Snowflake (NYSE:SNOW) Upgraded by Canaccord Genuity Group to Buy

Snowflake (NYSE:SNOW – Get Rating) was upgraded by investment analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a research report issued on Wednesday, Briefing.com reports. The brokerage currently has a $185.00 price target on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 62.47% from the stock’s previous close.

Other equities research analysts have also issued reports about the company. StockNews.com assumed coverage on Snowflake in a research report on Thursday, March 31st. They set a “sell” rating on the stock. The Goldman Sachs Group dropped their price target on Snowflake from $335.00 to $289.00 and set a “buy” rating on the stock in a research report on Thursday, April 14th. Barclays dropped their price target on Snowflake from $218.00 to $158.00 and set an “overweight” rating on the stock in a research report on Thursday, May 26th. Deutsche Bank Aktiengesellschaft dropped their target price on Snowflake from $300.00 to $175.00 in a research report on Thursday, May 26th. Finally, Rosenblatt Securities raised Snowflake from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $325.00 to $255.00 in a research report on Tuesday, May 24th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $222.71.

Snowflake stock opened at $113.87 on Wednesday. The stock has a market cap of $35.82 billion, a P/E ratio of -53.97 and a beta of 1.86. Snowflake has a 52 week low of $110.26 and a 52 week high of $405.00. The stock has a 50 day moving average of $159.45 and a 200-day moving average of $239.14.

Snowflake (NYSE:SNOW – Get Rating) last posted its quarterly earnings results on Wednesday, May 25th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.47. The business had revenue of $422.37 million for the quarter, compared to analyst estimates of $413.01 million. Snowflake had a negative return on equity of 12.39% and a negative net margin of 45.48%. The business’s revenue was up 84.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.69) EPS. Equities analysts forecast that Snowflake will post -2.1 EPS for the current year.

In related news, Director Michael L. Speiser sold 750,000 shares of the stock in a transaction dated Friday, March 18th. The stock was sold at an average price of $222.18, for a total value of $166,635,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Frank Slootman sold 1,727 shares of the stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $136.18, for a total value of $235,182.86. Following the completion of the sale, the chief executive officer now directly owns 138,551 shares of the company’s stock, valued at $18,867,875.18. The disclosure for this sale can be found here. Insiders have sold 752,454 shares of company stock valued at $166,969,186 in the last ninety days. Company insiders own 8.90% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Titus Wealth Management raised its stake in shares of Snowflake by 2.6% during the 3rd quarter. Titus Wealth Management now owns 977 shares of the company’s stock worth $298,000 after purchasing an additional 25 shares in the last quarter. Citizens Financial Group Inc RI raised its stake in shares of Snowflake by 1.4% during the 4th quarter. Citizens Financial Group Inc RI now owns 2,758 shares of the company’s stock worth $934,000 after purchasing an additional 39 shares in the last quarter. Shay Capital LLC raised its stake in shares of Snowflake by 2.5% during the 4th quarter. Shay Capital LLC now owns 1,584 shares of the company’s stock worth $537,000 after purchasing an additional 39 shares in the last quarter. PrairieView Partners LLC raised its stake in shares of Snowflake by 66.7% during the 4th quarter. PrairieView Partners LLC now owns 100 shares of the company’s stock worth $34,000 after purchasing an additional 40 shares in the last quarter. Finally, Claro Advisors LLC raised its stake in shares of Snowflake by 5.5% during the 4th quarter. Claro Advisors LLC now owns 869 shares of the company’s stock worth $294,000 after purchasing an additional 45 shares in the last quarter. 76.67% of the stock is owned by institutional investors.

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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