Snowflake’s (SNOW) “Buy” Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities restated their buy rating on shares of Snowflake (NYSE:SNOW) in a research report released on Tuesday,Benzinga reports. The brokerage currently has a $180.00 price objective on the stock.

Other equities analysts have also recently issued reports about the company. Needham & Company LLC reduced their target price on Snowflake from $210.00 to $160.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Argus assumed coverage on Snowflake in a report on Tuesday, October 1st. They set a “hold” rating for the company. Bank of America decreased their price objective on shares of Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Scotiabank dropped their target price on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 22nd. Finally, Wells Fargo & Company decreased their price target on shares of Snowflake from $130.00 to $125.00 and set an “equal weight” rating on the stock in a report on Thursday, August 22nd. 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. According to data from MarketBeat, Snowflake has an average rating of “Moderate Buy” and a consensus price target of $180.23.

Snowflake Stock Up 32.5 %

SNOW stock opened at $171.05 on Tuesday. Snowflake has a twelve month low of $107.13 and a twelve month high of $237.72. The firm has a market capitalization of $57.34 billion, a PE ratio of -55.90 and a beta of 0.83. The stock has a 50-day simple moving average of $118.98 and a two-hundred day simple moving average of $128.19.

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

Insider Buying and Selling

In other news, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the sale, the director now directly owns 218,246 shares in the company, valued at $23,998,330.16. The trade was a 0.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Benoit Dageville sold 1,946 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $222,602.94. Following the transaction, the insider now owns 53,820 shares in the company, valued at approximately $6,156,469.80. This trade represents a 3.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,538 shares of company stock worth $7,061,544 in the last three months. Insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. ProShare Advisors LLC grew its holdings in Snowflake by 26.1% during the first quarter. ProShare Advisors LLC now owns 1,424 shares of the company’s stock valued at $230,000 after purchasing an additional 295 shares during the period. Covestor Ltd raised its stake in Snowflake by 25.0% during the 1st quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after acquiring an additional 70 shares during the period. O Shaughnessy Asset Management LLC lifted its holdings in Snowflake by 21.0% during the first quarter. O Shaughnessy Asset Management LLC now owns 12,634 shares of the company’s stock valued at $2,042,000 after purchasing an additional 2,191 shares in the last quarter. UniSuper Management Pty Ltd increased its stake in shares of Snowflake by 100.0% in the first quarter. UniSuper Management Pty Ltd now owns 4,000 shares of the company’s stock worth $646,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Lake Street Advisors Group LLC bought a new stake in shares of Snowflake during the 1st quarter valued at $454,000. 65.10% of the stock is currently owned by institutional investors.

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.