Snowflake (NYSE:SNOW) Receives Market Outperform Rating from JMP Securities

JMP Securities reiterated their market outperform rating on shares of Snowflake (NYSE:SNOW) in a research report report published on Wednesday morning,Benzinga reports. JMP Securities currently has a $245.00 target price on the stock.

Several other equities research analysts have also commented on the company. Monness Crespi & Hardt boosted their price objective on Snowflake from $230.00 to $245.00 and gave the stock a “buy” rating in a research note on Thursday, May 22nd. Guggenheim reaffirmed a “neutral” rating on shares of Snowflake in a research note on Thursday, February 27th. JPMorgan Chase & Co. boosted their price target on Snowflake from $210.00 to $225.00 and gave the stock an “overweight” rating in a research report on Thursday, May 22nd. Macquarie raised their price objective on Snowflake from $160.00 to $190.00 and gave the company a “neutral” rating in a report on Thursday, May 22nd. Finally, Jefferies Financial Group lifted their target price on shares of Snowflake from $190.00 to $220.00 and gave the stock a “buy” rating in a research note on Tuesday, May 20th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, thirty-two have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $221.97.

Snowflake Stock Up 0.3%

Shares of SNOW opened at $210.78 on Wednesday. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. The firm has a market cap of $70.37 billion, a P/E ratio of -62.18 and a beta of 1.21. The stock’s 50 day moving average is $169.37 and its two-hundred day moving average is $169.15. Snowflake has a 12 month low of $107.13 and a 12 month high of $214.83.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The firm’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.14 EPS. Analysts predict that Snowflake will post -2.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In other Snowflake news, CFO Michael Scarpelli sold 300,000 shares of the firm’s stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the transaction, the chief financial officer now directly owns 292,610 shares of the company’s stock, valued at approximately $47,756,878.10. This trade represents a 50.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Christian Kleinerman sold 685 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $147.24, for a total value of $100,859.40. Following the completion of the transaction, the executive vice president now directly owns 622,611 shares in the company, valued at approximately $91,673,243.64. The trade was a 0.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 849,779 shares of company stock worth $159,318,643 over the last ninety days. Corporate insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sumitomo Mitsui Trust Group Inc. grew its holdings in Snowflake by 1.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 673,715 shares of the company’s stock worth $104,028,000 after acquiring an additional 8,857 shares during the period. Kirtland Hills Capital Management LLC boosted its position in shares of Snowflake by 40.1% during the 4th quarter. Kirtland Hills Capital Management LLC now owns 15,920 shares of the company’s stock worth $2,458,000 after purchasing an additional 4,559 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Snowflake by 455.1% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 124,178 shares of the company’s stock worth $19,174,000 after purchasing an additional 101,806 shares during the period. SPX Gestao de Recursos Ltda acquired a new position in shares of Snowflake during the 4th quarter worth $3,088,000. Finally, Onyx Bridge Wealth Group LLC purchased a new position in shares of Snowflake in the 4th quarter valued at about $237,000. Institutional investors and hedge funds 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.