Snowflake (NYSE:SNOW) Issues Earnings Results

Snowflake (NYSE:SNOWGet Rating) announced its earnings results on Wednesday. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.47, MarketWatch Earnings reports. Snowflake had a negative return on equity of 13.45% and a negative net margin of 55.76%. The firm had revenue of $422.37 million for the quarter, compared to the consensus estimate of $413.01 million. During the same quarter in the previous year, the business earned ($0.69) EPS. The company’s revenue was up 84.5% compared to the same quarter last year.

Shares of Snowflake stock opened at $116.76 on Thursday. The company has a fifty day simple moving average of $187.58 and a 200-day simple moving average of $264.11. Snowflake has a 12-month low of $125.77 and a 12-month high of $405.00. The stock has a market cap of $36.73 billion, a price-to-earnings ratio of -58.23 and a beta of 1.80.

In related news, Director Michael L. Speiser sold 750,000 shares of the stock in a transaction on Friday, March 18th. The shares were sold at an average price of $222.18, for a total transaction of $166,635,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 11.30% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Morgan Stanley increased its holdings in Snowflake by 16.9% during the 2nd quarter. Morgan Stanley now owns 14,898,246 shares of the company’s stock valued at $3,602,396,000 after acquiring an additional 2,150,500 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Snowflake during the 1st quarter worth about $176,499,000. Arrowstreet Capital Limited Partnership boosted its position in shares of Snowflake by 1,846.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 376,017 shares of the company’s stock worth $86,157,000 after acquiring an additional 356,700 shares during the last quarter. Mariner LLC boosted its position in shares of Snowflake by 266.5% in the first quarter. Mariner LLC now owns 243,456 shares of the company’s stock worth $55,783,000 after acquiring an additional 177,033 shares during the last quarter. Finally, Parametric Portfolio Associates LLC boosted its position in shares of Snowflake by 77.9% in the fourth quarter. Parametric Portfolio Associates LLC now owns 399,311 shares of the company’s stock worth $135,266,000 after acquiring an additional 174,893 shares during the last quarter. Institutional investors and hedge funds own 76.67% of the company’s stock.

Several equities analysts recently commented on SNOW shares. Rosenblatt Securities upgraded Snowflake from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $325.00 to $255.00 in a research note on Tuesday. Canaccord Genuity Group reduced their target price on Snowflake from $210.00 to $185.00 in a research note on Thursday. Stifel Nicolaus cut their price target on shares of Snowflake from $240.00 to $120.00 in a research report on Thursday. Cowen cut their price target on shares of Snowflake from $390.00 to $280.00 and set an “outperform” rating for the company in a research report on Monday. Finally, Loop Capital dropped their target price on shares of Snowflake from $370.00 to $180.00 in a report on Thursday. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $241.15.

Snowflake Company Profile (Get Rating)

Snowflake Inc provides a cloud-based data platform in the United States and internationally. The company's 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. Its platform is used by various organizations of sizes in a range of industries.

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Earnings History for Snowflake (NYSE:SNOW)

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