72 million. During the same period last year, the business earned ($0.52) earnings per share. The business’s revenue was up 28.9% on a year-over-year basis. As a group, analysts predict that Snowflake will post -2.41 EPS for the current year.

Insider Activity at Snowflake

In other Snowflake news, Director Frank Slootman sold 1,606 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the completion of the transaction, the director now owns 218,246 shares in the company, valued at $23,998,330.16. The trade was a 0.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Christian Kleinerman sold 3,029 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $346,487.31. Following the completion of the sale, the executive vice president now owns 753,464 shares in the company, valued at approximately $86,188,746.96. The trade was a 0.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,538 shares of company stock worth $7,061,544. Company insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Institutional investors have recently modified their holdings of the stock. Covestor Ltd grew its stake in Snowflake by 25.0% in the first quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after purchasing an additional 70 shares in the last quarter. Modus Advisors LLC lifted its holdings in shares of Snowflake by 3.9% in the 3rd quarter. Modus Advisors LLC now owns 2,491 shares of the company’s stock worth $286,000 after buying an additional 94 shares during the period. Catalyst Private Wealth LLC grew its position in shares of Snowflake by 3.2% during the 3rd quarter. Catalyst Private Wealth LLC now owns 3,329 shares of the company’s stock worth $382,000 after buying an additional 104 shares in the last quarter. Iron Gate Global Advisors LLC increased its stake in shares of Snowflake by 0.9% during the first quarter. Iron Gate Global Advisors LLC now owns 11,666 shares of the company’s stock valued at $1,878,000 after buying an additional 105 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Snowflake by 30.3% in the first quarter. EverSource Wealth Advisors LLC now owns 465 shares of the company’s stock valued at $72,000 after acquiring an additional 108 shares in the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

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.