Snowflake (NYSE:SNOW) Upgraded by StockNews.com to Hold

StockNews.com upgraded shares of Snowflake (NYSE:SNOW) from a sell rating to a hold rating in a research note released on Tuesday morning.

A number of other research firms have also commented on SNOW. UBS Group increased their price target on Snowflake from $185.00 to $225.00 and gave the company a neutral rating in a research report on Thursday, February 22nd. Bank of America lowered their price target on Snowflake from $265.00 to $212.00 and set a neutral rating for the company in a research report on Thursday, February 29th. Royal Bank of Canada lowered their price target on Snowflake from $255.00 to $246.00 and set an outperform rating for the company in a research report on Thursday, February 29th. JPMorgan Chase & Co. decreased their target price on Snowflake from $200.00 to $170.00 and set an overweight rating for the company in a research report on Thursday, February 29th. Finally, Piper Sandler reaffirmed an overweight rating and set a $250.00 target price on shares of Snowflake in a research report on Tuesday, February 27th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $202.00.

Snowflake Stock Down 1.4 %

Shares of NYSE:SNOW opened at $155.16 on Tuesday. Snowflake has a twelve month low of $138.40 and a twelve month high of $237.72. The stock’s 50 day moving average is $167.16 and its 200-day moving average is $179.13. The firm has a market capitalization of $51.85 billion, a price-to-earnings ratio of -60.85 and a beta of 0.91.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.05. The company had revenue of $774.70 million for the quarter, compared to analyst estimates of $759.86 million. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. Equities research analysts anticipate that Snowflake will post -1.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Snowflake news, SVP Christian Kleinerman sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $230.00, for a total value of $2,300,000.00. Following the completion of the sale, the senior vice president now owns 726,567 shares of the company’s stock, valued at $167,110,410. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, SVP Christian Kleinerman sold 10,000 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $230.00, for a total transaction of $2,300,000.00. Following the completion of the sale, the senior vice president now owns 726,567 shares of the company’s stock, valued at $167,110,410. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Benoit Dageville sold 8,515 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $156.25, for a total value of $1,330,468.75. Following the sale, the insider now directly owns 55,216 shares of the company’s stock, valued at approximately $8,627,500. The disclosure for this sale can be found here. Insiders sold a total of 168,209 shares of company stock worth $34,291,592 over the last ninety days. 8.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

A number of institutional investors have recently added to or reduced their stakes in SNOW. Norges Bank bought a new position in Snowflake in the fourth quarter worth $838,455,000. Vanguard Group Inc. increased its holdings in shares of Snowflake by 8.0% during the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock valued at $4,176,755,000 after acquiring an additional 1,559,830 shares in the last quarter. FMR LLC increased its holdings in shares of Snowflake by 32.1% during the third quarter. FMR LLC now owns 6,154,085 shares of the company’s stock valued at $940,160,000 after acquiring an additional 1,496,235 shares in the last quarter. Winslow Capital Management LLC purchased a new stake in shares of Snowflake during the third quarter valued at $226,302,000. Finally, Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Snowflake during the first quarter valued at $171,608,000. Institutional investors own 65.10% of the company’s stock.

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.