Snowflake (NYSE:SNOW) Rating Increased to Hold at Wedbush

Snowflake (NYSE:SNOW) was upgraded by investment analysts at Wedbush to a “hold” rating in a research report issued on Thursday, Zacks.com reports.

SNOW has been the topic of several other research reports. 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. Citigroup reduced their target price on Snowflake from $236.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, August 20th. Barclays lowered their target price 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. Robert W. Baird reduced their price target on Snowflake from $200.00 to $165.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 20th. Finally, Jefferies Financial Group lowered their price objective on Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $174.74.

Snowflake Price Performance

Shares of NYSE:SNOW opened at $119.56 on Thursday. Snowflake has a 1 year low of $107.13 and a 1 year high of $237.72. The stock’s 50-day moving average is $116.65 and its 200 day moving average is $133.31. The company has a market cap of $40.03 billion, a PE ratio of -42.70 and a beta of 0.83.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 19.62% and a negative net margin of 31.73%. The firm’s revenue was up 28.9% on a year-over-year basis. During the same quarter last year, the firm posted ($0.52) earnings per share. Analysts expect that Snowflake will post -2.41 EPS for the current fiscal year.

Insider Activity at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 30,000 shares of the firm’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $120.00, for a total value of $3,600,000.00. Following the transaction, the executive vice president now directly owns 721,755 shares of the company’s stock, valued at approximately $86,610,600. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Snowflake news, EVP Christian Kleinerman sold 30,000 shares of the stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $120.00, for a total value of $3,600,000.00. Following the transaction, the executive vice president now directly owns 721,755 shares in the company, valued at approximately $86,610,600. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frank Slootman sold 6,251 shares of Snowflake stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $715,051.89. Following the transaction, the director now owns 208,735 shares in the company, valued at $23,877,196.65. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,538 shares of company stock worth $7,049,994. 7.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. LRI Investments LLC purchased a new stake in Snowflake in the 1st quarter worth approximately $29,000. Riverview Trust Co bought a new stake in shares of Snowflake during the 1st quarter valued at $31,000. Future Financial Wealth Managment LLC purchased a new position in shares of Snowflake during the 1st quarter valued at $32,000. Wellington Shields Capital Management LLC bought a new position in Snowflake in the 2nd quarter worth $27,000. Finally, V Square Quantitative Management LLC purchased a new stake in Snowflake in the 3rd quarter worth $30,000. 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.