Rosenblatt Securities Reiterates Buy Rating for Snowflake (NYSE:SNOW)

Snowflake (NYSE:SNOW)‘s stock had its “buy” rating reaffirmed by stock analysts at Rosenblatt Securities in a research report issued on Wednesday, Benzinga reports. They currently have a $180.00 target price on the stock. Rosenblatt Securities’ price objective would indicate a potential upside of 62.94% from the company’s current price.

Several other equities analysts have also recently weighed in on the company. Jefferies Financial Group cut their price target on Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Wedbush dropped their target price on Snowflake from $210.00 to $140.00 and set a “neutral” rating for the company in a report on Thursday, August 22nd. Barclays dropped their target price on Snowflake from $191.00 to $146.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. Stifel Nicolaus dropped their target price on Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a report on Monday, August 19th. Finally, TD Cowen decreased their price target on Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a research note on Monday, August 19th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $174.74.

Snowflake Trading Up 0.7 %

Snowflake stock opened at $110.47 on Wednesday. The business’s fifty day simple moving average is $117.40 and its two-hundred day simple moving average is $136.38. Snowflake has a 12 month low of $107.13 and a 12 month high of $237.72. The company has a market capitalization of $36.99 billion, a price-to-earnings ratio of -39.45 and a beta of 0.83.

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

Insider Buying and Selling

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $120.00, for a total value of $1,800,000.00. Following the completion of the transaction, the executive vice president now owns 718,773 shares in the company, valued at approximately $86,252,760. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Frank Slootman sold 6,251 shares of Snowflake stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $715,051.89. Following the completion of the sale, the director now owns 208,735 shares of the company’s stock, valued at approximately $23,877,196.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the completion of the transaction, the executive vice president now owns 718,773 shares in the company, valued at approximately $86,252,760. The disclosure for this sale can be found here. Insiders have sold a total of 29,538 shares of company stock worth $3,449,994 over the last quarter. 7.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Rafferty Asset Management LLC lifted its position in shares of Snowflake by 17.1% during the fourth quarter. Rafferty Asset Management LLC now owns 31,065 shares of the company’s stock worth $6,182,000 after purchasing an additional 4,532 shares in the last quarter. Oppenheimer & Co. Inc. lifted its stake in Snowflake by 21.7% in the fourth quarter. Oppenheimer & Co. Inc. now owns 6,435 shares of the company’s stock valued at $1,281,000 after acquiring an additional 1,147 shares during the last quarter. Cetera Advisor Networks LLC lifted its stake in Snowflake by 16.8% in the fourth quarter. Cetera Advisor Networks LLC now owns 20,982 shares of the company’s stock valued at $4,175,000 after acquiring an additional 3,019 shares during the last quarter. Public Employees Retirement Association of Colorado lifted its stake in Snowflake by 226.0% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 42,880 shares of the company’s stock valued at $8,533,000 after acquiring an additional 29,725 shares during the last quarter. Finally, Pinebridge Investments L.P. raised its position in shares of Snowflake by 77.0% in the fourth quarter. Pinebridge Investments L.P. now owns 71,543 shares of the company’s stock valued at $14,235,000 after purchasing an additional 31,112 shares during the period. Institutional investors 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.