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 report published on Wednesday.

Several other research analysts have also commented on SNOW. DA Davidson restated a “buy” rating and issued a $175.00 price objective on shares of Snowflake in a report on Thursday, October 3rd. Hsbc Global Res upgraded shares of Snowflake from a “moderate sell” rating to a “hold” rating in a report on Friday, August 23rd. UBS Group cut their price objective on Snowflake from $155.00 to $125.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 24th. Stifel Nicolaus decreased their target price on Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a research report on Monday, August 19th. Finally, Monness Crespi & Hardt raised Snowflake from a “neutral” rating to a “buy” rating and set a $140.00 price target on the stock in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-six have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $180.23.

Snowflake Stock Down 2.3 %

SNOW opened at $167.48 on Wednesday. Snowflake has a one year low of $107.13 and a one year high of $237.72. The business has a 50 day simple moving average of $120.06 and a two-hundred day simple moving average of $128.22.

Snowflake (NYSE:SNOW) last announced its earnings results 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 the consensus estimate of $851.72 million. Snowflake had a negative return on equity of 22.01% and a negative net margin of 33.02%. The firm’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.52) earnings per share. Research analysts anticipate 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 on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $176,595.76. Following the completion of the sale, the director now directly owns 218,246 shares in the company, valued at approximately $23,998,330.16. The trade was a 0.73 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Benoit Dageville sold 1,946 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $222,602.94. Following the transaction, the insider now directly owns 53,820 shares in the company, valued at $6,156,469.80. The trade was a 3.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,538 shares of company stock worth $7,061,544 over the last quarter. Company insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

A number of large investors have recently made changes to their positions in the company. Comerica Bank boosted its holdings in shares of Snowflake by 17.2% in the first quarter. Comerica Bank now owns 29,267 shares of the company’s stock worth $4,729,000 after buying an additional 4,296 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of Snowflake by 23.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock worth $37,484,000 after acquiring an additional 43,062 shares during the last quarter. Cetera Investment Advisers grew its position in shares of Snowflake by 201.5% during the 1st quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock valued at $10,292,000 after acquiring an additional 42,563 shares during the period. LRI Investments LLC purchased a new stake in shares of Snowflake in the 1st quarter worth $29,000. Finally, Fulton Bank N.A. raised its holdings in Snowflake by 17.4% in the 2nd quarter. Fulton Bank N.A. now owns 1,538 shares of the company’s stock worth $208,000 after purchasing an additional 228 shares during the period. 65.10% of the stock is currently owned by 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.