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

Snowflake (NYSE:SNOW) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Wednesday.

Several other equities research analysts have also weighed in on SNOW. Barclays reduced their price objective on Snowflake from $191.00 to $146.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. JMP Securities cut their price target on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating on the stock in a report on Thursday, August 22nd. HSBC raised Snowflake from a “reduce” rating to a “hold” rating and increased their price objective for the stock from $119.00 to $121.00 in a research note on Friday, August 23rd. Monness Crespi & Hardt upgraded shares of Snowflake from a “neutral” rating to a “buy” rating and set a $140.00 target price for the company in a research report on Wednesday, November 6th. Finally, TD Cowen reduced their price target on Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a report on Monday, August 19th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and an average price target of $180.23.

Snowflake Stock Up 32.5 %

Shares of SNOW stock opened at $171.05 on Wednesday. The stock has a 50-day simple moving average of $118.98 and a 200 day simple moving average of $128.19. The stock has a market capitalization of $57.34 billion, a P/E ratio of -55.90 and a beta of 0.83. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $237.72.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.02. The company had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The business’s revenue was up 28.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.52) EPS. On average, sell-side analysts anticipate that Snowflake will post -2.41 earnings per share for the current year.

Insider Activity

In other news, Director Frank Slootman sold 1,606 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the transaction, the director now directly owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. This represents a 0.73 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 3,029 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were 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 directly owns 753,464 shares in the company, valued at approximately $86,188,746.96. This represents a 0.40 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,538 shares of company stock worth $7,061,544. 7.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Snowflake

A number of hedge funds have recently made changes to their positions in the company. State Street Corp increased its holdings in shares of Snowflake by 0.8% during the third quarter. State Street Corp now owns 6,867,097 shares of the company’s stock worth $788,755,000 after buying an additional 54,909 shares in the last quarter. Geode Capital Management LLC grew its position in Snowflake by 3.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock worth $475,894,000 after acquiring an additional 138,663 shares during the last quarter. Two Sigma Advisers LP raised its position in Snowflake by 27.9% in the 3rd quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock valued at $464,402,000 after purchasing an additional 881,700 shares during the last quarter. Ontario Teachers Pension Plan Board boosted its stake in Snowflake by 19,399.2% in the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock worth $295,459,000 after purchasing an additional 2,559,144 shares in the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of Snowflake by 11.5% during the second quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock worth $293,838,000 after purchasing an additional 223,936 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Company Profile

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.