Snowflake (NYSE:SNOW) Issues Earnings Results

Snowflake (NYSE:SNOW) released its quarterly earnings data on Wednesday. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.07, FiscalAI reports. Snowflake had a negative return on equity of 50.61% and a negative net margin of 28.43%.The business had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.32 billion.

Snowflake Trading Down 1.7%

Shares of NYSE SNOW traded down $3.00 during trading hours on Wednesday, hitting $174.60. 13,653,255 shares of the company traded hands, compared to its average volume of 6,761,625. The stock has a market capitalization of $60.36 billion, a price-to-earnings ratio of -44.20 and a beta of 1.08. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.18. The company’s 50 day moving average price is $153.74 and its 200 day moving average price is $191.29. Snowflake has a 12 month low of $118.30 and a 12 month high of $280.67.

Key Headlines Impacting Snowflake

Here are the key news stories impacting Snowflake this week:

• Positive Sentiment: Wedbush said Snowflake could beat revenue estimates as enterprises increase AI spending on internal data infrastructure, reinforcing bullish sentiment ahead of earnings. Snowflake poised to beat Q1 estimates as AI data demand builds
• Positive Sentiment: TD Cowen reaffirmed a Buy rating and $255 price target, citing checks that pointed to a strong quarterly performance. Should You Buy, Sell, or Hold SNOW Stock Before Q1 Earnings Release?
• Positive Sentiment: Analyst coverage remains constructive overall, with expectations for Snowflake to extend its streak of earnings beats and benefit from broader AI infrastructure spending. Snowflake Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
• Neutral Sentiment: Snowflake is set to report earnings after the close, so shares are likely being driven by positioning ahead of results and management’s outlook for AI demand rather than by new operating data. Snowflake (SNOW) Reports Q1: Everything You Need To Know Ahead Of Earnings
• Negative Sentiment: A newly filed securities class action lawsuit creates a legal overhang that could weigh on sentiment, even if it relates to older periods. Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against Snowflake, Inc. (SNOW)
• Negative Sentiment: Cantor Fitzgerald cut its price target to $225 from $250, suggesting some caution around valuation and near-term upside. Cantor Fitzgerald price target cut on Snowflake

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SNOW. Truist Financial set a $125.00 price objective on Snowflake in a research note on Wednesday, April 15th. Sanford C. Bernstein reduced their price objective on Snowflake from $237.00 to $195.00 and set a “market perform” rating on the stock in a research note on Thursday, February 26th. Piper Sandler reduced their price objective on Snowflake from $285.00 to $230.00 and set an “overweight” rating on the stock in a research note on Thursday, February 26th. Barclays cut their target price on Snowflake from $204.00 to $192.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 26th. Finally, The Goldman Sachs Group cut their target price on Snowflake from $286.00 to $246.00 and set a “buy” rating on the stock in a research report on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Snowflake has a consensus rating of “Moderate Buy” and a consensus target price of $241.51.

Insider Buying and Selling

In related news, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $165.01, for a total transaction of $1,650,100.00. Following the completion of the transaction, the executive vice president owned 510,477 shares in the company, valued at $84,233,809.77. The trade was a 1.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael L. Speiser sold 50,338 shares of the business’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $175.19, for a total value of $8,818,714.22. Following the transaction, the director owned 30,236 shares of the company’s stock, valued at approximately $5,297,044.84. The trade was a 62.47% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 428,963 shares of company stock worth $71,996,216. 4.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Snowflake

Large investors have recently bought and sold shares of the business. Kemnay Advisory Services Inc. purchased a new position in Snowflake during the 4th quarter valued at $28,000. Greenline Wealth Management LLC purchased a new position in Snowflake during the 4th quarter valued at $29,000. JPL Wealth Management LLC purchased a new position in Snowflake during the 3rd quarter valued at $39,000. Strive Financial Group LLC purchased a new position in Snowflake during the 4th quarter valued at $59,000. Finally, Geneos Wealth Management Inc. boosted its holdings in Snowflake by 29.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 319 shares of the company’s stock valued at $47,000 after acquiring an additional 73 shares during the period. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Company Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.