Truist Financial Reaffirms Buy Rating for Snowflake (NYSE:SNOW)

Snowflake (NYSE:SNOW)‘s stock had its “buy” rating restated by research analysts at Truist Financial in a note issued to investors on Thursday,Benzinga reports. They currently have a $210.00 price objective on the stock. Truist Financial’s price target would indicate a potential upside of 25.39% from the company’s previous close.

A number of other equities analysts also recently commented on the company. DA Davidson reissued a “buy” rating and issued a $175.00 price objective on shares of Snowflake in a report on Thursday, October 3rd. Loop Capital lowered their price target on Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a report on Wednesday, August 21st. Oppenheimer restated an “outperform” rating and set a $180.00 price objective on shares of Snowflake in a research note on Thursday. Barclays boosted their target price on shares of Snowflake from $142.00 to $172.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, Stifel Nicolaus reduced their price target on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a research report on Monday, August 19th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $180.23.

Snowflake Price Performance

SNOW stock opened at $167.48 on Thursday. The firm has a 50 day simple moving average of $120.06 and a 200-day simple moving average of $128.22. Snowflake has a twelve month low of $107.13 and a twelve month 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 for the quarter, topping the consensus estimate of $0.16 by $0.02. The company had revenue of $868.80 million during the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative net margin of 33.02% and a negative return on equity of 22.01%. The firm’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same period last year, the business earned ($0.52) EPS. On average, equities analysts anticipate that Snowflake will post -2.41 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the sale, the executive vice president now owns 706,755 shares in the company, valued at $85,354,801.35. The trade was a 2.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benoit Dageville sold 287 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $111.41, for a total transaction of $31,974.67. Following the completion of the transaction, the insider now directly owns 53,250 shares of the company’s stock, valued at $5,932,582.50. This represents a 0.54 % 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. Insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

A number of hedge funds have recently modified their holdings of the business. Westside Investment Management Inc. grew its holdings in shares of Snowflake by 47.4% during the third quarter. Westside Investment Management Inc. now owns 12,344 shares of the company’s stock valued at $1,438,000 after buying an additional 3,971 shares in the last quarter. Rehmann Capital Advisory Group boosted its position in Snowflake by 10.9% during the 3rd quarter. Rehmann Capital Advisory Group now owns 1,932 shares of the company’s stock worth $222,000 after acquiring an additional 190 shares during the period. Sunbelt Securities Inc. grew its stake in Snowflake by 2.6% during the 3rd quarter. Sunbelt Securities Inc. now owns 5,535 shares of the company’s stock valued at $636,000 after acquiring an additional 142 shares in the last quarter. Toronto Dominion Bank increased its holdings in shares of Snowflake by 24.1% in the 3rd quarter. Toronto Dominion Bank now owns 37,226 shares of the company’s stock valued at $4,276,000 after purchasing an additional 7,239 shares during the period. Finally, Shaolin Capital Management LLC purchased a new stake in shares of Snowflake in the third quarter worth approximately $345,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.