Snowflake (NYSE:SNOW) Coverage Initiated by Analysts at Argus

Argus started coverage on shares of Snowflake (NYSE:SNOW) in a research note published on Tuesday, MarketBeat Ratings reports. The firm issued a hold rating on the stock.

Other research analysts have also recently issued reports about the company. UBS Group cut their price target on Snowflake from $155.00 to $125.00 and set a neutral rating for the company in a report on Tuesday, September 24th. Morgan Stanley reaffirmed an equal weight rating and issued a $175.00 price target on shares of Snowflake in a report on Thursday, August 22nd. Bank of America cut their price target on Snowflake from $200.00 to $160.00 and set a neutral rating for the company in a report on Friday, August 16th. HSBC upgraded Snowflake from a reduce rating to a hold rating and lifted their price objective for the stock from $119.00 to $121.00 in a research report on Friday, August 23rd. Finally, Wedbush lowered their price objective on Snowflake from $210.00 to $140.00 and set a neutral rating for the company in a research report on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, Snowflake currently has a consensus rating of Moderate Buy and an average target price of $174.74.

Snowflake Price Performance

Shares of SNOW stock opened at $110.47 on Tuesday. The stock has a market cap of $36.99 billion, a P/E ratio of -39.45 and a beta of 0.83. The stock has a fifty day moving average price of $117.40 and a 200 day moving average price of $136.38. Snowflake has a one year low of $107.13 and a one year high of $237.72.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The company had revenue of $868.80 million during the quarter, compared to analysts’ expectations 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. Equities research analysts anticipate that Snowflake will post -2.41 EPS for the current year.

Insider Activity

In other news, insider Benoit Dageville sold 287 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $111.41, for a total value of $31,974.67. Following the completion of the sale, the insider now owns 53,250 shares of the company’s stock, valued at approximately $5,932,582.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the 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 sale, the executive vice president now directly owns 718,773 shares in the company, valued at approximately $86,252,760. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Benoit Dageville sold 287 shares of Snowflake stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $111.41, for a total value of $31,974.67. Following the transaction, the insider now owns 53,250 shares in the company, valued at $5,932,582.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,538 shares of company stock valued at $3,449,994. Insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Several large investors have recently made changes to their positions in the company. Park Avenue Securities LLC grew its stake in shares of Snowflake by 0.5% during the first quarter. Park Avenue Securities LLC now owns 13,484 shares of the company’s stock valued at $2,179,000 after buying an additional 70 shares during the last quarter. Covestor Ltd lifted its holdings in shares of Snowflake by 25.0% during the 1st quarter. Covestor Ltd now owns 350 shares of the company’s stock valued at $57,000 after purchasing an additional 70 shares during the last quarter. IAM Advisory LLC increased its position in shares of Snowflake by 2.0% in the 1st quarter. IAM Advisory LLC now owns 3,711 shares of the company’s stock valued at $600,000 after acquiring an additional 74 shares during the period. Joseph P. Lucia & Associates LLC increased its position in shares of Snowflake by 2.6% in the 1st quarter. Joseph P. Lucia & Associates LLC now owns 2,958 shares of the company’s stock valued at $478,000 after acquiring an additional 75 shares during the period. Finally, Peterson Wealth Management grew its position in Snowflake by 1.5% during the 4th quarter. Peterson Wealth Management now owns 5,576 shares of the company’s stock worth $1,110,000 after purchasing an additional 81 shares during the period. 65.10% of the stock is 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.