Snowflake (NYSE:SNOW) Upgraded to Buy at Bank of America

Bank of America upgraded shares of Snowflake (NYSE:SNOW) from a neutral rating to a buy rating in a research note published on Wednesday morning, Marketbeat Ratings reports. Bank of America currently has $240.00 target price on the stock, up from their prior target price of $220.00.

A number of other research firms also recently weighed in on SNOW. Morgan Stanley initiated coverage on shares of Snowflake in a research report on Tuesday, June 24th. They issued an “overweight” rating and a $262.00 price target for the company. Piper Sandler reiterated an “overweight” rating and issued a $215.00 price target (up from $175.00) on shares of Snowflake in a research report on Wednesday, May 21st. DA Davidson reiterated a “buy” rating and issued a $250.00 price target on shares of Snowflake in a research report on Wednesday, June 4th. Robert W. Baird lifted their price target on shares of Snowflake from $200.00 to $215.00 and gave the company an “outperform” rating in a research report on Thursday, May 22nd. Finally, Hsbc Global Res downgraded shares of Snowflake from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and a consensus target price of $226.86.

Snowflake Trading Up 1.0%

Shares of SNOW stock opened at $194.6370 on Wednesday. The firm has a 50 day moving average price of $211.66 and a two-hundred day moving average price of $184.80. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $64.98 billion, a PE ratio of -46.23 and a beta of 1.22. Snowflake has a 12-month low of $107.13 and a 12-month high of $229.27.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same period last year, the business posted $0.14 earnings per share. The business’s revenue for the quarter was up 25.8% compared to the same quarter last year. As a group, analysts predict that Snowflake will post -2.36 earnings per share for the current year.

Insiders Place Their Bets

In other Snowflake news, Director Michael L. Speiser sold 403 shares of the company’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $208.69, for a total transaction of $84,102.07. Following the completion of the sale, the director directly owned 26,136 shares in the company, valued at $5,454,321.84. This represents a 1.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Slootman sold 256,046 shares of the stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $227.15, for a total value of $58,160,848.90. Following the completion of the transaction, the director owned 165,507 shares of the company’s stock, valued at $37,594,915.05. The trade was a 60.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,009,642 shares of company stock valued at $656,325,186 over the last ninety days. Company insiders own 6.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SNOW. Trust Co. of Toledo NA OH bought a new position in shares of Snowflake in the 2nd quarter valued at $25,000. Avion Wealth lifted its stake in shares of Snowflake by 76.6% in the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after acquiring an additional 49 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in shares of Snowflake in the 1st quarter valued at $26,000. CVA Family Office LLC lifted its stake in shares of Snowflake by 80.0% in the 1st quarter. CVA Family Office LLC now owns 198 shares of the company’s stock valued at $29,000 after acquiring an additional 88 shares during the last quarter. Finally, Rossby Financial LCC lifted its stake in shares of Snowflake by 4,233.3% in the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company’s stock valued at $29,000 after acquiring an additional 127 shares during the last quarter. 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.