Snowflake (NYSE:SNOW) Lifted to Hold at Wedbush

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

Other equities research analysts have also issued reports about the company. Argus began coverage on Snowflake in a research report on Tuesday, October 1st. They set a “hold” rating on the stock. TD Cowen lowered their target price on Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a research note on Monday, August 19th. JMP Securities cut their price target on Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a report on Thursday, August 22nd. Jefferies Financial Group decreased their price objective on shares of Snowflake from $160.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Finally, Evercore ISI dropped their price objective on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and a consensus price target of $174.74.

Snowflake Trading Up 0.4 %

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

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate 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%. The firm’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.52) EPS. Sell-side analysts forecast that Snowflake will post -2.41 EPS for the current year.

Insider Buying and Selling

In other Snowflake news, insider Benoit Dageville sold 1,946 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $222,602.94. Following the sale, the insider now owns 53,820 shares in the company, valued at approximately $6,156,469.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Snowflake news, Director Frank Slootman sold 1,606 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the transaction, the director now owns 218,246 shares of the company’s stock, valued at $23,998,330.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 transaction of $222,602.94. Following the completion of the sale, the insider now owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 59,538 shares of company stock worth $7,049,994. 7.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

Hedge funds and other institutional investors have recently bought and sold shares of the business. Swedbank AB bought a new stake in Snowflake in the 1st quarter valued at $258,957,000. Vaughan Nelson Investment Management L.P. bought a new position in shares of Snowflake in the first quarter valued at about $171,608,000. AQR Capital Management LLC raised its position in shares of Snowflake by 210.0% in the second quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock valued at $131,656,000 after purchasing an additional 660,168 shares during the period. SG Americas Securities LLC lifted its stake in shares of Snowflake by 471.9% during the 3rd quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock worth $87,489,000 after buying an additional 628,511 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of Snowflake by 90.3% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock worth $170,938,000 after buying an additional 600,469 shares during the period. 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.